23 Chapman Ct · New Britain, CT 06051

$389,000

6 bd · 3.0 ba · 3,420 sqft · MultiFamily public records · 7 Days on market

Built 1925 6,969 sqft lot Est $434k · 10% 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 +22.0/30.0
• ARV discount +12.2/15.0
• Appreciation +10.0/10.0
• DSCR +7.0/10.0
• 1% rule +6.4/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.0/10.0

Multi-family units

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

Listing remarks

Excellent investment opportunity in New Britain! This triplex features three well-proportioned units, each offering 1 bedroom and 1 full bathroom. The property provides a great opportunity for investors seeking rental income or owner-occupants looking to offset living expenses. Each unit offers comfortable living space with abundant natural light and functional layouts. Conveniently located near shopping, dining, parks, public transportation, and major commuter routes, making it attractive to tenants and owners alike. Don't miss the chance to own this versatile multi-family property with strong income potential.

Key facts

• Three units
• Triplex
• Functional layouts

Tags

• TRIPLEX
• THREE UNITS
• ABUNDANT NATURAL LIGHT
• FUNCTIONAL LAYOUTS
• CONVENIENTLY LOCATED
• STRONG INCOME POTENTIAL

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water (in street); Public sewer (in street); Electric hot water
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Concrete foundation; Built as a multi-family residence
• Exterior features: Vinyl and aluminum siding; Asphalt shingle roof

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Wood/coal stove heating; Electric hot water
• Interior features: 12 total rooms; Full, unfinished basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $389k.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive. Per door: $206/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $389k).
• Cap rate 8.2% vs local median 4.4% in New Britain — 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 74/100 on livability (#67 in CT, #4,936 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime D, employment D, schools F.
• New Britain School District (suburban): math 6% / reading 17% proficiency, ranked #153 of 153 in CT (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.6%/yr); 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,442/mo this rent would consume 104% of the median local household income ($51k/yr) (locally 2100% 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 $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 0.0% rent growth), your $109k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $389,000

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 1925 — 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. 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?
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: 1.14% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.82%
• DSCR: 1.30
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $434,340
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Carlson St	0.06mi	6/3.0	3,420 (0%)	10mo	$435,000	$127	89
116 Belden St	0.40mi	6/3.0	3,606 (+5%)	8mo	$287,000	$80	66
162 Jubilee St	0.26mi	7/3.0 (+1)	3,263 (-5%)	13mo	$520,000	$159	64
540 Church St	0.42mi	6/3.0	3,078 (-10%)	1mo	$480,000	$156	63
87 Belden St	0.43mi	6/3.0	3,588 (+5%)	12mo	$460,000	$128	61
62 Woodland St	0.34mi	5/3.0 (-1)	3,312 (-3%)	15mo	$410,000	$124	61
73 Linden St	0.38mi	6/3.0	3,864 (+13%)	1mo	$450,000	$116	60
427 Church St	0.60mi	6/3.0	3,405 (-0%)	15mo	$445,000	$131	59
712 Stanley St	0.68mi	6/2.0	3,268 (-4%)	10mo	$355,000	$109	49
101 Fairview St	0.66mi	6/4.0	3,231 (-6%)	15mo	$372,500	$115	44
402 Church St	0.63mi	7/2.0 (+1)	3,744 (+10%)	5mo	$450,000	$120	42
182 West St	0.62mi	6/3.0	2,910 (-15%)	7mo	$485,000	$167	40

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

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 3.19×
• Total profit: $238,487
• Equity at exit: $350,442

10-year hold

• IRR: 23.5%
• Equity multiple: 6.95×
• Total profit: $648,349
• Equity at exit: $755,741

Cash invested: $108,920 (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 06051

• Home prices YoY: 9.0%
• Rents YoY: -0.6%
• Active inventory: 63
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $4,442 high
• Mortgage (P&I): −$2,040
• Tax from tax record: −$688 /mo · $8,252/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$933
• Net cashflow: $619

Break-even live

Break-even rent $3,658

Max offer price $389,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,443
Total (3 units)			$4,442

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
151 Fairview St New Britain, CT	6.0	3.0	4098	$1,800	$0.44	3d	1	0.60mi

Listing history 7 events

1. 2026-06-18
   days on market $389,000 Active 7 DOM
2. 2026-06-17
   days on market $389,000 Active 6 DOM
3. 2026-06-16
   days on market $389,000 Active 5 DOM
4. 2026-06-15
   days on market $389,000 Active 4 DOM
5. 2026-06-13
   days on market $389,000 Active 2 DOM
6. 2026-06-13
   remarks 619-char remark
7. 2026-06-13
   listed $389,000 Active 1 DOM

ⓘ 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: $8,252 · $688/mo
• Projected year-2 tax: $8,288 · $691/mo
• Expected delta: +$36/yr (+$3/mo · 0.4%)

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

Taxation est. · year 1

• Rental income: $53,304
• − Mortgage interest: −$21,790
• − Property taxes: −$8,252
• − Insurance: −$1,945
• − Repairs & maintenance: −$4,264
• − Management: −$4,264
• − Depreciation: −$11,316
• Taxable income: $1,472
• Est. tax owed @ 24.0%: −$353
• After-tax cash flow: $7,080/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: New Britain School District
• NCES district ID: 0902670
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $40,827
• Composite: 9.95/100
• National rank: #9816
• State rank: #153 of 153 in CT

Livability — New Britain

• Score: 74/100
• State rank: #67
• US rank: #4936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Britain, CT
• County: Hartford County · 754,208 people
• City population: 66,322
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 29,548
• Household income: $51,022
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 2100.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 52% White 30% Two or more races 17% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 40% Dominican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 39% Russian/Polish/Slavic 6% Arabic 3%

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: ▲ 31.52%
• Current HPI: 382.7816
• Rent YoY: ▼ -0.58%
• 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

1 event — show timeline

• 2026-06-11 Listed $389,000 Smart MLS

Property tax history

+4.2%/yr

Latest (2025): $8,252 · +2.3% YoY. Source: county tax records.