39-41 Putnam St · Hartford, CT 06106

$310,000

8 bd · 2.0 ba · 2,825 sqft · MultiFamily public records · 156 Days on market

Built 1872 7,840 sqft lot

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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 +9.5/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Multi-family units

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

Listing remarks

Multi-family house located in the Park Street neighborhood. 2nd and 3rd floor combined for 4 beds and 1 bath. Hardwood floors throughout. Ample off street parking.

Key facts

• Multi-family house
• Hardwood floors
• 7,840 sq ft lot

Tags

• MULTI-FAMILY HOUSE
• PARK STREET NEIGHBORHOOD
• HARDWOOD FLOORS
• AMPLE OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $310k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $701/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $310k).
• Recommended offer: $273k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 62 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,504/mo this rent would consume 117% of the median local household income ($46k/yr) (locally 3400% 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 $6k of equity ($2k loan paydown + $4k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 2.4% rent growth), your $87k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $40k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $310k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1872 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1872 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
9. 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.
10. 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.
11. 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: 1.45% ✓
• Cap rate: 11.72%
• Cash-on-cash: 19.39%
• DSCR: 1.86
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.38% appreciation · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 2.13×
• Total profit: $98,110
• Equity at exit: $111,928

10-year hold

• IRR: 24.0%
• Equity multiple: 3.93×
• Total profit: $254,671
• Equity at exit: $153,577

Cash invested: $86,800 (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 06106

• Home prices YoY: 0.4%
• Rents YoY: 2.4%
• Active inventory: 62
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $4,504 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$401 /mo · $4,807/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$946
• Net cashflow: $1,403

Break-even live

Break-even rent $2,728

Max offer price $310,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,578	-5% $1,490	+0% $1,403	+5% $1,315	+10% $1,227
Rent	-10% $1,047	-5% $1,225	+0% $1,403	+5% $1,581	+10% $1,759
Rate	-1.0pp $1,559	-0.5pp $1,482	base $1,403	+0.5pp $1,322	+1.0pp $1,241

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,504
Total (2 units)			$4,504

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-02-20
   status Under Contract
2. 2026-02-05
   price $310,000
3. 2025-09-17
   listed $350,000 Active
4. 2013-07-09
   historical
5. 2013-04-09
   listed $159,900
6. 1988-10-01
   soldstatus $145,000
7. 1986-10-01
   soldstatus $54,000

ⓘ 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: $4,807 · $401/mo
• Projected year-2 tax: $5,720 · $477/mo
• Expected delta: +$914/yr (+$76/mo · 19.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,048
• − Mortgage interest: −$17,365
• − Property taxes: −$4,807
• − Insurance: −$1,550
• − Repairs & maintenance: −$4,324
• − Management: −$4,324
• − Depreciation: −$9,018
• Taxable income: $12,660
• Est. tax owed @ 24.0%: −$3,038
• After-tax cash flow: $13,794/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: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 36,322
• Household income: $46,304
• Rent vs Own: 76.7% rent · 23.3% own
• Severe rent burden: 3400.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 25% Black 18% White 15% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 42% Dominican 6%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 46% English-only · Spanish 47% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.38%
• Current HPI: 314.0899
• Rent YoY: ▲ 2.37%
• Metro: Hartford-East Hartford-Middletown, 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

+474.1% since first listed

7 events — show timeline

• 2026-02-20 Pending — Smart MLS
• 2026-02-05 Price Changed $310,000 Smart MLS
• 2025-09-17 Listed $350,000 Smart MLS
• 2013-07-09 Listing Removed — Smart MLS
• 2013-04-09 Listed $159,900 Smart MLS
• 1988-10-01 Sold (Public Records) $145,000 Public Records
• 1986-10-01 Sold (Public Records) $54,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $4,807 · +0.0% YoY. Source: county tax records.