48 Opal St · Milford city (balance), CT 06460

$365,000

5 bd · 2.5 ba · 2,310 sqft · SingleFamily public records · 25 Days on market

Built 1955 9,583 sqft lot $158/sqft · 47% below area Est $683k · 47% 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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.8/10.0
• Schools +4.6/10.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious Cape Cod-style home offering approximately 2,300 sq ft of living space, ready for your vision and updates. This property features a flexible layout with a main level that includes a full kitchen, living room, three bedrooms, and a full bathroom. The upper level offers an in-law suite setup with private access, including a separate staircase from the mudroom/side entrance-ideal for extended family, rental potential, or multi-generational living. Additional highlights include a full basement with partial finishing, providing added usable space. Please note: the property is in overall disrepair and will require renovation throughout, including cleanout of contents. Basement conditions suggest possible mold. Contingent on probate court approval.

Key facts

• Cape cod-style home
• In-law suite setup
• Flexible layout

Tags

• CAPE COD-STYLE HOME
• FLEXIBLE LAYOUT
• IN-LAW SUITE SETUP
• PRIVATE ACCESS
• SEPARATE STAIRCASE
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $365k.

Deal economics

• At list price, monthly cash flow is $733 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $360k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.6% in Milford city (balance) — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Milford School District (urban): math 44% / reading 58% proficiency, ranked #73 of 153 in CT (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.2%/yr); 175 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,291/mo this rent would consume 49% of the median local household income ($104k/yr) (locally 1254% 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 $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($360k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $263k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% 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 $359,525 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.61%
• DSCR: 1.38
• GRM: 7.1

CMA / ARV

• ARV (median comp): $683,464
• List price: $365,000
• Delta: -46.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Sachem St	0.74mi	5/2.0	2,348 (+2%)	14mo	$505,000	$215	49

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 · 2.19% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.85×
• Total profit: $-15,773
• Equity at exit: $54,423

10-year hold

• IRR: 4.6%
• Equity multiple: 1.32×
• Total profit: $32,986
• Equity at exit: $31,559

Cash invested: $102,200 (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 06460

• Rents YoY: 2.2%
• Active inventory: 175
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,291 medium
• Mortgage (P&I): −$1,914
• Tax from tax record: −$591 /mo · $7,088/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$901
• Net cashflow: $733

Break-even live

Break-even rent $3,363

Max offer price $365,000

Occupancy floor 78%

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
82 Miller Ave Milford, CT	4.0	2.0	1866	$4,750	$2.55	2d	1	1.21mi
345 Housatonic Dr Milford, CT	4.0	2.5	2900	$5,900	$2.03	23d	1	1.34mi
48 Riverview Pl Stratford, CT	4.0	2.0	2836	$3,400	$1.20	2d	1	1.49mi
48 Riverview Pl Stratford, CT	4.0	2.0	2836	$3,400	$1.20	44d	1	1.49mi

Listing history 9 events

1. 2026-05-17
   status Under Contract 760-char remark

   Show marketing remark (760 chars)

   Spacious Cape Cod-style home offering approximately 2,300 sq ft of living space, ready for your vision and updates. This property features a flexible layout with a main level that includes a full kitchen, living room, three bedrooms, and a full bathroom. The upper level offers an in-law suite setup with private access, including a separate staircase from the mudroom/side entrance-ideal for extended family, rental potential, or multi-generational living. Additional highlights include a full basement with partial finishing, providing added usable space. Please note: the property is in overall disrepair and will require renovation throughout, including cleanout of contents. Basement conditions suggest possible mold. Contingent on probate court approval.

2. 2026-04-21
   listed $365,000 Active 760-char remark

   Show marketing remark (760 chars)

   Spacious Cape Cod-style home offering approximately 2,300 sq ft of living space, ready for your vision and updates. This property features a flexible layout with a main level that includes a full kitchen, living room, three bedrooms, and a full bathroom. The upper level offers an in-law suite setup with private access, including a separate staircase from the mudroom/side entrance-ideal for extended family, rental potential, or multi-generational living. Additional highlights include a full basement with partial finishing, providing added usable space. Please note: the property is in overall disrepair and will require renovation throughout, including cleanout of contents. Basement conditions suggest possible mold. Contingent on probate court approval.

3. 2010-03-29
   soldstatus $263,000
4. 2010-03-26
   soldstatus $263,000 349-char remark

   Show marketing remark (349 chars)

   Some much for the price! Many updates, windows, siding, furnace,hw, roof, bth, and deck. Hardwood, 2 fireplaces. Needs cosmestics. First flr bedrooms, upstairs is an inlaw but could be teen suite, or master bedroom suite. Quite street. Home needs tlc. Easy commuting location to 95 and merritt. Owner said sell so bring your buyers and make a offer!

5. 2008-11-16
   historical
6. 2008-11-13
   listed $285,000 349-char remark

   Show marketing remark (349 chars)

   Some much for the price! Many updates, windows, siding, furnace,hw, roof, bth, and deck. Hardwood, 2 fireplaces. Needs cosmestics. First flr bedrooms, upstairs is an inlaw but could be teen suite, or master bedroom suite. Quite street. Home needs tlc. Easy commuting location to 95 and merritt. Owner said sell so bring your buyers and make a offer!

7. 2008-11-12
   historical
8. 2008-06-10
   listed $319,900
9. 2008-05-08
   listed $314,900

ⓘ 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: $7,088 · $591/mo
• Projected year-2 tax: $7,450 · $621/mo
• Expected delta: +$362/yr (+$30/mo · 5.1%)

ⓘ 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 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,494
• − Mortgage interest: −$20,446
• − Property taxes: −$7,088
• − Insurance: −$1,825
• − Repairs & maintenance: −$4,120
• − Management: −$4,120
• − Depreciation: −$10,618
• Taxable income: $3,278
• Est. tax owed @ 24.0%: −$787
• After-tax cash flow: $8,011/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: Milford School District
• NCES district ID: 0902520
• Math proficiency: 44% ▼ -14.00%
• Reading proficiency: 58% ▼ -11.00%
• Median HH income: $80,198
• Composite: 46.45/100
• National rank: #2444
• State rank: #73 of 153 in CT

Livability — Milford city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Milford city (balance), CT
• County: New Haven County · 688,236 people
• City population: 52,340
• Metro: New Haven-Milford, CT
• Population (ZIP): 37,649
• Household income: $104,360
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1254.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Two or more races 7% Asian 3% Black 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 10% · Canada, China, Jamaica
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 3% Other Asian/Pacific 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: ▼ -396.40%
• Current HPI: 287.7738
• Rent YoY: ▲ 2.19%
• 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

+15.9% since first listed

9 events — show timeline

• 2026-05-17 Pending — Smart MLS
• 2026-04-21 Listed $365,000 Smart MLS
• 2010-03-29 Sold (Public Records) $263,000 Public Records
• 2010-03-26 Sold (MLS) $263,000 Smart MLS
• 2008-11-16 Listing Removed — Smart MLS
• 2008-11-13 Listed $285,000 Smart MLS
• 2008-11-12 Listing Removed — Smart MLS
• 2008-06-10 Listed $319,900 Smart MLS
• 2008-05-08 Listed $314,900 Smart MLS

Property tax history

+1.7%/yr

Latest (2023): $7,088 · +2.0% YoY. Source: county tax records.