815 E Main St · Waterbury, CT 06705

$1,000,000

120 bd · 100.0 ba · 6,261 sqft · MultiFamily public records · 88 Days on market

Built 1932 4,356 sqft lot $160/sqft · 89% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

**OPEN TO PACKAGE DEAL WITH 25-37 PIEDMONT ST** 815 E Main presents a rare opportunity to acquire a beautifully renovated 10-unit stone building in the heart of downtown Waterbury. Investors will appreciate the strong in-place rent roll and impressive 7.75% cap rate on entry, with clear upside potential through continued rent growth and operational efficiencies. The property features extensive interior upgrades paired with striking exterior stonework, delivering both curb appeal and long-term durability. A sought-after downtown location, strong cash flow from day one, and value-add runway make this asset an ideal addition to any multifamily portfolio.

Key facts

• Strong cash flow
• Value-add runway
• Downtown location

Tags

• EXTENSIVE INTERIOR UPGRADES
• STRIKING EXTERIOR STONEWORK
• DOWNTOWN LOCATION
• STRONG CASH FLOW
• VALUE-ADD RUNWAY

What this means for you Summary

Snapshot

• This is a 10 × 12-bed/10.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $10k ($121k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.00M).
• Recommended offer: $940k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.4% vs local median 3.6% in Waterbury — 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 (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 79 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $21,967/mo this rent would consume 489% of the median local household income ($54k/yr) (locally 1690% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($940k) is reasonable based on typical stale-listing flexibility.
• 16 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 $460k; list at $1.00M implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $940,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1932 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 2.20% ✓
• Cap rate: 18.43%
• Cash-on-cash: 43.36%
• DSCR: 2.93
• GRM: 3.8

CMA / ARV

• ARV (median comp): $530,491
• List price: $1,000,000
• Delta: 88.50%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.37% rent growth · sell at horizon

5-year hold

• IRR: 40.4%
• Equity multiple: 2.74×
• Total profit: $487,513
• Equity at exit: $149,103

10-year hold

• IRR: 46.9%
• Equity multiple: 5.59×
• Total profit: $1,285,862
• Equity at exit: $86,462

Cash invested: $280,000 (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 06705

• Home prices YoY: -11.0%
• Rents YoY: 3.4%
• Active inventory: 79
• Price-to-rent: 37.9×

Monthly cashflow live

• Estimated rent: $21,967 medium
• Mortgage (P&I): −$5,244
• Tax from tax record: −$1,577 /mo · $18,921/yr
• Insurance: −$417
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,613
• Net cashflow: $10,061

Break-even live

Break-even rent $9,232

Max offer price $1,000,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 10× units	12	10	$21,970
Total (10 units)			$21,967

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-02-24
   listed $1,000,000 Active 660-char remark

   Show marketing remark (660 chars)

   **OPEN TO PACKAGE DEAL WITH 25-37 PIEDMONT ST** 815 E Main presents a rare opportunity to acquire a beautifully renovated 10-unit stone building in the heart of downtown Waterbury. Investors will appreciate the strong in-place rent roll and impressive 7.75% cap rate on entry, with clear upside potential through continued rent growth and operational efficiencies. The property features extensive interior upgrades paired with striking exterior stonework, delivering both curb appeal and long-term durability. A sought-after downtown location, strong cash flow from day one, and value-add runway make this asset an ideal addition to any multifamily portfolio.

2. 2022-01-30
   price $795
3. 2021-02-24
   historical
4. 2021-01-22
   historical Under Contract - Continue to Show
5. 2021-01-11
   status Active
6. 2020-12-09
   historical Under Contract - Continue to Show
7. 2020-11-11
   price $525,000
8. 2020-11-11
   status Active
9. 2020-03-03
   status Under Contract
10. 2020-03-03
    historical
11. 2020-02-10
    historical Under Contract - Continue to Show
12. 2019-12-18
    listed $499,900 Active
13. 2019-10-24
    historical
14. 2019-05-02
    listed $674,900 Active
15. 2017-10-20
    soldstatus $460,000
16. 2017-07-31
    historical
17. 2017-04-17
    listed $499,900
18. 2013-04-19
    soldstatus $80,000
19. 2012-11-08
    soldstatus $80,000
20. 2012-10-10
    listed $68,000
21. 2012-06-01
    historical
22. 2012-03-01
    listed $79,000
23. 2011-12-15
    historical
24. 2011-06-30
    listed $83,500
25. 2011-03-15
    historical
26. 2011-01-14
    listed $95,000
27. 2010-12-31
    historical
28. 2010-12-31
    historical
29. 2010-06-14
    listed $109,000
30. 2009-06-30
    listed $109,000
31. 2009-06-27
    historical
32. 2009-05-11
    listed $145,000
33. 2009-04-10
    historical
34. 2009-03-10
    listed $145,000
35. 2009-02-28
    historical
36. 2008-11-21
    listed $145,000
37. 2007-11-26
    historical
38. 2007-07-26
    listed $380,000
39. 2004-08-02
    soldstatus $265,000
40. 1990-04-03
    soldstatus $316,500

