5-7-9 Patch St · Danbury, CT 06810

$680,000

8 bd · 3.0 ba · 2,239 sqft · MultiFamily · 24 Days on market

Built 1883 7,840 sqft lot Est $687k · at est. ↓ 3% since listing

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Why this score? — see what drove the D+ 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 +16.1/30.0
• ARV discount +8.0/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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

Prime investment opportunity at 5-7-9 Patch St, a well-maintained 2-Family in central Danbury, CT. Features two spacious units, each with 4 bedrooms, 1.5 baths, a kitchen with gas cooktop, dishwasher, microwave, and a dining room. Includes a large parking lot, detached 3-car garage, and separately metered units for efficiency. Washer/dryer in basement (currently non-working). Connected to public water and municipal sewer, this property is steps from downtown Danbury's amenities and transit. Ideal for investors or multi-family living with strong rental potential.

Key facts

• Gas cooktop
• Well maintained
• Spacious units

Tags

• WELL MAINTAINED
• SPACIOUS UNITS
• GAS COOKTOP
• DETACHED GARAGE
• SEPARATELY METERED UNITS
• PUBLIC WATER

What this means for you Summary

Snapshot

• This is a 2 × 4.0-bed/1.5-bath units multifamily listed at $680k.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive. Per door: $171/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $638k (6.1% below list).
• Recommended offer: $638k (6.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.6% in Danbury — 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 76/100 on livability (#51 in CT, #3,379 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities F, cost of living F.
• Danbury School District (urban): math 19% / reading 32% proficiency, ranked #131 of 153 in CT (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Danbury High School (math 19% / reading 41%, grade F, #137 of 194 statewide, top 70%, 3,590 students, 48% FRL).
• Market conditions: Rents rising (+3.1%/yr); 200 active listings in the ZIP; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $6,382/mo this rent would consume 100% of the median local household income ($77k/yr) (locally 3255% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($670k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 24% 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 $638,200 (6.1% below list)

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. Built in 1883 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.16%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $687,373
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5-7-9 Patch St	0.00mi	8/3.0	2,239 (0%)	1mo	$650,000	$290	99
11 Starr Ave	0.31mi	7/3.0 (-1)	2,088 (-7%)	6mo	$640,000	$307	64

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 · 3.08% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.54×
• Total profit: $-87,768
• Equity at exit: $101,390

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-45,837
• Equity at exit: $58,794

Cash invested: $190,400 (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 06810

• Rents YoY: 3.1%
• Active inventory: 200
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $6,382 high
• Mortgage (P&I): −$3,566
• Tax est. 1.5%: −$850 /mo · $10,200/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,340
• Net cashflow: $342

Break-even live

Break-even rent $5,949

Max offer price $680,000

Occupancy floor 90%

Sensitivity live

Price	-10% $812	-5% $577	+0% $342	+5% $107	+10% $-127
Rent	-10% $-162	-5% $90	+0% $342	+5% $595	+10% $847
Rate	-1.0pp $685	-0.5pp $515	base $342	+0.5pp $166	+1.0pp $-13

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

Units	Beds	Baths	Est. rent
▸ 2× units	4.0	1.5	$6,382
Total (2 units)			$6,382

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: $170,000
• Closing costs: $20,400
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-01-25
   status Under Contract
2. 2026-01-01
   listed $680,000 Active
3. 2025-12-26
   historical
4. 2025-11-23
   status Under Contract
5. 2025-10-23
   status Active
6. 2025-09-17
   status Under Contract
7. 2025-09-02
   price $680,000
8. 2025-08-19
   listed $700,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,584
• − Mortgage interest: −$38,091
• − Property taxes: −$10,200
• − Insurance: −$3,400
• − Repairs & maintenance: −$6,127
• − Management: −$6,127
• − Depreciation: −$19,782
• Taxable loss: −$7,142
• Est. tax savings @ 24.0%: +$1,714
• After-tax cash flow: $5,823/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: Danbury School District
• NCES district ID: 0901020
• Math proficiency: 19% ▼ -17.00%
• Reading proficiency: 32% ▼ -16.00%
• Median HH income: $65,793
• Composite: 23.93/100
• National rank: #7784
• State rank: #131 of 153 in CT

Livability — Danbury

• Score: 76/100
• State rank: #51
• US rank: #3379

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Danbury, CT
• County: Fairfield County · 765,532 people
• City population: 87,061
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 55,833
• Household income: $76,933
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 3255.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 37% White 35% Two or more races 19% Black 12% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 6%
• Common ancestry: Estonian 8% Russian 4% Romanian 3%
• Foreign-born: 41% · Canada, Jamaica, Dominican Republic
• Languages at home: 48% English-only · Spanish 32% Other Indo-European 16% Other Asian/Pacific 1%

Political lean MEDSL · Western Connecticut

• 2024 margin: D (+19.1) · D 58.8% · R 39.7% · Other 1.6%
• All cycles: 2024: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.71%
• Current HPI: 286.5484
• Rent YoY: ▲ 3.08%
• 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

-2.9% since first listed

8 events — show timeline

• 2026-01-25 Pending — Smart MLS
• 2026-01-01 Listed $680,000 Smart MLS
• 2025-12-26 Listing Removed — Smart MLS
• 2025-11-23 Pending — Smart MLS
• 2025-10-23 Relisted — Smart MLS
• 2025-09-17 Pending — Smart MLS
• 2025-09-02 Price Changed $680,000 Smart MLS
• 2025-08-19 Listed $700,000 Smart MLS