701 S Main St · Waterbury, CT 06706

$2,650,000

4 bd · 1.0 ba · 7,728 sqft · MultiFamily public records · 7 Days on market

Built 1900 5,227 sqft lot $343/sqft · 243% above area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Truly turn-key portfolio opportunity in Waterbury's South End, offering strong in-place cash flow with upside with 8.5% CAP actual. The sale includes three adjacent parcels comprising six buildings with a total of 25 units: 23 residential apartments and two commercial spaces. The residential unit mix consists of (6) four-bed units, (11) three-bed units, and (6) two-bed units. Five of the six buildings feature separate, tenant-paid utilities, all electric heat, hot water, and cooking. Building 701 includes six apartments with owner-paid gas heat only, while electric and hot water remain tenant-paid. Five of the six buildings have completed the City of Waterbury de-leading program and have been extensively renovated, including new vinyl siding, replacement windows, updated interiors, upgraded electrical systems, rebuilt porches, and newer roofs (2017). Most apartments offer hardwood flooring, expansive layouts, and updated kitchens and baths. The portfolio has demonstrated historically low vacancy and a strong tenant base. A common coin-operated laundry room is in Building 691 and is available to all tenants. The two commercial units have separate utilities and present a value-add opportunity, as they require full renovation. The properties offer ample off-street parking, with over 20 combined parking spaces. Convenient location with easy access to I-84 and Route 8. Many rents remain below market, providing significant upside as well.

Key facts

• New vinyl siding
• 5,227 sq ft lot
• 25 parking spots

Tags

• TURN-KEY PORTFOLIO OPPORTUNITY
• STRONG IN-PLACE CASH FLOW
• SEPARATE TENANT-PAID UTILITIES
• COMPLETED DE-LEADING PROGRAM
• EXTENSIVELY RENOVATED
• NEW VINYL SIDING

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $2.65M.

Deal economics

• At list price, monthly cash flow is $10k ($121k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($34k rent vs $2.65M).
• Cap rate 10.8% vs local median 3.6% in Waterbury — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 42 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $33,562/mo this rent would consume 771% of the median local household income ($52k/yr) (locally 801% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $55k of equity ($18k loan paydown + $37k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 3.0% rent growth), your $742k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$195k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $550k; list at $2.65M implies a 382% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,650,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.27%
• DSCR: 1.72
• GRM: 6.6

CMA / ARV

• ARV (median comp): $771,757
• List price: $2,650,000
• Delta: 243.37%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

1.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.2%
• Equity multiple: 2.00×
• Total profit: $741,273
• Equity at exit: $959,391

10-year hold

• IRR: 21.9%
• Equity multiple: 3.74×
• Total profit: $2,030,206
• Equity at exit: $1,318,385

Cash invested: $742,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06706

• Home prices YoY: 0.5%
• Active inventory: 42
• Price-to-rent: 135.6×

Monthly cashflow live

• Estimated rent: $33,562 medium
• Mortgage (P&I): −$13,897
• Tax from tax record: −$1,450 /mo · $17,400/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,048
• Net cashflow: $10,063

Break-even live

Break-even rent $20,824

Max offer price $2,650,000

Occupancy floor 65%

Sensitivity live

Price	-10% $11,563	-5% $10,813	+0% $10,063	+5% $9,313	+10% $8,563
Rent	-10% $7,412	-5% $8,737	+0% $10,063	+5% $11,389	+10% $12,714
Rate	-1.0pp $11,397	-0.5pp $10,737	base $10,063	+0.5pp $9,376	+1.0pp $8,678

23-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	4	1	$9,768
▸ 11× units	3	1	$17,050
▸ 6× units	2	1	$6,744
Total (23 units)			$33,562

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-18
   days on market $2,650,000 Active 7 DOM
2. 2026-06-17
   days on market $2,650,000 Active 6 DOM
3. 2026-06-16
   days on market $2,650,000 Active 5 DOM
4. 2026-06-15
   days on market $2,650,000 Active 4 DOM
5. 2026-06-14
   days on market $2,650,000 Active 2 DOM
6. 2026-06-13
   days on marketlisting id $2,650,000 Active 1 DOM
7. 2026-05-31
   days on market $2,650,000 Active 60 DOM
8. 2026-04-01
   listed $2,650,000 Active 1456-char remark

   Show marketing remark (1456 chars)

   Truly turn-key portfolio opportunity in Waterbury's South End, offering strong in-place cash flow with upside with 8.5% CAP actual. The sale includes three adjacent parcels comprising six buildings with a total of 25 units: 23 residential apartments and two commercial spaces. The residential unit mix consists of (6) four-bed units, (11) three-bed units, and (6) two-bed units. Five of the six buildings feature separate, tenant-paid utilities, all electric heat, hot water, and cooking. Building 701 includes six apartments with owner-paid gas heat only, while electric and hot water remain tenant-paid. Five of the six buildings have completed the City of Waterbury de-leading program and have been extensively renovated, including new vinyl siding, replacement windows, updated interiors, upgraded electrical systems, rebuilt porches, and newer roofs (2017). Most apartments offer hardwood flooring, expansive layouts, and updated kitchens and baths. The portfolio has demonstrated historically low vacancy and a strong tenant base. A common coin-operated laundry room is in Building 691 and is available to all tenants. The two commercial units have separate utilities and present a value-add opportunity, as they require full renovation. The properties offer ample off-street parking, with over 20 combined parking spaces. Convenient location with easy access to I-84 and Route 8. Many rents remain below market, providing significant upside as well.

