21 W Farm St · Waterbury, CT 06704

$280,000

5 bd · 2.0 ba · 2,024 sqft · MultiFamily public records · 31 Days on market

Built 1900 3,484 sqft lot Est $332k · 16% under

---

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 +22.0/30.0
• ARV discount +14.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.9/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +1.5/10.0
• Schools +1.5/10.0

Multi-family units

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

Listing remarks MLS

NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

Key facts

• Near schools
• Near shopping
• Near major routes

Tags

• TWO FAMILY PROPERTY
• CONVENIENTLY LOCATED
• NEAR SHOPPING
• NEAR SCHOOLS
• NEAR PUBLIC TRANSPORTATION
• NEAR MAJOR ROUTES

Property features AI

Finance

• Other: Total living area approximately 2024 (per public record); Total rooms: 10; Two residential units (2 total units)
• Financial info: Assessed value available

Exterior

• Utilities: Public water connected; Public sewer connected; Gas available in street
• Home design: Multi-family (2-family); Multi-Family For Sale
• Construction: Frame construction; Concrete foundation; Built as a multi-family dwelling
• Exterior features: Vinyl siding; Shingle roof

Interior

• Bedrooms: 5 bedrooms (total)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Window unit cooling
• Interior features: Full basement; Attic

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive. Per door: $224/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $272k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 fast (+8.0%/yr); 100 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $3,058/mo this rent would consume 75% of the median local household income ($49k/yr) (locally 1981% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $78k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 7 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 $75k; list at $280k implies a 273% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $271,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 1.09% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.85%
• DSCR: 1.30
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $331,936
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Butler St	0.28mi	5/2.0	1,885 (-7%)	8mo	$430,000	$228	69
78 Tudor St	0.33mi	5/2.0	2,224 (+10%)	5mo	$365,000	$164	64
250 Orange St	0.25mi	6/2.0 (+1)	2,248 (+11%)	7mo	$355,000	$158	59
38 Beverly Ave	0.72mi	5/2.0	1,920 (-5%)	3mo	$440,000	$229	56
151 Beech St	0.66mi	5/2.0	2,128 (+5%)	7mo	$330,000	$155	55
1248 N Main St	0.38mi	6/2.0 (+1)	2,315 (+14%)	0mo	$400,000	$173	53
182 Oak St	0.69mi	4/2.0 (-1)	2,070 (+2%)	8mo	$300,000	$145	53
9 Kenyon St	0.66mi	6/2.0 (+1)	1,881 (-7%)	2mo	$283,600	$151	51
43 Shelley St	0.71mi	4/2.0 (-1)	2,100 (+4%)	10mo	$329,000	$157	48
59 Gaffney Pl	0.73mi	5/3.0	2,125 (+5%)	9mo	$395,000	$186	46
11 Cossett St	0.53mi	4/2.0 (-1)	1,804 (-11%)	11mo	$279,900	$155	43
52 Beech St	0.50mi	4/2.0 (-1)	1,756 (-13%)	9mo	$300,000	$171	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-629
• Equity at exit: $41,749

10-year hold

• IRR: 14.1%
• Equity multiple: 2.40×
• Total profit: $109,995
• Equity at exit: $24,209

Cash invested: $78,400 (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 06704

• Home prices YoY: -2.0%
• Rents YoY: 8.0%
• Active inventory: 100
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $3,058 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$383 /mo · $4,597/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$642
• Net cashflow: $448

Break-even live

Break-even rent $2,491

Max offer price $280,000

Occupancy floor 80%

Sensitivity live

Price	-10% $606	-5% $527	+0% $448	+5% $368	+10% $289
Rent	-10% $206	-5% $327	+0% $448	+5% $569	+10% $689
Rate	-1.0pp $589	-0.5pp $519	base $448	+0.5pp $375	+1.0pp $301

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,058
Total (2 units)			$3,058

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 Platt St Waterbury, CT	4.0	1.5	1602	$2,250	$1.40	45d	1	0.32mi
203 Cooke St Waterbury, CT	4.0	1.0	1472	$2,000	$1.36	44d	1	0.40mi
228 Cooke St Unit 1 Waterbury, CT	4.0	1.0	1523	$2,500	$1.64	44d	1	0.40mi
114 Buckingham St Unit 3rd Floor Waterbury, CT	4.0	1.0	1418	$1,750	$1.23	44d	1	0.57mi
37 Johnson St Waterbury, CT	6.0	1.5	2002	$3,200	$1.60	4d	1	0.89mi
97 Clowes Ter Unit RT side Waterbury, CT	4.0	2.0	1649	$2,350	$1.43	44d	1	0.90mi
91 Ridgewood St Waterbury, CT	4.0	1.0	1500	$1,800	$1.20	24d	1	0.93mi
14 Wildwood Ave Waterbury, CT	4.0	1.5	1488	$1,950	$1.31	44d	1	0.96mi
64 Fairview St Unit 1 Waterbury, CT	4.0	1.5	1500	$2,750	$1.83	44d	1	0.98mi
24 Concord St Waterbury, CT	4.0	2.0	1606	$3,000	$1.87	24d	1	0.98mi

