23 N Spring St · Ansonia, CT 06401

$389,900

6 bd · 2.0 ba · 2,040 sqft · MultiFamily public records · 27 Days on market

Built 1920 8,276 sqft lot $191/sqft · 22% below area Est $497k · 22% under

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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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.5/10.0
• Rent growth +4.3/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 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

Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

Key facts

• Spacious layouts
• Ample parking
• Two-family home

Tags

• TWO-FAMILY HOME
• SPACIOUS LAYOUTS
• BRIGHT LIVING AREAS
• THOUGHTFULLY DESIGNED KITCHENS
• SEPARATE ENTRANCES
• AMPLE PARKING

Property features AI

Exterior

• Parking: Space for 6 vehicles; Driveway parking; Off-street parking
• Utilities: Public water connected; Public sewer connected; 30-gallon hot water tank; Gas available in street for heating
• Home design: Multi-family (2-family); Multi-family for sale
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Brick and concrete foundation; Built as a two-family residence
• Exterior features: Porch; Gutters; Secluded lot with city views; Private paved driveway; Paved off-street parking

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Radiant heat; Window air-conditioning units; Ceiling fans
• Interior features: 12 total rooms; Partial basement; Attic with hatch access; Ceiling fans; Window AC units

🏷️ Possibly a rental listed for sale. The $389,900 price doesn't fit this home's estimated sale value (~$497,401) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $639 ($8k/yr) — positive. Per door: $319/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $384k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.8% in Ansonia — 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 71/100 on livability (#87 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A-; Watch: employment C-, schools F, amenities F.
• Ansonia School District (suburban): math 13% / reading 25% proficiency, ranked #144 of 153 in CT (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+7.3%/yr); 51 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $4,113/mo this rent would consume 57% of the median local household income ($86k/yr) (locally 541% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $109k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 30y 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 $172k; list at $390k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $384,051 (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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.05% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.02%
• DSCR: 1.31
• GRM: 7.9

CMA / ARV

• ARV (median comp): $497,401
• List price: $389,900
• Delta: -21.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 Myrtle Ave	0.30mi	5/2.0 (-1)	1,984 (-3%)	5mo	$385,000	$194	72
21 N Spring St	0.01mi	6/2.0	2,240 (+10%)	21mo	$440,000	$196	65
3 Hunters Ln	0.41mi	5/2.0 (-1)	1,916 (-6%)	17mo	$499,900	$261	51
281 Beaver St	0.63mi	6/2.5	2,080 (+2%)	20mo	$490,000	$236	48
6 Crescent St	0.66mi	6/2.0	1,762 (-14%)	7mo	$405,000	$230	41
22 Columbia St	0.58mi	6/2.0	2,240 (+10%)	23mo	$380,000	$170	37
17 Bassett St	0.73mi	6/5.0	2,184 (+7%)	13mo	$440,000	$201	31

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 · 7.35% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.97×
• Total profit: $-3,695
• Equity at exit: $58,135

10-year hold

• IRR: 12.9%
• Equity multiple: 2.22×
• Total profit: $133,570
• Equity at exit: $33,711

Cash invested: $109,172 (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 06401

• Home prices YoY: -4.7%
• Rents YoY: 7.3%
• Active inventory: 51
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $4,113 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$403 /mo · $4,840/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$864
• Net cashflow: $639

Break-even live

Break-even rent $3,304

Max offer price $389,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,114
Total (2 units)			$4,113

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 5th St Unit Osher Ansonia, CT	6.0	2.0	2504	$2,950	$1.18	2d	1	1.08mi
145 Hawkins St Derby, CT	5.0	1.5	2632	$3,500	$1.33	23d	1	1.35mi

Listing history 24 events

1. 2026-05-02
   listed $389,900 Active 950-char remark
2. 2019-01-04
   soldstatus $172,200
3. 2018-12-28
   soldstatus $172,200 Closed 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

4. 2018-11-21
   historical 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

5. 2018-11-11
   historical Under Contract - Continue to Show 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

6. 2018-09-14
   price $187,500 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

7. 2018-09-06
   status Active 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

8. 2018-09-06
   historical Under Contract - Continue to Show 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

9. 2018-07-18
   listed $195,000 Active 560-char remark

   Show marketing remark (560 chars)

   Great investor property! Great positive cash flow! Full rented with long-term tenants on month-to-month leases. Three bedrooms in each unit; may need cosmetics. House is vinyl sided, has thermal replacement windows, hardwood floors in most of the rooms, separate utilities, natural gas heat and hot water, off-street parking in rear. New (2017) water heater for 1st floor, new gas stove (2017) in second floor apartment. Back porches recently painted. Lot extends behind parking area; stairs at left of parking area down to lower area of lot. Motivated seller!

