23 Vermont St · Waterbury, CT 06704

$295,000

6 bd · 3.0 ba · 2,886 sqft · MultiFamily public records · 63 Days on market

Built 1915 4,356 sqft lot $102/sqft · 14% below area Est $342k · 14% under

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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
• ARV discount +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +1.5/10.0
• Schools +1.5/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great investment opportunity at 23 Vermont Street in Waterbury! This 3-family property offers strong income potential for both investors. Each unit provides comfortable living space with separate utilities, making management simple and efficient. The property is located close to shopping, restaurants, schools, and major highways for easy commuting. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this multi-family is full of potential. Don't miss this opportunity to own a versatile income-producing property in a convenient Waterbury location. PROPERTY IS BEING SOLD AS-IS AND IS SUBJECT TO SHORT SALE APPROVAL.

Key facts

• Separate utilities
• Close to restaurants
• Close to shopping

Tags

• INVESTMENT OPPORTUNITY
• STRONG INCOME POTENTIAL
• SEPARATE UTILITIES
• COMFORTABLE LIVING SPACE
• CLOSE TO SHOPPING
• CLOSE TO RESTAURANTS

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $494/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $295k).
• Recommended offer: $277k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: Rents rising fast (+8.0%/yr); 100 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $4,634/mo this rent would consume 114% of the median local household income ($49k/yr) (locally 1981% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $83k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 8 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $277,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1915 — 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 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?
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: 1.57% ✓
• Cap rate: 12.33%
• Cash-on-cash: 21.55%
• DSCR: 1.96
• GRM: 5.3

CMA / ARV

• ARV (median comp): $342,188
• List price: $295,000
• Delta: -13.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
245 Walnut St	0.15mi	7/3.0 (+1)	2,970 (+3%)	0mo	$210,000	$71	83
21 Violet St	0.37mi	6/3.0	2,941 (+2%)	4mo	$270,000	$92	76
16 Vermont St	0.02mi	6/3.0	2,490 (-14%)	5mo	$246,000	$99	72
32 Young St	0.08mi	6/3.0	3,024 (+5%)	21mo	$330,000	$109	71
11 Putnam St	0.16mi	6/3.0	3,188 (+10%)	11mo	$387,000	$121	66
290 Orange St	0.34mi	7/3.0 (+1)	3,050 (+6%)	7mo	$435,000	$143	63
28 Wall St	0.19mi	6/3.0	3,280 (+14%)	15mo	$292,500	$89	56
51 River St	0.62mi	6/3.0	2,669 (-8%)	14mo	$457,500	$171	47
65 Brewster St	0.66mi	6/3.0	3,024 (+5%)	18mo	$325,000	$107	46
50 Summer St	0.58mi	6/2.0	2,466 (-15%)	1mo	$305,000	$124	44
14 Niagara St	0.71mi	6/3.0	3,156 (+9%)	18mo	$390,000	$124	36
79 E Clay St	0.70mi	6/3.0	2,604 (-10%)	21mo	$345,000	$132	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 1.86×
• Total profit: $71,312
• Equity at exit: $43,985

10-year hold

• IRR: 31.5%
• Equity multiple: 4.58×
• Total profit: $295,836
• Equity at exit: $25,506

Cash invested: $82,600 (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 06704

• Home prices YoY: -2.0%
• Rents YoY: 8.0%
• Active inventory: 100
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $4,634 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$508 /mo · $6,092/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$973
• Net cashflow: $1,483

Break-even live

Break-even rent $2,756

Max offer price $295,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,635
Total (3 units)			$4,634

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Niagara St Waterbury, CT	6.0	3.0	3156	$1,700	$0.54	3d	1	0.71mi
37 Johnson St Waterbury, CT	6.0	1.5	2002	$3,200	$1.60	3d	1	1.07mi

Listing history 36 events

1. 2026-06-18
   days on market $295,000 Active 63 DOM
2. 2026-06-17
   days on market $295,000 Active 62 DOM
3. 2026-06-16
   days on market $295,000 Active 61 DOM
4. 2026-06-15
   days on market $295,000 Active 60 DOM
5. 2026-06-14
   days on market $295,000 Active 58 DOM
6. 2026-06-13
   days on market $295,000 Active 57 DOM
7. 2026-06-10
   days on market $295,000 Active 55 DOM
8. 2026-06-09
   days on market $295,000 Active 54 DOM
9. 2026-06-08
   days on market $295,000 Active 53 DOM
10. 2026-06-07
    days on market $295,000 Active 52 DOM
11. 2026-06-05
    days on market $295,000 Active 49 DOM
12. 2026-06-03
    days on market $295,000 Active 48 DOM
13. 2026-06-03
    days on market $295,000 Active 47 DOM
14. 2026-06-01
    days on market $295,000 Active 46 DOM
15. 2026-05-31
    days on market $295,000 Active 45 DOM
16. 2026-04-23
    status Active 683-char remark

    Show marketing remark (683 chars)

    Great investment opportunity at 23 Vermont Street in Waterbury! This 3-family property offers strong income potential for both investors. Each unit provides comfortable living space with separate utilities, making management simple and efficient. The property is located close to shopping, restaurants, schools, and major highways for easy commuting. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this multi-family is full of potential. Don't miss this opportunity to own a versatile income-producing property in a convenient Waterbury location. PROPERTY IS BEING SOLD AS-IS AND IS SUBJECT TO SHORT SALE APPROVAL.