ⓘ 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: $18,921 · $1,577/mo
• Projected year-2 tax: $20,160 · $1,680/mo
• Expected delta: +$1,240/yr (+$103/mo · 6.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥96°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $263,604
• − Mortgage interest: −$56,016
• − Property taxes: −$18,921
• − Insurance: −$5,666
• − Repairs & maintenance: −$21,088
• − Management: −$21,088
• − Depreciation: −$29,091
• Taxable income: $111,733
• Est. tax owed @ 24.0%: −$26,816
• After-tax cash flow: $93,914/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: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 25,266
• Household income: $53,954
• Rent vs Own: 48.8% rent · 51.2% own
• Severe rent burden: 1690.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 34% Hispanic / Latino 34% Black 22% Two or more races 14% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 22% Dominican 3%
• Common ancestry: Lithuanian 6% Hispanic 3% Romanian 2%
• Foreign-born: 19% · Canada, Jamaica, China
• Languages at home: 66% English-only · Spanish 22% Other Indo-European 6% French/Haitian/Cajun 3%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.50%
• Current HPI: 304.4948
• Rent YoY: ▲ 3.37%
• 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

+216.0% since first listed

40 events — show timeline

• 2026-02-24 Listed $1,000,000 Smart MLS
• 2022-01-30 Price Changed $795 RENT.
• 2021-02-24 Listing Removed — Smart MLS
• 2021-01-22 Contingent — Smart MLS
• 2021-01-11 Relisted — Smart MLS
• 2020-12-09 Contingent — Smart MLS
• 2020-11-11 Price Changed $525,000 Smart MLS
• 2020-11-11 Relisted — Smart MLS
• 2020-03-03 Pending — Smart MLS
• 2020-03-03 Listing Removed — Smart MLS
• 2020-02-10 Contingent — Smart MLS
• 2019-12-18 Listed $499,900 Smart MLS
• 2019-10-24 Listing Removed — Smart MLS
• 2019-05-02 Listed $674,900 Smart MLS
• 2017-10-20 Sold (MLS) $460,000 Smart MLS
• 2017-07-31 Listing Removed — Smart MLS
• 2017-04-17 Listed $499,900 Smart MLS
• 2013-04-19 Sold (MLS) $80,000 Smart MLS
• 2012-11-08 Sold (Public Records) $80,000 Public Records
• 2012-10-10 Listed $68,000 Smart MLS
• 2012-06-01 Listing Removed — Smart MLS
• 2012-03-01 Listed $79,000 Smart MLS
• 2011-12-15 Listing Removed — Smart MLS
• 2011-06-30 Listed $83,500 Smart MLS
• 2011-03-15 Listing Removed — Smart MLS
• 2011-01-14 Listed $95,000 Smart MLS
• 2010-12-31 Listing Removed — Smart MLS
• 2010-12-31 Listing Removed — Smart MLS
• 2010-06-14 Listed $109,000 Smart MLS
• 2009-06-30 Listed $109,000 Smart MLS
• 2009-06-27 Listing Removed — Smart MLS
• 2009-05-11 Listed $145,000 Smart MLS
• 2009-04-10 Listing Removed — Smart MLS
• 2009-03-10 Listed $145,000 Smart MLS
• 2009-02-28 Listing Removed — Smart MLS
• 2008-11-21 Listed $145,000 Smart MLS
• 2007-11-26 Listing Removed — Smart MLS
• 2007-07-26 Listed $380,000 Smart MLS
• 2004-08-02 Sold (Public Records) $265,000 Public Records
• 1990-04-03 Sold (Public Records) $316,500 Public Records

Property tax history

+28.4%/yr

Latest (2023): $18,921 · +7.4% YoY. Source: county tax records.