9. 2026-04-01
   historical

   Show marketing remark (1456 chars)

   Truly turn-key portfolio opportunity in Waterbury's South End, offering strong in-place cash flow with upside with 8.5% CAP actual. The sale includes three adjacent parcels comprising six buildings with a total of 25 units: 23 residential apartments and two commercial spaces. The residential unit mix consists of (6) four-bed units, (11) three-bed units, and (6) two-bed units. Five of the six buildings feature separate, tenant-paid utilities, all electric heat, hot water, and cooking. Building 701 includes six apartments with owner-paid gas heat only, while electric and hot water remain tenant-paid. Five of the six buildings have completed the City of Waterbury de-leading program and have been extensively renovated, including new vinyl siding, replacement windows, updated interiors, upgraded electrical systems, rebuilt porches, and newer roofs (2017). Most apartments offer hardwood flooring, expansive layouts, and updated kitchens and baths. The portfolio has demonstrated historically low vacancy and a strong tenant base. A common coin-operated laundry room is in Building 691 and is available to all tenants. The two commercial units have separate utilities and present a value-add opportunity, as they require full renovation. The properties offer ample off-street parking, with over 20 combined parking spaces. Convenient location with easy access to I-84 and Route 8. Many rents remain below market, providing significant upside as well.

10. 2026-02-11
    listed $2,700,000 Active
11. 2025-09-08
    historical
12. 2025-08-02
    listed $2,750,000 Active
13. 2025-08-01
    historical
14. 2025-07-02
    listed $2,750,000 Active
15. 2025-07-01
    historical
16. 2025-06-02
    listed $2,800,000 Active
17. 2025-06-01
    historical
18. 2025-04-10
    listed $2,800,000 Active
19. 2022-01-14
    price $525
20. 2019-11-18
    status Under Contract
21. 2019-11-12
    historical
22. 2019-10-22
    historical Under Contract - Continue to Show
23. 2019-08-12
    price $1,350,000
24. 2019-05-07
    status Active
25. 2019-04-29
    historical
26. 2019-04-08
    listed $1,375,000 Active
27. 2011-04-30
    historical
28. 2011-03-30
    historical
29. 2011-02-25
    listed $169,900
30. 2011-02-25
    historical
31. 2010-12-30
    listed $204,900
32. 2010-10-30
    listed $54,000
33. 2008-07-16
    historical
34. 2008-04-16
    listed $1,700,000
35. 2007-03-06
    historical
36. 2006-12-06
    listed $1,850,000
37. 2006-11-01
    soldstatus $550,000
38. 2006-02-27
    listed $450,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $17,400 · $1,450/mo
• Projected year-2 tax: $37,055 · $3,088/mo
• Expected delta: +$19,655/yr (+$1,638/mo · 113.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $402,744
• − Mortgage interest: −$148,441
• − Property taxes: −$17,400
• − Insurance: −$13,250
• − Repairs & maintenance: −$32,220
• − Management: −$32,220
• − Depreciation: −$77,091
• Taxable income: $82,123
• Est. tax owed @ 24.0%: −$19,709
• After-tax cash flow: $101,046/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime D Employment D Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 15,551
• Household income: $52,242
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 801.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 35% White 31% Black 25% Two or more races 12% Asian 3%
• Hispanic origin (detail): Puerto Rican 25% Dominican 4%
• Common ancestry: Lithuanian 3% Estonian 2% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica
• Languages at home: 60% English-only · Spanish 27% Other Indo-European 11% Other Asian/Pacific 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.39%
• Current HPI: 309.8467
• Rent YoY: —
• Metro: New Haven-Milford, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+488.9% since first listed

31 events — show timeline

• 2026-04-01 Listed $2,650,000 Smart MLS
• 2026-04-01 Listing Removed — Smart MLS
• 2026-02-11 Listed $2,700,000 Smart MLS
• 2025-09-08 Listing Removed — Smart MLS
• 2025-08-02 Listed $2,750,000 Smart MLS
• 2025-08-01 Listing Removed — Smart MLS
• 2025-07-02 Listed $2,750,000 Smart MLS
• 2025-07-01 Listing Removed — Smart MLS
• 2025-06-02 Listed $2,800,000 Smart MLS
• 2025-06-01 Listing Removed — Smart MLS
• 2025-04-10 Listed $2,800,000 Smart MLS
• 2022-01-14 Price Changed $525 RENT.
• 2019-11-18 Pending — Smart MLS
• 2019-11-12 Listing Removed — Smart MLS
• 2019-10-22 Contingent — Smart MLS
• 2019-08-12 Price Changed $1,350,000 Smart MLS
• 2019-05-07 Relisted — Smart MLS
• 2019-04-29 Listing Removed — Smart MLS
• 2019-04-08 Listed $1,375,000 Smart MLS
• 2011-04-30 Listing Removed — Smart MLS
• 2011-03-30 Listing Removed — Smart MLS
• 2011-02-25 Listing Removed — Smart MLS
• 2011-02-25 Listed $169,900 Smart MLS
• 2010-12-30 Listed $204,900 Smart MLS
• 2010-10-30 Listed $54,000 Smart MLS
• 2008-07-16 Listing Removed — Smart MLS
• 2008-04-16 Listed $1,700,000 Smart MLS
• 2007-03-06 Listing Removed — Smart MLS
• 2006-12-06 Listed $1,850,000 Smart MLS
• 2006-11-01 Sold (MLS) $550,000 Smart MLS
• 2006-02-27 Listed $450,000 Smart MLS