186 Benton St

Hartford, CT 06114

$849,999B+

18 bd · 6.0 ba · 7,242 sqft · Built 1920 · MultiFamily · Under Contract · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,712/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$1,417
• HOA: −$0
• Vac / Maint / Mgmt: −$2,670
• Net cashflow: $4,168/mo
• Annual: $50,020/yr
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• 1% rule: 1.50%
• Cash to close: $238,000

Investor read

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $850k. Condition is rated poor.
• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $695/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $850k).
• It's been on market 20 days — a 2% lower offer ($837k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $837k (1.5% below list) — sets the bar for market timing.
• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.5%/yr); 54 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 22y 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 $230k; list at $850k implies a 270% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 1.5% rent growth), your $238k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• At $12,712/mo this rent would consume 293% of the median local household income ($52k/yr) (locally 1897% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: fencing — Rusted and in poor condition, indicating structural issues.
• Major: roof — Visible wear and tear, likely requiring replacement.
• Major: exterior brick — Weathered and possibly structurally compromised.
• Major: interior systems — No specific photos, but overall condition suggests significant issues with plumbing, HVAC, and electrical systems.