169 Farren Ave · New Haven, CT 06513

$384,811

6 bd · 3.0 ba · 3,376 sqft · MultiFamily public records · 7 Days on market

Built 1920 4,356 sqft lot Est $523k · 26% under

---

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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Value-add three-family opportunity on Farren Avenue in Fairhaven with spacious units and strong upside potential. Each apartment offers two bedrooms, one bathroom, and a generously sized living room with a functional layout. The third-floor unit is highlighted by notably high ceilings, creating an open, airy feel that does not resemble a typical top-floor apartment. Recent capital improvements include one boiler having been recently replaced and a 30-year roof installed in 2015, providing a solid foundation for future renovations. The property is being sold as-is and will require interior renovation, presenting an excellent opportunity for buyers to add value. Interior access is available f

Key facts

• High ceilings
• 30-year roof
• Spacious units

Tags

• THREE-FAMILY OPPORTUNITY
• SPACIOUS UNITS
• STRONG UPSIDE POTENTIAL
• HIGH CEILINGS
• RECENTLY REPLACED BOILER
• 30-YEAR ROOF

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $588/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Cap rate 11.8% vs local median 4.8% in New Haven — 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 (#31 in CT, #2,190 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, employment D, crime F.
• New Haven School District (urban): math 12% / reading 25% proficiency, ranked #147 of 153 in CT (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.1%/yr); 101 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,748/mo this rent would consume 142% of the median local household income ($48k/yr) (locally 2664% 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 + 4.1% rent growth), your $108k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% 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 $384,811

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 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?
6. 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?
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: 1.49% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.65%
• DSCR: 1.87
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $523,280
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
169 Farren Ave	0.00mi	6/3.0	3,376 (0%)	1mo	$385,000	$114	100
146-148 Farren Ave	0.05mi	6/3.0	3,270 (-3%)	23mo	$340,000	$104	73
193 Farren Ave	0.04mi	7/4.5 (+1)	3,132 (-7%)	3mo	$485,000	$155	73
483 Quinnipiac Ave	0.36mi	6/3.0	3,546 (+5%)	13mo	$540,000	$152	64
42 Milton St	0.45mi	6/3.0	3,130 (-7%)	11mo	$535,000	$171	58
248 Lexington Ave	0.51mi	6/3.0	3,303 (-2%)	18mo	$450,000	$136	57
33 Chapel St	0.39mi	7/2.0 (+1)	2,976 (-12%)	1mo	$480,000	$161	52
320 Lexington Ave	0.64mi	6/4.0	3,328 (-1%)	21mo	$525,000	$158	46
241 Ferry St	0.53mi	6/3.0	2,906 (-14%)	14mo	$515,000	$177	41

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.53×
• Total profit: $56,698
• Equity at exit: $57,377

10-year hold

• IRR: 22.8%
• Equity multiple: 3.06×
• Total profit: $222,176
• Equity at exit: $33,271

Cash invested: $107,747 (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 06513

• Home prices YoY: -7.8%
• Rents YoY: 4.1%
• Active inventory: 101
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $5,748 high
• Mortgage (P&I): −$2,018
• Tax from tax record: −$599 /mo · $7,184/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,207
• Net cashflow: $1,764

Break-even live

Break-even rent $3,515

Max offer price $384,811

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,748
Total (3 units)			$5,748

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: $96,203
• Closing costs: $11,544
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-02-27
   status Under Contract
2. 2026-02-20
   listed $384,811 Active

ⓘ 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: $7,184 · $599/mo
• Projected year-2 tax: $7,709 · $642/mo
• Expected delta: +$525/yr (+$44/mo · 7.3%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,976
• − Mortgage interest: −$21,555
• − Property taxes: −$7,184
• − Insurance: −$1,924
• − Repairs & maintenance: −$5,518
• − Management: −$5,518
• − Depreciation: −$11,195
• Taxable income: $16,082
• Est. tax owed @ 24.0%: −$3,860
• After-tax cash flow: $17,307/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 Haven School District
• NCES district ID: 0902790
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $38,058
• Composite: 15.48/100
• National rank: #9308
• State rank: #147 of 153 in CT

Livability — New Haven

• Score: 79/100
• State rank: #31
• US rank: #2190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Haven, CT
• County: New Haven County · 688,236 people
• City population: 132,813
• Metro: New Haven-Milford, CT
• Population (ZIP): 38,888
• Household income: $48,500
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 2664.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 47% White 26% Black 22% Two or more races 12% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 25% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, South Korea
• Languages at home: 56% English-only · Spanish 39% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.87%
• Current HPI: 364.006
• Rent YoY: ▲ 4.12%
• 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

2 events — show timeline

• 2026-02-27 Pending — Smart MLS
• 2026-02-20 Listed $384,811 Smart MLS

Property tax history

+4.0%/yr

Latest (2023): $7,184 · -6.4% YoY. Source: county tax records.