105 Rhodes St · New Britain, CT 06051

$425,000

6 bd · 3.0 ba · 2,146 sqft · MultiFamily public records · 47 Days on market

Built 1904 5,227 sqft lot $198/sqft · 7% above area Est $396k · 7% over

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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 +21.4/30.0
• Appreciation +10.0/10.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• ARV discount +4.3/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Turnkey three-family investment opportunity in New Britain. This well-maintained property features three updated units, each offering 2 bedrooms and 1 full bathroom, with separate utilities for each unit paid by the tenants. The building has been consistently maintained and offers a strong, reliable rental setup ideal for investors or owner-occupants alike. Conveniently located near shopping, dining, major highways, and public transportation, this multifamily provides solid cash flow potential with opportunity for future growth. A great option for both seasoned investors looking to add to their portfolio and buyers seeking an owner-occupied investment property.

Key facts

• 5,227 sq ft lot
• Built 1904
• Listed 47 days

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $628 ($8k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $412k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.4% in New Britain — 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 74/100 on livability (#67 in CT, #4,936 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime D, employment D, schools F.
• New Britain School District (suburban): math 6% / reading 17% proficiency, ranked #153 of 153 in CT (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.6%/yr); 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,550/mo this rent would consume 107% of the median local household income ($51k/yr) (locally 2100% 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 $45k of equity ($3k loan paydown + $42k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 0.0% rent growth), your $119k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($412k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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 $310k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $412,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1904 — 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 F-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: 1.07% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.33%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $396,376
• List price: $425,000
• Delta: 7.22%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
267 Chapman St	0.05mi	5/3.0 (-1)	2,318 (+8%)	8mo	$360,000	$155	73
144 Dwight St	0.30mi	6/3.0	2,033 (-5%)	5mo	$340,000	$167	73
11 Dwight Ct	0.45mi	6/3.0	2,210 (+3%)	3mo	$290,000	$131	72
62 Belden St	0.22mi	6/2.0	2,124 (-1%)	15mo	$395,000	$186	72
408 East St	0.45mi	6/4.0	2,231 (+4%)	9mo	$440,000	$197	62
106 Judd Ave	0.45mi	6/2.0	2,184 (+2%)	14mo	$225,000	$103	61
115 Belden St	0.21mi	6/2.0	2,326 (+8%)	15mo	$700,000	$301	60
241 Belden St	0.30mi	6/2.0	2,332 (+9%)	13mo	$436,000	$187	57
237 Belden St	0.29mi	6/2.0	2,332 (+9%)	18mo	$400,000	$172	53
119 Thorniley St	0.58mi	6/2.0	2,052 (-4%)	18mo	$318,000	$155	47
18 Fairview St	0.62mi	5/2.0 (-1)	1,878 (-12%)	19mo	$410,000	$218	25
498 Stanley St	0.69mi	5/3.0 (-1)	2,466 (+15%)	18mo	$290,000	$118	23

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 3.17×
• Total profit: $258,217
• Equity at exit: $382,874

10-year hold

• IRR: 23.3%
• Equity multiple: 6.93×
• Total profit: $705,248
• Equity at exit: $825,682

Cash invested: $119,000 (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 06051

• Home prices YoY: 9.0%
• Rents YoY: -0.6%
• Active inventory: 63
• Price-to-rent: 23.4×

Monthly cashflow live

• Estimated rent: $4,550 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$561 /mo · $6,728/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$956
• Net cashflow: $628

Break-even live

Break-even rent $3,755

Max offer price $425,000

Occupancy floor 81%

Sensitivity live

Price	-10% $869	-5% $748	+0% $628	+5% $508	+10% $387
Rent	-10% $269	-5% $448	+0% $628	+5% $808	+10% $987
Rate	-1.0pp $842	-0.5pp $736	base $628	+0.5pp $518	+1.0pp $406

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,551
Total (3 units)			$4,550

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Union St New Britain, CT	5.0	2.0	2060	$2,800	$1.36	24d	1	0.89mi

Listing history 9 events

1. 2026-05-06
   status Under Contract 669-char remark

   Show marketing remark (669 chars)

   Turnkey three-family investment opportunity in New Britain. This well-maintained property features three updated units, each offering 2 bedrooms and 1 full bathroom, with separate utilities for each unit paid by the tenants. The building has been consistently maintained and offers a strong, reliable rental setup ideal for investors or owner-occupants alike. Conveniently located near shopping, dining, major highways, and public transportation, this multifamily provides solid cash flow potential with opportunity for future growth. A great option for both seasoned investors looking to add to their portfolio and buyers seeking an owner-occupied investment property.

