49-51 Chadwick Ave · Hartford, CT 06106

$2,999,999

9 bd · 3.0 ba · 3,741 sqft · MultiFamily public records · 131 Days on market

Built 1910 4,356 sqft lot $802/sqft · 347% 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Compelling opportunity to acquire a Hartford multifamily portfolio consisting of seven (7) buildings and twenty-one (21) units. The portfolio is comprised of spacious 3-Bedroom / 1-Bathroom units with large floor plans, a strong and stable tenant base, and a history of low vacancy. The properties are well maintained and offer low-maintenance operations. Additional features include off-street parking and separately metered, tenant-paid gas utilities. The portfolio provides clear value-add upside through rent increases upon tenant turnover, allowing an investor to drive NOI growth while maintaining operational efficiency.

Key facts

• Twenty-one units
• Strong tenant base
• Seven buildings

Tags

• SEVEN BUILDINGS
• TWENTY-ONE UNITS
• SPACIOUS FLOOR PLANS
• STRONG TENANT BASE
• LOW VACANCY
• WELL MAINTAINED

What this means for you Summary

Snapshot

• This is a 9-bed/3.0-bath multifamily listed at $3.00M.

Deal economics

• At list price, monthly cash flow is $15k ($176k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($45k rent vs $3.00M).
• Recommended offer: $2.64M (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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: 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.
• Zoned schools: Kennelly School (math 7% / reading 12%, grade F, #522 of 553 statewide, top 95%, 598 students, 85% FRL); Mcdonough Middle School (math 0% / reading 6%, grade F, #175 of 175 statewide, top 100%, 317 students, 83% FRL) — zoned schools at 84% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 61 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $44,838/mo this rent would consume 1162% of the median local household income ($46k/yr) (locally 3400% 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 $62k of equity ($21k loan paydown + $41k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 2.4% rent growth), your $840k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$219k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($2.64M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $90k; list at $3.00M implies a 3233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $2,639,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 1.49% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.99%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (median comp): $670,632
• List price: $2,999,999
• Delta: 347.34%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.38% appreciation · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 23.4%
• Equity multiple: 2.21×
• Total profit: $1,019,606
• Equity at exit: $1,083,171

10-year hold

• IRR: 25.5%
• Equity multiple: 4.11×
• Total profit: $2,613,649
• Equity at exit: $1,486,230

Cash invested: $840,000 (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 06106

• Home prices YoY: 0.4%
• Rents YoY: 2.4%
• Active inventory: 61
• Price-to-rent: 117.1×

Monthly cashflow live

• Estimated rent: $44,838 high
• Mortgage (P&I): −$15,732
• Tax est. 1.5%: −$3,750 /mo · $45,000/yr
• Insurance: −$1,250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,416
• Net cashflow: $14,690

Break-even live

Break-even rent $26,243

Max offer price $2,999,999

Occupancy floor 62%

Sensitivity live

Price	-10% $16,763	-5% $15,726	+0% $14,690	+5% $13,653	+10% $12,616
Rent	-10% $11,147	-5% $12,919	+0% $14,690	+5% $16,461	+10% $18,232
Rate	-1.0pp $16,200	-0.5pp $15,453	base $14,690	+0.5pp $13,912	+1.0pp $13,121

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

Units	Beds	Baths	Est. rent
▸ 21× units	3	1	$44,835
Total (21 units)			$44,838

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: $750,000
• Closing costs: $90,000
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-31
   days on market $2,999,999 Active 131 DOM
2. 2026-01-20
   listed $2,999,999 Active 627-char remark

   Show marketing remark (627 chars)

   Compelling opportunity to acquire a Hartford multifamily portfolio consisting of seven (7) buildings and twenty-one (21) units. The portfolio is comprised of spacious 3-Bedroom / 1-Bathroom units with large floor plans, a strong and stable tenant base, and a history of low vacancy. The properties are well maintained and offer low-maintenance operations. Additional features include off-street parking and separately metered, tenant-paid gas utilities. The portfolio provides clear value-add upside through rent increases upon tenant turnover, allowing an investor to drive NOI growth while maintaining operational efficiency.

3. 2011-09-28
   soldstatus $90,000 239-char remark

   Show marketing remark (239 chars)

   Nice 3 family in good condition with 3 bedrooms on each floor. Good investment for a 1st time home buyer or investor. This property is very close to the west hartford town line. (Short sale already approved by lender) can close immediately

4. 2010-08-29
   listed $109,900 239-char remark

   Show marketing remark (239 chars)

   Nice 3 family in good condition with 3 bedrooms on each floor. Good investment for a 1st time home buyer or investor. This property is very close to the west hartford town line. (Short sale already approved by lender) can close immediately

5. 2010-08-29
   historical

   Show marketing remark (239 chars)

   Nice 3 family in good condition with 3 bedrooms on each floor. Good investment for a 1st time home buyer or investor. This property is very close to the west hartford town line. (Short sale already approved by lender) can close immediately

6. 2010-01-15
   listed $235,000
7. 2003-10-20
   soldstatus $167,000
8. 2003-10-17
   soldstatus $167,000
9. 2003-05-09
   listed $166,900

ⓘ 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 ≥97°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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $538,056
• − Mortgage interest: −$168,047
• − Property taxes: −$45,000
• − Insurance: −$15,000
• − Repairs & maintenance: −$43,044
• − Management: −$43,044
• − Depreciation: −$87,273
• Taxable income: $136,648
• Est. tax owed @ 24.0%: −$32,795
• After-tax cash flow: $143,481/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: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 36,322
• Household income: $46,304
• Rent vs Own: 76.7% rent · 23.3% own
• Severe rent burden: 3400.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 25% Black 18% White 15% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 42% Dominican 6%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 46% English-only · Spanish 47% Other Indo-European 3% Other Asian/Pacific 1%

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: ▲ 1.38%
• Current HPI: 314.0899
• Rent YoY: ▲ 2.37%
• 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

+1697.5% since first listed

8 events — show timeline

• 2026-01-20 Listed $2,999,999 Smart MLS
• 2011-09-28 Sold (MLS) $90,000 Smart MLS
• 2010-08-29 Listing Removed — Smart MLS
• 2010-08-29 Listed $109,900 Smart MLS
• 2010-01-15 Listed $235,000 Smart MLS
• 2003-10-20 Sold (Public Records) $167,000 Public Records
• 2003-10-17 Sold (MLS) $167,000 Smart MLS
• 2003-05-09 Listed $166,900 Smart MLS

Property tax history

+6.7%/yr

Latest (2025): $5,316 · +0.0% YoY. Source: county tax records.