255 Barnes Ave #255 · New Haven, CT 06511

$149,000

2 bd · 1.0 ba · 924 sqft · Condo · 4 Days on market

Built 1963 Fair condition $320/mo HOA · 17% of rent

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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 +19.8/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.2/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors take notice! Condominium in a convenient location in New Haven. This two-bedroom, 1-bathroom offers over 920 square feet, needs work. Close to area restaurants, shopping, and schools. Located on the bus line for easy transportation. Schedule your showing today!

Key facts

• Washer and dryer
• Finished basement
• Updated kitchen

Tags

• HARDWOOD FLOORS
• UPDATED KITCHEN
• UPDATED BATHROOM
• FINISHED BASEMENT
• WASHER AND DRYER
• PRIME NEW HAVEN LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $149k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 7.7% 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 (+2.6%/yr); 137 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• This rent runs 39% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $50k; list at $149k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.12%
• DSCR: 1.23
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.6% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-13,366
• Equity at exit: $22,216

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $710
• Equity at exit: $12,883

Cash invested: $41,720 (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 06511

• Home prices YoY: -20.8%
• Rents YoY: 2.6%
• Active inventory: 137
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,934 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$320
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $178

Break-even live

Break-even rent $1,708

Max offer price $149,000

Occupancy floor 86%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 Eastern St New Haven, CT	1.0–3.0	1.0–1.5	900	$1,832	$2.04	2d	2	0.23mi
5 Assumption St New Haven, CT	3.0	1.0	816	$2,750	$3.37	2d	1	0.48mi
95 Weybosset St Unit 3 New Haven, CT	2.0	1.0	800	$1,800	$2.25	43d	1	0.49mi
339 Eastern St New Haven, CT	2.0	1.0	505	$1,600	$3.17	43d	6	0.49mi
59 Foxon Blvd East Haven, CT	1.0	2.0	840	$1,850	$2.20	14d	1	0.59mi
631 Middletown Ave New Haven, CT	2.0	1.0	932	$1,775	$1.90	44d	1	0.72mi
80 New Haven, CT	2.0	1.0	850	$1,900	$2.24	3d	2	0.87mi
110 Maltby St New Haven, CT	1.0	1.0	760	$1,550	$2.04	14d	1	0.96mi
57 Maltby St Unit 2nd Front New Haven, CT	2.0	1.0	800	$1,395	$1.74	3d	1	0.97mi
153 Dover St New Haven, CT	2.0	1.0	888	$1,800	$2.03	11d	1	1.07mi
153 Dover St Unit D New Haven, CT	2.0	1.0	888	$1,750	$1.97	43d	1	1.07mi
153 Dover St New Haven, CT	2.0	1.0	888	$1,750	$1.97	23d	1	1.07mi
232 Glen Haven Rd New Haven, CT	2.0	1.0	900	$1,850	$2.06	14d	1	1.15mi
1397 State St Unit 6 New Haven, CT	2.0	1.5	1000	$1,695	$1.70	43d	1	1.20mi
1399 State St Unit 5B New Haven, CT	1.0	1.0	700	$1,595	$2.28	43d	1	1.20mi
10 Rowe St New Haven, CT	2.0	1.0	1100	$1,900	$1.73	11d	1	1.26mi
40 Exchange St Unit 2 New Haven, CT	3.0	1.0	1000	$2,050	$2.05	43d	1	1.30mi
483 Ferry St Unit 3 New Haven, CT	2.0	1.0	900	$1,650	$1.83	43d	1	1.31mi
383 Lombard St #383 New Haven, CT	2.0	1.5	968	$2,100	$2.17	23d	1	1.34mi
30 Bright St Unit 2 New Haven, CT	3.0	2.0	993	$2,000	$2.01	43d	1	1.36mi
1730 State St #312 Hamden, CT	1.0	1.0	790	$1,350	$1.71	2d	1	1.40mi
1730 State St Hamden, CT	1.0	1.0	790	$1,400	$1.77	18d	1	1.40mi
261 View St New Haven, CT	2.0	1.0	1100	$2,400	$2.18	43d	1	1.41mi
55 Pierpont St Unit 1 New Haven, CT	3.0	1.0	1014	$2,100	$2.07	21d	1	1.43mi
55 Pierpont St Unit 1 New Haven, CT	3.0	1.0	1014	$2,100	$2.07	23d	1	1.43mi
152 Lenox St New Haven, CT	2.0	1.0	833	$2,000	$2.40	3d	1	1.50mi