2. 2026-03-21
   listed $425,000 Active 669-char remark

   Show marketing remark (669 chars)

   Turnkey three-family investment opportunity in New Britain. This well-maintained property features three updated units, each offering 2 bedrooms and 1 full bathroom, with separate utilities for each unit paid by the tenants. The building has been consistently maintained and offers a strong, reliable rental setup ideal for investors or owner-occupants alike. Conveniently located near shopping, dining, major highways, and public transportation, this multifamily provides solid cash flow potential with opportunity for future growth. A great option for both seasoned investors looking to add to their portfolio and buyers seeking an owner-occupied investment property.

3. 2026-03-18
   historical $425,000 669-char remark

   Show marketing remark (669 chars)

   Turnkey three-family investment opportunity in New Britain. This well-maintained property features three updated units, each offering 2 bedrooms and 1 full bathroom, with separate utilities for each unit paid by the tenants. The building has been consistently maintained and offers a strong, reliable rental setup ideal for investors or owner-occupants alike. Conveniently located near shopping, dining, major highways, and public transportation, this multifamily provides solid cash flow potential with opportunity for future growth. A great option for both seasoned investors looking to add to their portfolio and buyers seeking an owner-occupied investment property.

4. 2023-03-23
   soldstatus $310,000
5. 2022-07-25
   soldstatus $240,000
6. 2006-08-31
   soldstatus $217,000
7. 2006-08-31
   soldstatus $217,000
8. 2006-08-25
   listed $225,888
9. 2005-05-10
   soldstatus $75,000

ⓘ 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: $6,728 · $561/mo
• Projected year-2 tax: $7,912 · $659/mo
• Expected delta: +$1,184/yr (+$99/mo · 17.6%)

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

Taxation est. · year 1

• Rental income: $54,600
• − Mortgage interest: −$23,807
• − Property taxes: −$6,728
• − Insurance: −$2,125
• − Repairs & maintenance: −$4,368
• − Management: −$4,368
• − Depreciation: −$12,364
• Taxable income: $841
• Est. tax owed @ 24.0%: −$202
• After-tax cash flow: $7,334/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: New Britain School District
• NCES district ID: 0902670
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $40,827
• Composite: 9.95/100
• National rank: #9816
• State rank: #153 of 153 in CT

Livability — New Britain

• Score: 74/100
• State rank: #67
• US rank: #4936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Britain, CT
• County: Hartford County · 754,208 people
• City population: 66,322
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 29,548
• Household income: $51,022
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 2100.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 52% White 30% Two or more races 17% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 40% Dominican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 39% Russian/Polish/Slavic 6% Arabic 3%

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: ▲ 31.52%
• Current HPI: 382.7816
• Rent YoY: ▼ -0.58%
• 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

+466.7% since first listed

9 events — show timeline

• 2026-05-06 Pending — Smart MLS
• 2026-03-21 Listed $425,000 Smart MLS
• 2026-03-18 Coming Soon $425,000 Smart MLS
• 2023-03-23 Sold (Public Records) $310,000 Public Records
• 2022-07-25 Sold (Public Records) $240,000 Public Records
• 2006-08-31 Sold (Public Records) $217,000 Public Records
• 2006-08-31 Sold (MLS) $217,000 Smart MLS
• 2006-08-25 Listed $225,888 Smart MLS
• 2005-05-10 Sold (Public Records) $75,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $6,728 · +2.4% YoY. Source: county tax records.