148 Main St · Baltic, CT 06330

$209,900

5 bd · 2.0 ba · 2,376 sqft · MultiFamily public records · 44 Days on market

Built 1856 8,712 sqft lot Est $295k · 29% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 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

Townhouse-style two-family property ready for full renovation. Ideal for investors, flippers, or contractors looking to add value. Unit 1: 2 bedrooms, 1 bathroom, spacious living room, eat-in kitchen. Unit 2: 3 bedrooms, 1 bathroom with an eat-in kitchen, and a large living room Situated in a quiet neighborhood with ample parking and a good-sized yard. No heating system. Power is currently off. The property requires significant rehab and is being sold as-is. Great upside potential for the right buyer-bring your vision and tools to transform this property. Cash buyers only.

Key facts

• 8,712 sq ft lot
• 4 parking spots
• Built 1856

Property features AI

Finance

• Financial info: Assessed value listed (public record)

Exterior

• Parking: Driveway and off-street parking (including unpaved areas); 4 total parking spaces
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Stone foundation; Built prior to or around public record living area reporting
• Exterior features: Level lot; Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: No specific appliance details provided
• Bedrooms: 5 bedrooms (total across both units)
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Hot water heating; No fuel specified for heating
• Interior features: 9 total rooms; Full unfinished basement; Two-unit multi-family layout
• Laundry & utility: No hot water available

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.0ba + 1×3.0bd/1.0ba units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $781 ($9k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#104 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: schools F, amenities F, commute F.
• Sprague School District (suburban): math 25% / reading 40% proficiency, ranked #170 of 192 in CT (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $32k; list at $210k implies a 546% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1856 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 59% 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 $203,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1856 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.68% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.36%
• DSCR: 2.13
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $294,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
71 River St	0.03mi	5/2.0	2,376 (0%)	1mo	$320,000	$135	97
125 Main St	0.10mi	6/2.5 (+1)	2,376 (0%)	5mo	$255,000	$107	84
117 Main St	0.14mi	6/3.0 (+1)	2,376 (0%)	4mo	$260,000	$109	81
95 River St	0.09mi	6/3.0 (+1)	2,376 (0%)	10mo	$350,000	$147	79
216 High St	0.15mi	6/2.0 (+1)	2,376 (0%)	12mo	$221,000	$93	78
192 High St	0.24mi	6/2.0 (+1)	2,376 (0%)	14mo	$310,000	$130	72
132 Main St	0.07mi	6/3.0 (+1)	2,376 (0%)	19mo	$206,000	$87	72
212 High St	0.16mi	6/3.0 (+1)	2,576 (+8%)	6mo	$350,000	$136	64
177 High St	0.31mi	6/3.0 (+1)	2,376 (0%)	16mo	$294,000	$124	63
12 W Main St	0.40mi	5/3.0	2,588 (+9%)	1mo	$190,000	$73	61
123 High St	0.42mi	6/4.0 (+1)	2,500 (+5%)	4mo	$315,000	$126	55
9 W Main St	0.41mi	6/2.0 (+1)	2,454 (+3%)	20mo	$280,000	$114	54

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.27×
• Total profit: $16,150
• Equity at exit: $31,297

10-year hold

• IRR: 16.5%
• Equity multiple: 2.36×
• Total profit: $79,747
• Equity at exit: $18,148

Cash invested: $58,772 (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 06330

• Home prices YoY: -12.3%
• Active inventory: 14
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $3,526 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$356 /mo · $4,266/yr
• Insurance: −$87
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $781

Break-even live

Break-even rent $2,537

Max offer price $209,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1	$1,732
1× unit	3.0	1	$1,794
Total (2 units)			$3,526

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
755 Scotland Rd Norwich, CT	4.0	2.0	1600	$2,650	$1.66	44d	1	1.26mi

Listing history 11 events

1. 2026-06-02
   status $209,900 Under Contract 44 DOM
2. 2026-06-01
   days on market $209,900 Active 44 DOM
3. 2026-05-31
   days on market $209,900 Active 43 DOM
4. 2026-05-30
   days on market $209,900 Active 42 DOM
5. 2026-05-28
   price $209,900
6. 2026-05-27
   status Active
7. 2026-05-19
   status Under Contract
8. 2026-04-10
   listed $220,000 Active
9. 2019-07-31
   soldstatus $32,500
10. 2018-12-24
    historical
11. 2018-10-27
    listed $41,900

ⓘ 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: $4,266 · $356/mo
• Projected year-2 tax: $4,379 · $365/mo
• Expected delta: +$113/yr (+$9/mo · 2.6%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone AE · 7% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,312
• − Mortgage interest: −$11,758
• − Property taxes: −$4,266
• − Insurance: −$6,574
• − Repairs & maintenance: −$3,385
• − Management: −$3,385
• − Depreciation: −$6,106
• Taxable income: $6,838
• Est. tax owed @ 24.0%: −$1,641
• After-tax cash flow: $7,736/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: Sprague School District
• NCES district ID: 0904260
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $64,156
• Composite: 32.33/100
• National rank: #10893
• State rank: #170 of 192 in CT

Livability — Baltic

• Score: 69/100
• State rank: #104
• US rank: #8958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baltic, CT
• Population (ZIP): 3,311

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 11% Hispanic / Latino 10% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 9%
• Common ancestry: Lithuanian 11% Romanian 9% Slovak 4%
• Foreign-born: 4% · China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.75%
• Current HPI: 211.7186
• Rent YoY: —
• Metro: —
• 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

+401.0% since first listed

7 events — show timeline

• 2026-05-28 Price Changed $209,900 Smart MLS
• 2026-05-27 Relisted — Smart MLS
• 2026-05-19 Pending — Smart MLS
• 2026-04-10 Listed $220,000 Smart MLS
• 2019-07-31 Sold (Public Records) $32,500 Public Records
• 2018-12-24 Listing Removed — Smart MLS
• 2018-10-27 Listed $41,900 Smart MLS

Property tax history

+5.1%/yr

Latest (2023): $4,266 · +30.0% YoY. Source: county tax records.