17. 2026-03-19
    status Under Contract 683-char remark

    Show marketing remark (683 chars)

    Great investment opportunity at 23 Vermont Street in Waterbury! This 3-family property offers strong income potential for both investors. Each unit provides comfortable living space with separate utilities, making management simple and efficient. The property is located close to shopping, restaurants, schools, and major highways for easy commuting. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this multi-family is full of potential. Don't miss this opportunity to own a versatile income-producing property in a convenient Waterbury location. PROPERTY IS BEING SOLD AS-IS AND IS SUBJECT TO SHORT SALE APPROVAL.

18. 2026-03-11
    listed $295,000 Active 683-char remark

    Show marketing remark (683 chars)

    Great investment opportunity at 23 Vermont Street in Waterbury! This 3-family property offers strong income potential for both investors. Each unit provides comfortable living space with separate utilities, making management simple and efficient. The property is located close to shopping, restaurants, schools, and major highways for easy commuting. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this multi-family is full of potential. Don't miss this opportunity to own a versatile income-producing property in a convenient Waterbury location. PROPERTY IS BEING SOLD AS-IS AND IS SUBJECT TO SHORT SALE APPROVAL.

19. 2023-05-23
    soldstatus $1,054,000
20. 2010-02-03
    soldstatus $65,000
21. 2009-11-06
    historical
22. 2009-08-06
    listed $75,000
23. 2009-06-18
    soldstatus $30,000
24. 2009-04-29
    listed $50,000
25. 2008-08-30
    historical
26. 2008-02-16
    listed $139,000
27. 2008-01-07
    historical
28. 2007-10-22
    listed $211,900
29. 2007-06-27
    historical
30. 2007-03-27
    listed $239,700
31. 2007-01-22
    soldstatus $199,000
32. 2007-01-19
    soldstatus $199,000
33. 2006-11-15
    listed $199,000
34. 2005-05-12
    soldstatus $172,000
35. 2005-01-12
    soldstatus $55,000
36. 2004-02-11
    soldstatus $25,000

ⓘ 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: $6,092 · $508/mo
• Projected year-2 tax: $6,202 · $517/mo
• Expected delta: +$110/yr (+$9/mo · 1.8%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,608
• − Mortgage interest: −$16,525
• − Property taxes: −$6,092
• − Insurance: −$1,475
• − Repairs & maintenance: −$4,449
• − Management: −$4,449
• − Depreciation: −$8,582
• Taxable income: $14,037
• Est. tax owed @ 24.0%: −$3,369
• After-tax cash flow: $14,430/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): 31,713
• Household income: $48,718
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1981.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% Black 28% Two or more races 20% White 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 30% Dominican 8%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 38% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -7.05%
• Current HPI: 340.0917
• Rent YoY: ▲ 8.02%
• 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

+1080.0% since first listed

21 events — show timeline

• 2026-04-23 Relisted — Smart MLS
• 2026-03-19 Pending — Smart MLS
• 2026-03-11 Listed $295,000 Smart MLS
• 2023-05-23 Sold (Public Records) $1,054,000 Public Records
• 2010-02-03 Sold (Public Records) $65,000 Public Records
• 2009-11-06 Listing Removed — Smart MLS
• 2009-08-06 Listed $75,000 Smart MLS
• 2009-06-18 Sold (MLS) $30,000 Smart MLS
• 2009-04-29 Listed $50,000 Smart MLS
• 2008-08-30 Listing Removed — Smart MLS
• 2008-02-16 Listed $139,000 Smart MLS
• 2008-01-07 Listing Removed — Smart MLS
• 2007-10-22 Listed $211,900 Smart MLS
• 2007-06-27 Listing Removed — Smart MLS
• 2007-03-27 Listed $239,700 Smart MLS
• 2007-01-22 Sold (Public Records) $199,000 Public Records
• 2007-01-19 Sold (MLS) $199,000 Smart MLS
• 2006-11-15 Listed $199,000 Smart MLS
• 2005-05-12 Sold (Public Records) $172,000 Public Records
• 2005-01-12 Sold (Public Records) $55,000 Public Records
• 2004-02-11 Sold (Public Records) $25,000 Public Records

Property tax history

+5.0%/yr

Latest (2023): $6,092 · +72.1% YoY. Source: county tax records.