349 Noble Ave

Bridgeport, CT 06608

$569,000D-

14 bd · 5.0 ba · 6,727 sqft · Built 1852 · MultiFamily · Under Contract · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,082/mo
• Mortgage (P&I): −$2,984
• Tax + insurance: −$1,258
• HOA: −$0
• Vac / Maint / Mgmt: −$857
• Net cashflow: $-1,017/mo
• Annual: $-12,203/yr
• Cap rate: 4.15%
• Cash-on-cash: -7.66%
• DSCR: 0.66
• 1% rule: 0.72%
• Cash to close: $159,320

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $569k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative. Per door: $-508/mo.
• To cash-flow at today's rent, offer at most $389k (31.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $408k (28.3% below list).
• It's been on market 32 days — a 3% lower offer ($552k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $389k (31.6% below list) — sets the bar for cash-flow.
• In year one you build about $61k of equity ($4k loan paydown + $57k appreciation (10.0% local appreciation)).
• Location reads 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Waltersville School (math 7% / reading 17%, grade F, #500 of 553 statewide, top 91%, 451 students, 92% FRL); Warren Harding High School (math 2% / reading 8%, grade F, #192 of 194 statewide, top 100%, 1,109 students, 82% FRL).
• Watch-outs: built in 1852 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.3%/yr); 30 active listings in the ZIP; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 2 sale attempts since 19y ago; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $365k; list at $569k implies a 56% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 41% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,082/mo this rent would consume 107% of the median local household income ($46k/yr) (locally 910% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1852 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?