10. 2012-02-15
    historical
11. 2011-12-23
    historical
12. 2011-08-15
    listed $189,900
13. 2011-06-10
    listed $187,900
14. 2010-05-15
    historical
15. 2009-12-15
    listed $205,900
16. 2006-09-22
    historical
17. 2006-03-22
    listed $252,500
18. 2005-05-04
    soldstatus $190,000
19. 2005-04-20
    soldstatus $190,000
20. 2004-05-16
    listed $199,900
21. 1996-07-12
    soldstatus $85,000
22. 1996-07-12
    soldstatus $85,000
23. 1996-01-10
    listed $99,900
24. 1993-05-21
    soldstatus $80,000

ⓘ 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: $4,840 · $403/mo
• Projected year-2 tax: $6,592 · $549/mo
• Expected delta: +$1,752/yr (+$146/mo · 36.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,356
• − Mortgage interest: −$21,840
• − Property taxes: −$4,840
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,948
• − Management: −$3,948
• − Depreciation: −$11,343
• Taxable income: $1,487
• Est. tax owed @ 24.0%: −$357
• After-tax cash flow: $7,309/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: Ansonia School District
• NCES district ID: 0900060
• Math proficiency: 13% ▼ -15.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $49,300
• Composite: 16.97/100
• National rank: #9132
• State rank: #144 of 153 in CT

Livability — Ansonia

• Score: 71/100
• State rank: #87
• US rank: #6938

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ansonia, CT
• County: New Haven County · 688,236 people
• City population: 19,315
• Metro: New Haven-Milford, CT
• Population (ZIP): 19,315
• Household income: $86,178
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 541.0

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: White 50% Hispanic / Latino 25% Black 17% Two or more races 11% Asian 3%
• Hispanic origin (detail): Puerto Rican 11% Dominican 4%
• Common ancestry: Romanian 7% Russian 1% Scotch-Irish 1%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 75% English-only · Spanish 15% Other Indo-European 5% Russian/Polish/Slavic 2%

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: ▼ -13.08%
• Current HPI: 264.8538
• Rent YoY: ▲ 7.35%
• 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

+387.4% since first listed

25 events — show timeline

• 2026-05-29 Pending — Smart MLS
• 2026-05-02 Listed $389,900 Smart MLS
• 2019-01-04 Sold (Public Records) $172,200 Public Records
• 2018-12-28 Sold (MLS) $172,200 Smart MLS
• 2018-11-21 Listing Removed — Smart MLS
• 2018-11-11 Contingent — Smart MLS
• 2018-09-14 Price Changed $187,500 Smart MLS
• 2018-09-06 Relisted — Smart MLS
• 2018-09-06 Contingent — Smart MLS
• 2018-07-18 Listed $195,000 Smart MLS
• 2012-02-15 Listing Removed — Smart MLS
• 2011-12-23 Listing Removed — Smart MLS
• 2011-08-15 Listed $189,900 Smart MLS
• 2011-06-10 Listed $187,900 Smart MLS
• 2010-05-15 Listing Removed — Smart MLS
• 2009-12-15 Listed $205,900 Smart MLS
• 2006-09-22 Listing Removed — Smart MLS
• 2006-03-22 Listed $252,500 Smart MLS
• 2005-05-04 Sold (Public Records) $190,000 Public Records
• 2005-04-20 Sold (MLS) $190,000 Smart MLS
• 2004-05-16 Listed $199,900 Smart MLS
• 1996-07-12 Sold (Public Records) $85,000 Public Records
• 1996-07-12 Sold (MLS) $85,000 Smart MLS
• 1996-01-10 Listed $99,900 Smart MLS
• 1993-05-21 Sold (Public Records) $80,000 Public Records

Property tax history

+1.3%/yr

Latest (2023): $4,840 · +5.0% YoY. Source: county tax records.