46 Frank St · New Haven, CT 06519

$389,900

7 bd · 3.0 ba · 2,531 sqft · MultiFamily public records · 24 Days on market

Built 1900 3,920 sqft lot Est $435k · 10% 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 +26.3/30.0
• ARV discount +12.2/15.0
• Appreciation +9.9/10.0
• DSCR +8.9/10.0
• 1% rule +7.5/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Beautiful owner-occupied spacious two-family home completely renovated by Neighborhood Housing Services of New Haven in 2012. The second and third floor combine for two level living featuring 1 bedroom and full bath on the 2nd floor, and 3 bedrooms and a large, airy full bath on the third. (Currently being rented month-to month.) The first floor apartment has 2 bedrooms, 1 full bath with a large EIK. Appliances in both kitchens will stay. The added bonus is central air condition and a fenced in yard with off street parking that can accommodate 4 cars! This property is for owner-occupants only and is subject to deed restrictions. Buyer must be 80% or less of the area median income per household size. The buyer will be required to supply information to verify income.

Key facts

• Duplex-style layout
• Easy access to i-95
• Close to amenities

Tags

• FULLY FENCED YARD
• DUPLEX-STYLE LAYOUT
• CLOSE TO AMENITIES
• EASY ACCESS TO I-95

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $505/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• Recommended offer: $384k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (+3.3%/yr); 46 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,857/mo this rent would consume 117% of the median local household income ($50k/yr) (locally 1321% 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 $41k of equity ($3k loan paydown + $38k appreciation (9.8% local appreciation)).
• At projected returns (9.8% appreciation + 3.3% rent growth), your $109k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $310k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 54% 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 $384,051 (1.5% below list)

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 1900 — 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. 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: 1.25% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $435,332
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 White St	0.11mi	6/3.0 (-1)	2,502 (-1%)	10mo	$445,000	$178	80
28 Frank St	0.03mi	7/2.0	2,282 (-10%)	8mo	$330,000	$145	72
20-22 Hurlburt St	0.37mi	6/3.0 (-1)	2,429 (-4%)	0mo	$362,500	$149	71
109 Hurlburt St	0.18mi	6/3.0 (-1)	2,677 (+6%)	9mo	$290,000	$108	69
95 Frank St	0.12mi	6/3.0 (-1)	2,243 (-11%)	2mo	$385,000	$172	69
17 Hurlburt St	0.38mi	8/3.0 (+1)	2,674 (+6%)	9mo	$460,000	$172	61
312 Davenport Ave	0.35mi	6/2.0 (-1)	2,348 (-7%)	6mo	$312,000	$133	58
129 Winthrop Ave	0.70mi	6/3.0 (-1)	2,450 (-3%)	5mo	$433,300	$177	53
210 Rosette St	0.30mi	6/3.0 (-1)	2,205 (-13%)	12mo	$430,000	$195	50
45 Kossuth St	0.33mi	6/3.0 (-1)	2,153 (-15%)	11mo	$425,000	$197	46
121 Ward St	0.52mi	8/3.0 (+1)	2,762 (+9%)	13mo	$454,500	$165	45
33 Stevens St	0.46mi	7/2.0	2,205 (-13%)	14mo	$320,000	$145	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.81% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 32.2%
• Equity multiple: 3.50×
• Total profit: $273,189
• Equity at exit: $345,848

10-year hold

• IRR: 28.0%
• Equity multiple: 7.92×
• Total profit: $755,934
• Equity at exit: $740,157

Cash invested: $109,172 (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 06519

• Home prices YoY: 2.7%
• Rents YoY: 3.3%
• Active inventory: 46
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $4,857 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$620 /mo · $7,445/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,020
• Net cashflow: $1,009

Break-even live

Break-even rent $3,579

Max offer price $389,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,230	-5% $1,120	+0% $1,009	+5% $899	+10% $789
Rent	-10% $626	-5% $818	+0% $1,009	+5% $1,201	+10% $1,393
Rate	-1.0pp $1,206	-0.5pp $1,109	base $1,009	+0.5pp $908	+1.0pp $806

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$4,858
Total (2 units)			$4,857