HOA detail condo

• Monthly dues: $320 · $3,840/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-04-13
   status Under Contract
2. 2026-04-09
   listed $149,000 Active
3. 2022-03-03
   soldstatus $50,000 Closed 271-char remark

   Show marketing remark (271 chars)

   Investors take notice! Condominium in a convenient location in New Haven. This two-bedroom, 1-bathroom offers over 920 square feet, needs work. Close to area restaurants, shopping, and schools. Located on the bus line for easy transportation. Schedule your showing today!

4. 2022-01-05
   historical Under Contract - Continue to Show 271-char remark

   Show marketing remark (271 chars)

   Investors take notice! Condominium in a convenient location in New Haven. This two-bedroom, 1-bathroom offers over 920 square feet, needs work. Close to area restaurants, shopping, and schools. Located on the bus line for easy transportation. Schedule your showing today!

5. 2021-10-22
   listed $50,000 Active 271-char remark

   Show marketing remark (271 chars)

   Investors take notice! Condominium in a convenient location in New Haven. This two-bedroom, 1-bathroom offers over 920 square feet, needs work. Close to area restaurants, shopping, and schools. Located on the bus line for easy transportation. Schedule your showing today!

6. 2021-07-20
   historical
7. 2021-07-19
   listed $49,900 Active
8. 2007-07-13
   soldstatus $87,000
9. 2007-04-18
   listed $89,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% 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: $23,204
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$1,856
• − Management: −$1,856
• − HOA: −$3,840
• − Depreciation: −$4,335
• Taxable loss: −$10
• Est. tax savings @ 24.0%: +$2
• After-tax cash flow: $2,137/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This two-bedroom condo requires moderate repairs and updates to improve its condition and value. Painting, refinishing, and updating the kitchen and appliances would significantly enhance its appeal.

Repairs flagged

• Moderate Exterior siding — Significant weathering and discoloration
• Moderate Hardwood floors — Worn appearance
• Minor Interior paint — Slight fading

Value-add opportunities

• Both Painting and refinishing — Enhances curb appeal and interior aesthetics
• Both New flooring — Improves living space and adds value
• Both Kitchen appliances — Modernizes the space and attracts more buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant weathering and discoloration	Moderate	$3,000–15,000
Hardwood floors · Worn appearance	Moderate	$3,000–15,000
Interior paint · Slight fading	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both Painting and refinishing — Enhances curb appeal and interior aesthetics ↑
• Both New flooring — Improves living space and adds value ↑
• Both Kitchen appliances — Modernizes the space and attracts more buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 54,730
• Household income: $59,969
• Rent vs Own: 80.3% rent · 19.7% own
• Severe rent burden: 4999.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 34% White 32% Hispanic / Latino 21% Two or more races 8% Asian 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 15% Chinese 3% Other Indo-European 2%

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: ▼ -86.05%
• Current HPI: 328.1353
• Rent YoY: ▲ 2.60%
• 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

+65.7% since first listed

9 events — show timeline

• 2026-04-13 Pending — Smart MLS
• 2026-04-09 Listed $149,000 Smart MLS
• 2022-03-03 Sold (MLS) $50,000 Smart MLS
• 2022-01-05 Contingent — Smart MLS
• 2021-10-22 Listed $50,000 Smart MLS
• 2021-07-20 Listing Removed — Smart MLS
• 2021-07-19 Listed $49,900 Smart MLS
• 2007-07-13 Sold (MLS) $87,000 Smart MLS
• 2007-04-18 Listed $89,900 Smart MLS