Listing history 31 events

1. 2026-06-18
   days on market $280,000 Active 31 DOM
2. 2026-06-17
   days on market $280,000 Active 30 DOM
3. 2026-06-16
   days on market $280,000 Active 29 DOM
4. 2026-06-15
   days on market $280,000 Active 28 DOM
5. 2026-06-14
   days on market $280,000 Active 26 DOM
6. 2026-06-13
   days on market $280,000 Active 25 DOM
7. 2026-06-10
   days on market $280,000 Active 23 DOM
8. 2026-06-09
   days on market $280,000 Active 22 DOM
9. 2026-06-08
   days on market $280,000 Active 21 DOM
10. 2026-06-07
    days on market $280,000 Active 20 DOM
11. 2026-06-05
    days on market $280,000 Active 17 DOM
12. 2026-06-03
    days on market $280,000 Active 16 DOM
13. 2026-06-03
    days on market $280,000 Active 15 DOM
14. 2026-06-01
    days on market $280,000 Active 14 DOM
15. 2026-05-31
    days on market $280,000 Active 13 DOM
16. 2026-05-15
    listed $280,000 Active
17. 2024-06-18
    historical
18. 2024-05-28
    listed $230,000 Active
19. 2020-05-29
    soldstatus $75,000
20. 2020-05-28
    status Under Contract 260-char remark

    Show marketing remark (260 chars)

    NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

21. 2020-05-28
    soldstatus $75,000 Closed 260-char remark

    Show marketing remark (260 chars)

    NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

22. 2020-04-27
    historical Under Contract - Continue to Show 260-char remark

    Show marketing remark (260 chars)

    NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

23. 2020-03-31
    status Active 260-char remark

    Show marketing remark (260 chars)

    NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

24. 2020-03-30
    historical Under Contract - Continue to Show 260-char remark

    Show marketing remark (260 chars)

    NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

25. 2020-03-21
    listed $79,000 Active 260-char remark

    Show marketing remark (260 chars)

    NEW ROOF...TWO NEW high energy furnaces....two New hotwater heaters.....some new windows... new porches.....This is an incredible deal....these units can be used as 3 bedroom units....ALL BIG TICKET ITEMS DONE!!!! near everything! *******INVESTORS DREAM*******

26. 2009-09-09
    historical
27. 2009-03-09
    listed $89,900
28. 2008-10-30
    historical
29. 2008-04-30
    listed $114,900
30. 2008-04-01
    historical
31. 2007-10-01
    listed $129,900

ⓘ 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: $4,597 · $383/mo
• Projected year-2 tax: $5,294 · $441/mo
• Expected delta: +$698/yr (+$58/mo · 15.2%)

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

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 ≥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: $36,696
• − Mortgage interest: −$15,684
• − Property taxes: −$4,597
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,936
• − Management: −$2,936
• − Depreciation: −$8,145
• Taxable income: $998
• Est. tax owed @ 24.0%: −$239
• After-tax cash flow: $5,133/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): 31,713
• Household income: $48,718
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1981.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% Black 28% Two or more races 20% White 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 30% Dominican 8%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 38% Other Indo-European 3% French/Haitian/Cajun 1%

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: ▼ -7.05%
• Current HPI: 340.0917
• Rent YoY: ▲ 8.02%
• 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

+115.6% since first listed

16 events — show timeline

• 2026-05-15 Listed $280,000 Smart MLS
• 2024-06-18 Listing Removed — Smart MLS
• 2024-05-28 Listed $230,000 Smart MLS
• 2020-05-29 Sold (Public Records) $75,000 Public Records
• 2020-05-28 Pending — Smart MLS
• 2020-05-28 Sold (MLS) $75,000 Smart MLS
• 2020-04-27 Contingent — Smart MLS
• 2020-03-31 Relisted — Smart MLS
• 2020-03-30 Contingent — Smart MLS
• 2020-03-21 Listed $79,000 Smart MLS
• 2009-09-09 Listing Removed — Smart MLS
• 2009-03-09 Listed $89,900 Smart MLS
• 2008-10-30 Listing Removed — Smart MLS
• 2008-04-30 Listed $114,900 Smart MLS
• 2008-04-01 Listing Removed — Smart MLS
• 2007-10-01 Listed $129,900 Smart MLS

Property tax history

+5.4%/yr

Latest (2023): $4,597 · +69.1% YoY. Source: county tax records.