21-23 Glendale Ave · Hartford, CT 06106

$675,000

12 bd · 6.0 ba · 6,048 sqft · MultiFamily · 17 Days on market

Built 1927 Good condition 7,405 sqft lot $112/sqft · 19% below area Est $830k · 19% under

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent opportunity to acquire a cash-flowing 6-unit brick multifamily asset located in the South End of Hartford. This 8,702 SF, three-story building features six 2-bedroom, 1-bath units. The property has seen numerous updates, including some renovated kitchens, a newer roof, updated fire-rated doors, newer hot water tanks, and an updated fire alarm system. Separate, tenant-paid utilities help maximize income potential. Ideally situated close to shopping, restaurants, parks, and major highways, the location offers strong rental demand and convenience for tenants. Additional highlights include off-street parking. A strong investment opportunity offering immediate cash flow with value-add upside.

Key facts

• Renovated kitchens
• Newer roof
• 7,405 sq ft lot

Tags

• BRICK MULTIFAMILY ASSET
• RENOVATED KITCHENS
• NEWER ROOF
• UPDATED FIRE-RATED DOORS
• NEWER HOT WATER TANKS
• UPDATED FIRE ALARM SYSTEM

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $675k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive. Per door: $805/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $675k).
• Recommended offer: $665k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 62 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $12,016/mo this rent would consume 311% of the median local household income ($46k/yr) (locally 3400% 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 $14k of equity ($5k loan paydown + $9k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 2.4% rent growth), your $189k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($665k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $664,875 (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 1927 — 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: 1.78% ✓
• Cap rate: 14.88%
• Cash-on-cash: 30.65%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (median comp): $830,302
• List price: $675,000
• Delta: -18.70%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

1.38% appreciation · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 33.1%
• Equity multiple: 2.72×
• Total profit: $325,207
• Equity at exit: $243,714

10-year hold

• IRR: 34.7%
• Equity multiple: 5.19×
• Total profit: $791,565
• Equity at exit: $334,402

Cash invested: $189,000 (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 06106

• Home prices YoY: 0.4%
• Rents YoY: 2.4%
• Active inventory: 62
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $12,016 high
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,523
• Net cashflow: $4,828

Break-even live

Break-even rent $5,905

Max offer price $675,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$12,018
Total (6 units)			$12,016

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-06
   status Under Contract 706-char remark

   Show marketing remark (706 chars)

   Excellent opportunity to acquire a cash-flowing 6-unit brick multifamily asset located in the South End of Hartford. This 8,702 SF, three-story building features six 2-bedroom, 1-bath units. The property has seen numerous updates, including some renovated kitchens, a newer roof, updated fire-rated doors, newer hot water tanks, and an updated fire alarm system. Separate, tenant-paid utilities help maximize income potential. Ideally situated close to shopping, restaurants, parks, and major highways, the location offers strong rental demand and convenience for tenants. Additional highlights include off-street parking. A strong investment opportunity offering immediate cash flow with value-add upside.

2. 2026-04-18
   listed $675,000 Active 706-char remark

   Show marketing remark (706 chars)

   Excellent opportunity to acquire a cash-flowing 6-unit brick multifamily asset located in the South End of Hartford. This 8,702 SF, three-story building features six 2-bedroom, 1-bath units. The property has seen numerous updates, including some renovated kitchens, a newer roof, updated fire-rated doors, newer hot water tanks, and an updated fire alarm system. Separate, tenant-paid utilities help maximize income potential. Ideally situated close to shopping, restaurants, parks, and major highways, the location offers strong rental demand and convenience for tenants. Additional highlights include off-street parking. A strong investment opportunity offering immediate cash flow with value-add upside.

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $144,192
• − Mortgage interest: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$3,375
• − Repairs & maintenance: −$11,535
• − Management: −$11,535
• − Depreciation: −$19,636
• Taxable income: $50,174
• Est. tax owed @ 24.0%: −$12,042
• After-tax cash flow: $45,893/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 · 8 photos

Good 75/100 Cosmetic rehab

This 6-unit multifamily property in the South End of Hartford is in good condition with recent updates, offering a strong investment opportunity with immediate cash flow and strong rental demand.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Reorganizing common areas — Improves functionality and appeal for both resale and rental.
• Both Upgrading kitchen appliances — Modernizes the kitchen and attracts more buyers/renters.
• Both Upgrading bathrooms with modern fixtures — Enhances the overall appeal and functionality of the bathrooms.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Reorganizing common areas — Improves functionality and appeal for both resale and rental. ↑
• Both Upgrading kitchen appliances — Modernizes the kitchen and attracts more buyers/renters. ↑
• Both Upgrading bathrooms with modern fixtures — Enhances the overall appeal and functionality of the bathrooms. ↑

ⓘ 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: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 36,322
• Household income: $46,304
• Rent vs Own: 76.7% rent · 23.3% own
• Severe rent burden: 3400.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 25% Black 18% White 15% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 42% Dominican 6%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 46% English-only · Spanish 47% Other Indo-European 3% Other Asian/Pacific 1%

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: ▲ 1.38%
• Current HPI: 314.0899
• Rent YoY: ▲ 2.37%
• 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

2 events — show timeline

• 2026-05-06 Pending — Smart MLS
• 2026-04-18 Listed $675,000 Smart MLS