347-349 Kennedy Dr · Putnam, CT 06260

$350,000

6 bd · 2.4 ba · 3,118 sqft · MultiFamily · 16 Days on market

Built 1963 Fair condition 4,791 sqft lot $112/sqft · 7% below area Est $378k · 7% under ↓ 7% since listing

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Why this score? — see what drove the C 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 +23.6/30.0
• ARV discount +10.9/15.0
• DSCR +7.6/10.0
• 1% rule +6.1/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Income producing property located in a highly visible area of Putnam. This mixed use property offers 2 residential apartments and street level commercial space, all rented. Set on a nicely sized lot, the property includes plenty of tenant parking. Conveniently located just seconds from downtown Putnam, with easy access to shopping, dining, and local amenities. A great opportunity for investors!

Key facts

• Mixed use property
• Tenant parking
• Highly visible area

Tags

• INCOME PRODUCING PROPERTY
• HIGHLY VISIBLE AREA
• MIXED USE PROPERTY
• RESIDENTIAL APARTMENTS
• STREET LEVEL COMMERCIAL SPACE
• TENANT PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $350k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.5% in Putnam — 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 66/100 on livability (#117 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety D+, schools D-, amenities F.
• Putnam School District (suburban): math 25% / reading 34% proficiency, ranked #126 of 153 in CT (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 58 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $344,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.04%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (median comp): $378,315
• List price: $350,000
• Delta: -7.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
48-50 Woodstock Ave	0.32mi	6/2.0	3,236 (+4%)	17mo	$145,000	$45	63
137-139 Woodstock Ave	0.44mi	6/3.0	2,803 (-10%)	1mo	$200,000	$71	60
86-88 Wilkinson St	0.44mi	6/2.0	2,680 (-14%)	13mo	$370,000	$138	43
70-74 Grove St	0.65mi	6/2.0	3,337 (+7%)	21mo	$365,000	$109	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-14,831
• Equity at exit: $52,186

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $41,181
• Equity at exit: $30,262

Cash invested: $98,000 (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 06260

• Home prices YoY: -4.3%
• Active inventory: 58
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $3,893 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$818
• Net cashflow: $657

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$3,892
Total (2 units)			$3,893

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-13
   status Under Contract 397-char remark

   Show marketing remark (397 chars)

   Income producing property located in a highly visible area of Putnam. This mixed use property offers 2 residential apartments and street level commercial space, all rented. Set on a nicely sized lot, the property includes plenty of tenant parking. Conveniently located just seconds from downtown Putnam, with easy access to shopping, dining, and local amenities. A great opportunity for investors!

2. 2026-05-01
   price $350,000 397-char remark

   Show marketing remark (397 chars)

   Income producing property located in a highly visible area of Putnam. This mixed use property offers 2 residential apartments and street level commercial space, all rented. Set on a nicely sized lot, the property includes plenty of tenant parking. Conveniently located just seconds from downtown Putnam, with easy access to shopping, dining, and local amenities. A great opportunity for investors!

3. 2026-05-01
   status Active 397-char remark

   Show marketing remark (397 chars)

   Income producing property located in a highly visible area of Putnam. This mixed use property offers 2 residential apartments and street level commercial space, all rented. Set on a nicely sized lot, the property includes plenty of tenant parking. Conveniently located just seconds from downtown Putnam, with easy access to shopping, dining, and local amenities. A great opportunity for investors!

4. 2026-03-29
   status Under Contract 397-char remark

   Show marketing remark (397 chars)

   Income producing property located in a highly visible area of Putnam. This mixed use property offers 2 residential apartments and street level commercial space, all rented. Set on a nicely sized lot, the property includes plenty of tenant parking. Conveniently located just seconds from downtown Putnam, with easy access to shopping, dining, and local amenities. A great opportunity for investors!

5. 2026-03-24
   listed $375,000 Active 397-char remark

   Show marketing remark (397 chars)

   Income producing property located in a highly visible area of Putnam. This mixed use property offers 2 residential apartments and street level commercial space, all rented. Set on a nicely sized lot, the property includes plenty of tenant parking. Conveniently located just seconds from downtown Putnam, with easy access to shopping, dining, and local amenities. A great opportunity for investors!

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

Taxation est. · year 1

• Rental income: $46,716
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,737
• − Management: −$3,737
• − Depreciation: −$10,182
• Taxable income: $2,454
• Est. tax owed @ 24.0%: −$589
• After-tax cash flow: $7,291/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations to its kitchen and bathrooms, along with exterior painting and landscaping improvements. These updates would significantly enhance its resale and rental value.

Repairs flagged

• Major Kitchen backsplash — Significant wear and tear, likely needs replacement.
• Major Bathroom fixtures — Basic fixtures, likely outdated and in need of replacement.
• Moderate Exterior siding — Some wear and discoloration, may need repainting or minor repairs.
• Minor Living room paint — Faded paint, could be refreshed with a fresh coat.

Value-add opportunities

• Resale Kitchen renovation — A fresh, modern kitchen can significantly increase the home's appeal to potential buyers.
• Rental Bathroom updates — Upgrading bathrooms to modern fixtures and finishes can attract more renters.
• Both Exterior painting — Fresh paint can improve curb appeal and home value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen backsplash · Significant wear and tear, likely needs replacement.	Major	$15,000–50,000
Bathroom fixtures · Basic fixtures, likely outdated and in need of replacement.	Major	$15,000–50,000
Exterior siding · Some wear and discoloration, may need repainting or minor repairs.	Moderate	$3,000–15,000
Living room paint · Faded paint, could be refreshed with a fresh coat.	Minor	$500–3,000
Total estimated repair cost · 4 items		$33,500–118,000

Value-add ROI direction

• Resale Kitchen renovation — A fresh, modern kitchen can significantly increase the home's appeal to potential buyers. ↑
• Rental Bathroom updates — Upgrading bathrooms to modern fixtures and finishes can attract more renters. ↑
• Both Exterior painting — Fresh paint can improve curb appeal and home value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Putnam School District
• NCES district ID: 0903480
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 34% ▼ -19.00%
• Median HH income: $51,031
• Composite: 25.85/100
• National rank: #7349
• State rank: #126 of 153 in CT

Livability — Putnam

• Score: 66/100
• State rank: #117
• US rank: #11486

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Putnam, CT
• Population (ZIP): 9,227

Population outlook (Northeastern Connecticut County) Hauer SSP2

• By 2040: 104,160

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 18% Romanian 5% Scotch-Irish 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Northeastern Connecticut

• 2024 margin: R (+15.4) · D 41.5% · R 57.0% · Other 1.5%
• All cycles: 2024: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.95%
• Current HPI: 332.9661
• Rent YoY: —
• Metro: —
• 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

-6.7% since first listed

5 events — show timeline

• 2026-05-13 Pending — Smart MLS
• 2026-05-01 Price Changed $350,000 Smart MLS
• 2026-05-01 Relisted — Smart MLS
• 2026-03-29 Pending — Smart MLS
• 2026-03-24 Listed $375,000 Smart MLS