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
395 Crown St New Haven, CT	6.0	3.5	2889	$7,195	$2.49	44d	1	0.82mi
131 Dwight St Unit 1 New Haven, CT	6.0	3.0	3097	$6,250	$2.02	24d	1	0.85mi
131 Dwight St Unit 1 New Haven, CT	6.0	3.0	3000	$6,250	$2.08	15d	1	0.85mi
67 Edgewood Ave New Haven, CT	7.0	2.5	2000	$6,100	$3.05	44d	1	0.99mi
229 Dwight St New Haven, CT	6.0	2.0	2400	$4,995	$2.08	3d	1	1.03mi

Listing history 11 events

1. 2026-04-06
   status Under Contract
2. 2026-03-13
   listed $389,900 Active
3. 2023-09-06
   historical
4. 2023-08-09
   price $385,000
5. 2023-07-25
   price $346,000
6. 2023-07-22
   listed $320,000 Active
7. 2022-08-25
   soldstatus $310,000
8. 2022-08-24
   soldstatus $310,000 Closed 775-char remark

   Show marketing remark (775 chars)

   Beautiful owner-occupied spacious two-family home completely renovated by Neighborhood Housing Services of New Haven in 2012. The second and third floor combine for two level living featuring 1 bedroom and full bath on the 2nd floor, and 3 bedrooms and a large, airy full bath on the third. (Currently being rented month-to month.) The first floor apartment has 2 bedrooms, 1 full bath with a large EIK. Appliances in both kitchens will stay. The added bonus is central air condition and a fenced in yard with off street parking that can accommodate 4 cars! This property is for owner-occupants only and is subject to deed restrictions. Buyer must be 80% or less of the area median income per household size. The buyer will be required to supply information to verify income.

9. 2022-06-08
   listed $290,000 Active 775-char remark

   Show marketing remark (775 chars)

   Beautiful owner-occupied spacious two-family home completely renovated by Neighborhood Housing Services of New Haven in 2012. The second and third floor combine for two level living featuring 1 bedroom and full bath on the 2nd floor, and 3 bedrooms and a large, airy full bath on the third. (Currently being rented month-to month.) The first floor apartment has 2 bedrooms, 1 full bath with a large EIK. Appliances in both kitchens will stay. The added bonus is central air condition and a fenced in yard with off street parking that can accommodate 4 cars! This property is for owner-occupants only and is subject to deed restrictions. Buyer must be 80% or less of the area median income per household size. The buyer will be required to supply information to verify income.

10. 2012-06-05
    soldstatus $175,000
11. 1989-03-30
    soldstatus $135,000

ⓘ 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: $7,445 · $620/mo
• Projected year-2 tax: $7,894 · $658/mo
• Expected delta: +$449/yr (+$37/mo · 6.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $58,284
• − Mortgage interest: −$21,840
• − Property taxes: −$7,445
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,663
• − Management: −$4,663
• − Depreciation: −$11,343
• Taxable income: $6,381
• Est. tax owed @ 24.0%: −$1,531
• After-tax cash flow: $10,582/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): 15,605
• Household income: $49,619
• Rent vs Own: 73.7% rent · 26.3% own
• Severe rent burden: 1321.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 49% Black 26% White 15% Two or more races 13% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 25% Dominican 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 42% Other Indo-European 4% Arabic 1%

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: ▲ 9.81%
• Current HPI: 377.4885
• Rent YoY: ▲ 3.30%
• 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

+188.8% since first listed

11 events — show timeline

• 2026-04-06 Pending — Smart MLS
• 2026-03-13 Listed $389,900 Smart MLS
• 2023-09-06 Listing Removed — Smart MLS
• 2023-08-09 Price Changed $385,000 Smart MLS
• 2023-07-25 Price Changed $346,000 Smart MLS
• 2023-07-22 Listed $320,000 Smart MLS
• 2022-08-25 Sold (Public Records) $310,000 Public Records
• 2022-08-24 Sold (MLS) $310,000 Smart MLS
• 2022-06-08 Listed $290,000 Smart MLS
• 2012-06-05 Sold (Public Records) $175,000 Public Records
• 1989-03-30 Sold (Public Records) $135,000 Public Records

Property tax history

+6.0%/yr

Latest (2023): $7,445 · -6.4% YoY. Source: county tax records.