329 Elm St · West Haven, CT 06516

$385,000

4 bd · 2.0 ba · 2,784 sqft · MultiFamily public records · 7 Days on market

Built 1921 10,018 sqft lot $138/sqft · 20% below area Est $480k · 20% under

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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
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• 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

* * Highest and Best Offers due by end of day Tuesday May 12th, 2026 * * The original staircase sets the tone: turned wood banister, plastered walls, and a leaded glass window on the landing that's been catching afternoon light since 1921. This West Haven two-family carries the kind of architectural detail that new construction can't replicate: hardwood floors throughout both units, brick fireplaces in each living room, bay windows, high ceilings that give each room more air than the floor plan suggests, and a butler's pantry with original glass-front cabinetry. Both units are currently vacant. Each mirrors the other, with 5 rooms and 1,392 square feet per floor, a fireplaced living room

Key facts

• Turned wood banister
• Leaded glass window
• Brick fireplaces

Tags

• TURNED WOOD BANISTER
• PLASTERED WALLS
• LEADED GLASS WINDOW
• HARDWOOD FLOORS
• BRICK FIREPLACES
• BAY WINDOWS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water connected; Public sewer connected; Natural gas
• Home design: Multi-family (2-family)
• Construction: Frame construction; Brick foundation
• Exterior features: Level lot; Shingle and asbestos siding; Asphalt shingle roof

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Natural gas hot water
• Interior features: 10 total rooms; Full basement with hatchway; Partially finished walk-up attic; 2 fireplaces; Property configured as a 2-family with 2 total units
• Laundry & utility: Basement laundry hook-ups

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $385k).
• Cap rate 8.1% vs local median 4.3% in West Haven — 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 83/100 on livability (#6 in CT, #915 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D+, amenities D.
• West Haven School District (suburban): math 26% / reading 38% proficiency, ranked #121 of 153 in CT (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.9%/yr); 146 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,336/mo this rent would consume 70% of the median local household income ($74k/yr) (locally 2671% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $385,000

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 1921 — 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. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.33%
• DSCR: 1.28
• GRM: 7.4

CMA / ARV

• ARV (median comp): $479,788
• List price: $385,000
• Delta: -19.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 George St	0.16mi	4/2.0	2,548 (-8%)	6mo	$550,000	$216	73
248 Elm St	0.19mi	5/3.0 (+1)	2,851 (+2%)	9mo	$460,000	$161	70
271 Elm St	0.14mi	3/2.0 (-1)	2,498 (-10%)	6mo	$240,000	$96	67
782 Savin Ave	0.15mi	4/2.0	3,180 (+14%)	6mo	$509,000	$160	64
626 Savin Ave	0.43mi	5/3.0 (+1)	2,840 (+2%)	7mo	$560,000	$197	62
634 Washington Ave	0.21mi	5/3.0 (+1)	3,052 (+10%)	10mo	$465,000	$152	57
941 Campbell Ave	0.65mi	5/3.0 (+1)	2,859 (+3%)	6mo	$495,000	$173	51
567 Third Ave	0.50mi	5/3.0 (+1)	2,688 (-3%)	16mo	$500,000	$186	49
577 Third Ave	0.49mi	5/3.0 (+1)	2,406 (-14%)	16mo	$525,000	$218	32

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-22,007
• Equity at exit: $57,405

10-year hold

• IRR: 5.4%
• Equity multiple: 1.42×
• Total profit: $44,802
• Equity at exit: $33,288

Cash invested: $107,800 (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 06516

• Rents YoY: 3.9%
• Active inventory: 146
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $4,336 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$677 /mo · $8,126/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$911
• Net cashflow: $569

Break-even live

Break-even rent $3,616

Max offer price $385,000

Occupancy floor 82%

Sensitivity live

Price	-10% $787	-5% $678	+0% $569	+5% $460	+10% $351
Rent	-10% $226	-5% $398	+0% $569	+5% $740	+10% $911
Rate	-1.0pp $763	-0.5pp $667	base $569	+0.5pp $469	+1.0pp $368

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,336
Total (2 units)			$4,336

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 Main St Unit 2nd fl West Haven, CT	4.0	1.0	1967	$2,400	$1.22	24d	1	0.49mi
50 Wood St West Haven, CT	3.0	1.0	2314	$2,400	$1.04	3d	1	0.63mi
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	24d	1	0.64mi
37 Center St Unit 2 West Haven, CT	5.0	2.0	2500	$3,300	$1.32	3d	1	0.69mi
180 Peck Ave West Haven, CT	3.0	1.0	2740	$2,400	$0.88	24d	1	0.99mi
161 Lamberton St #3 New Haven, CT	3.0	1.0	3435	$1,975	$0.57	4d	1	1.36mi

Listing history 2 events

1. 2026-05-13
   status Under Contract 1428-char remark
2. 2026-05-06
   listed $385,000 Active 1428-char remark

ⓘ 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: $8,126 · $677/mo
• Projected year-2 tax: $8,182 · $682/mo
• Expected delta: +$56/yr (+$5/mo · 0.7%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,032
• − Mortgage interest: −$21,566
• − Property taxes: −$8,126
• − Insurance: −$1,925
• − Repairs & maintenance: −$4,163
• − Management: −$4,163
• − Depreciation: −$11,200
• Taxable income: $890
• Est. tax owed @ 24.0%: −$214
• After-tax cash flow: $6,613/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: West Haven School District
• NCES district ID: 0904950
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $52,405
• Composite: 28.05/100
• National rank: #6840
• State rank: #121 of 153 in CT

Livability — West Haven

• Score: 83/100
• State rank: #6
• US rank: #915

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Haven, CT
• County: New Haven County · 688,236 people
• City population: 55,351
• Metro: New Haven-Milford, CT
• Population (ZIP): 55,351
• Household income: $74,382
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2671.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Hispanic / Latino 26% Black 18% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Russian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 5% Arabic 3%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.86%
• Current HPI: 307.0655
• Rent YoY: ▲ 3.90%
• 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

2 events — show timeline

• 2026-05-13 Pending — Smart MLS
• 2026-05-06 Listed $385,000 Smart MLS

Property tax history

+3.5%/yr

Latest (2023): $8,126 · +2.0% YoY. Source: county tax records.