44-46 Grenelle St · Bridgeport, CT 06606

$399,000

6 bd · 3.6 ba · 2,400 sqft · MultiFamily · 5 Days on market

Built 1919 Poor condition 6,534 sqft lot $166/sqft · 39% below area Est $651k · 39% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Great investment opportunity in a desirable Bridgeport location. This two-family home needs extensive work but offers excellent potential. Property is being sold as-is and must be sold together with the adjacent lot. Perfect for investors, contractors, or developers looking to add value. Sale is subject to probate approval. All parties must sign the attached hold harmless document prior to entering the property. Buyers to perform their own diligence. Property is to be sold as package with adjacent lot 34 Grenelle MLS number: 24171641. Hold harmless form attached must be filled out and received by the listing agent prior to showing. Please note; most of the house is in accessible with miscel

Key facts

• Bridgeport location
• Two-family home
• Adjacent lot

Tags

• BRIDGEPORT LOCATION
• TWO-FAMILY HOME
• ADJACENT LOT

Property features AI

Exterior

• Parking: Detached garage; Driveway parking; 2 total parking spaces; 2-car garage (detached)
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family (2-family)
• Construction: Frame construction; Asbestos exterior siding; Asphalt shingle roof; Block foundation
• Exterior features: Level lot; Paved driveway

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Hot air heating; Oil-fired heat (fuel tank located in basement); Domestic hot water
• Interior features: 6 total rooms; Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $399k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Cap rate 12.6% vs local median 5.0% in Bridgeport — 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 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+, schools D-.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 152 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• At $6,148/mo this rent would consume 101% of the median local household income ($73k/yr) (locally 2163% 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 + 3.1% rent growth), your $112k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 45% 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 $399,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.54% ✓
• Cap rate: 12.61%
• Cash-on-cash: 22.55%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $650,737
• List price: $399,000
• Delta: -38.68%
• 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
116 Goldenrod Ave	0.42mi	5/2.0 (-1)	2,520 (+5%)	22mo	$605,000	$240	43

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.59×
• Total profit: $66,397
• Equity at exit: $59,492

10-year hold

• IRR: 23.6%
• Equity multiple: 3.05×
• Total profit: $229,020
• Equity at exit: $34,498

Cash invested: $111,720 (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 06606

• Rents YoY: 3.1%
• Active inventory: 152
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $6,148 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,291
• Net cashflow: $2,044

Break-even live

Break-even rent $3,561

Max offer price $399,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$6,148
Total (2 units)			$6,148

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 Vanguard St Bridgeport, CT	5.0	3.5	1868	$4,800	$2.57	3d	1	0.30mi
124 Minturn Pl Bridgeport, CT	5.0	2.0	1685	$4,000	$2.37	2d	1	0.71mi
25 Quinsey Dr Bridgeport, CT	5.0	2.0	2081	$4,375	$2.10	2d	1	0.81mi
100 Loftus Cir Bridgeport, CT	5.0	2.0	1716	$3,750	$2.19	2d	1	1.20mi
41 Perth St Bridgeport, CT	6.0	2.0	2640	$2,200	$0.83	14d	1	1.40mi

Listing history 2 events

1. 2026-05-09
   status Under Contract 793-char remark
2. 2026-05-04
   listed $399,000 Active 793-char remark

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 45% 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: $73,776
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$2,662
• − Repairs & maintenance: −$5,902
• − Management: −$5,902
• − Depreciation: −$11,607
• Taxable income: $19,368
• Est. tax owed @ 24.0%: −$4,648
• After-tax cash flow: $19,879/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 · 4 photos

Poor 20/100 Extensive rehab

This two-family home requires extensive repairs, including major work on the exterior siding and roof. Significant investment is needed to bring it up to a livable condition.

Repairs flagged

• Major exterior siding — Severe peeling and damage
• Major roof — Visible damage

Value-add opportunities

• Both exterior siding repair and replacement — Improves curb appeal and structural integrity
• Both roof repair or replacement — Essential for structural stability and water resistance

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe peeling and damage	Major	$15,000–50,000
roof · Visible damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both exterior siding repair and replacement — Improves curb appeal and structural integrity ↑
• Both roof repair or replacement — Essential for structural stability and water resistance ↑

ⓘ 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: Bridgeport School District
• NCES district ID: 0900450
• Math proficiency: 9% ▼ -7.00%
• Reading proficiency: 19% ▼ -10.00%
• Median HH income: $41,507
• Composite: 12.09/100
• National rank: #9656
• State rank: #151 of 153 in CT

Livability — Bridgeport

• Score: 81/100
• State rank: #15
• US rank: #1374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bridgeport, CT
• County: Fairfield County · 765,532 people
• City population: 149,153
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 49,308
• Household income: $73,372
• Rent vs Own: 42.9% rent · 57.1% own
• Severe rent burden: 2163.0

Population outlook (Greater Bridgeport County) Hauer SSP2

• By 2040: 365,581

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Hispanic / Latino 37% White 31% Black 19% Two or more races 11% Asian 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 12% Dominican 4%
• Common ancestry: Estonian 5% Russian 4% Romanian 3%
• Foreign-born: 37% · Canada, Jamaica, Vietnam
• Languages at home: 50% English-only · Spanish 27% Other Indo-European 15% French/Haitian/Cajun 2%

Political lean MEDSL · Greater Bridgeport

• 2024 margin: Strong D (+23.3) · D 60.9% · R 37.6% · Other 1.5%
• All cycles: 2024: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.11%
• Current HPI: 345.647
• Rent YoY: ▲ 3.12%
• Metro: Bridgeport-Stamford-Norwalk, 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

• 2026-05-09 Pending — Smart MLS
• 2026-05-04 Listed $399,000 Smart MLS