134 Butler St · New Haven, CT 06511

$384,999

7 bd · 3.0 ba · 2,671 sqft · MultiFamily public records · 9 Days on market

Built 1920 4,356 sqft lot Est $446k · 14% 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 +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

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

2 Family property, there is a third floor that can be used by the 2nd floor. 3Rd floor has three rooms and a bathroom. Bank owned property, 203k or cash offer. Property being sold in as condition. Please note there is mold in property.

Key facts

• Off street parking
• Updated kitchen
• Recent improvements

Tags

• INVESTMENT OPPORTUNITY
• RECENT IMPROVEMENTS
• UPDATED KITCHEN
• OFF STREET PARKING

Property features AI

Exterior

• Parking: Driveway parking; Total of 4 parking spaces
• Utilities: Public water connected; Public sewer connected; Other hot water system
• Home design: Multi-family 2-family property
• Construction: Frame construction; Vinyl siding; Masonry foundation; Asphalt shingle roof
• Exterior features: Paved driveway; Off-street parking

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heating; Natural gas heat
• Interior features: Partial, unfinished basement; Finished walk-up attic; 11 total rooms

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Cap rate 12.4% vs local median 4.8% in New 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 79/100 on livability (#31 in CT, #2,190 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, employment D, crime F.
• New Haven School District (urban): math 12% / reading 25% proficiency, ranked #147 of 153 in CT (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 137 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,832/mo this rent would consume 117% of the median local household income ($60k/yr) (locally 4999% 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $108k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 18y 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 $48k; list at $385k implies a 711% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% 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 $384,999

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.51% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.82%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $446,057
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
67 Read St	0.11mi	7/2.5	2,672 (0%)	8mo	$390,000	$146	86
766 Winchester Ave	0.27mi	8/3.0 (+1)	2,747 (+3%)	1mo	$480,000	$175	77
151 Read St	0.08mi	6/2.0 (-1)	2,735 (+2%)	10mo	$310,000	$113	74
394 Shelton Ave	0.07mi	6/3.0 (-1)	2,834 (+6%)	13mo	$435,000	$153	71
393 Newhall St	0.17mi	8/3.0 (+1)	2,831 (+6%)	9mo	$493,000	$174	70
39 Lander St	0.19mi	6/3.0 (-1)	2,862 (+7%)	6mo	$490,000	$171	69
455 Huntington St	0.10mi	6/3.0 (-1)	2,470 (-8%)	13mo	$385,000	$156	67
229 Goodrich St	0.14mi	7/3.0	3,010 (+13%)	10mo	$445,000	$148	64
43 Butler St	0.20mi	6/2.0 (-1)	2,279 (-15%)	7mo	$380,000	$167	52
42 Pine St	0.54mi	6/2.0 (-1)	2,304 (-14%)	1mo	$470,000	$204	42
79 Bowen St	0.50mi	8/4.0 (+1)	2,290 (-14%)	6mo	$605,000	$264	39
57 North St	0.69mi	6/2.0 (-1)	2,931 (+10%)	12mo	$412,000	$141	33

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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.56×
• Total profit: $60,203
• Equity at exit: $57,405

10-year hold

• IRR: 22.5%
• Equity multiple: 2.89×
• Total profit: $203,992
• 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 06511

• Home prices YoY: -20.8%
• Rents YoY: 2.6%
• Active inventory: 137
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $5,832 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$468 /mo · $5,612/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,225
• Net cashflow: $1,960

Break-even live

Break-even rent $3,351

Max offer price $384,999

Occupancy floor 61%

Sensitivity live

Price	-10% $2,178	-5% $2,069	+0% $1,960	+5% $1,851	+10% $1,742
Rent	-10% $1,499	-5% $1,730	+0% $1,960	+5% $2,191	+10% $2,421
Rate	-1.0pp $2,154	-0.5pp $2,058	base $1,960	+0.5pp $1,860	+1.0pp $1,759

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,832
Total (3 units)			$5,832

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: —

Listing history 12 events

1. 2026-06-07
   statusdays on market $384,999 Under Contract 9 DOM
2. 2026-06-05
   days on market $384,999 Active 8 DOM
3. 2026-06-03
   days on market $384,999 Active 7 DOM
4. 2026-06-03
   days on market $384,999 Active 6 DOM
5. 2026-06-01
   days on market $384,999 Active 5 DOM
6. 2026-05-31
   days on market $384,999 Active 4 DOM
7. 2026-05-26
   listed $384,999 Active
8. 2013-02-28
   soldstatus $47,500 235-char remark

   Show marketing remark (235 chars)

   2 Family property, there is a third floor that can be used by the 2nd floor. 3Rd floor has three rooms and a bathroom. Bank owned property, 203k or cash offer. Property being sold in as condition. Please note there is mold in property.

9. 2013-02-28
   soldstatus $47,500

   Show marketing remark (235 chars)

   2 Family property, there is a third floor that can be used by the 2nd floor. 3Rd floor has three rooms and a bathroom. Bank owned property, 203k or cash offer. Property being sold in as condition. Please note there is mold in property.

10. 2012-12-18
    listed $59,900 235-char remark

    Show marketing remark (235 chars)

    2 Family property, there is a third floor that can be used by the 2nd floor. 3Rd floor has three rooms and a bathroom. Bank owned property, 203k or cash offer. Property being sold in as condition. Please note there is mold in property.

11. 2009-06-30
    historical
12. 2008-12-09
    listed $150,000

ⓘ 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: $5,612 · $468/mo
• Projected year-2 tax: $6,925 · $577/mo
• Expected delta: +$1,313/yr (+$109/mo · 23.4%)

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,984
• − Mortgage interest: −$21,566
• − Property taxes: −$5,612
• − Insurance: −$1,925
• − Repairs & maintenance: −$5,599
• − Management: −$5,599
• − Depreciation: −$11,200
• Taxable income: $18,484
• Est. tax owed @ 24.0%: −$4,436
• After-tax cash flow: $19,087/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: New Haven School District
• NCES district ID: 0902790
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $38,058
• Composite: 15.48/100
• National rank: #9308
• State rank: #147 of 153 in CT

Livability — New Haven

• Score: 79/100
• State rank: #31
• US rank: #2190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Haven, CT
• County: New Haven County · 688,236 people
• City population: 132,813
• Metro: New Haven-Milford, CT
• Population (ZIP): 54,730
• Household income: $59,969
• Rent vs Own: 80.3% rent · 19.7% own
• Severe rent burden: 4999.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 34% White 32% Hispanic / Latino 21% Two or more races 8% Asian 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 15% Chinese 3% Other Indo-European 2%

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: ▼ -86.05%
• Current HPI: 328.1353
• Rent YoY: ▲ 2.60%
• 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

+156.7% since first listed

6 events — show timeline

• 2026-05-26 Listed $384,999 Smart MLS
• 2013-02-28 Sold (Public Records) $47,500 Public Records
• 2013-02-28 Sold (MLS) $47,500 Smart MLS
• 2012-12-18 Listed $59,900 Smart MLS
• 2009-06-30 Listing Removed — Smart MLS
• 2008-12-09 Listed $150,000 Smart MLS

Property tax history

+6.2%/yr

Latest (2023): $5,612 · -17.8% YoY. Source: county tax records.