188 Hazel St · New Haven, CT 06511

$399,000

4 bd · 2.0 ba · 2,108 sqft · MultiFamily public records · 6 Days on market

Built 1900 4,791 sqft lot $189/sqft · 15% above area Est $346k · 15% over

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Why this score? — see what drove the D 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 +20.2/30.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• ARV discount +0.7/15.0
• 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 MLS

Two bedrooms each floor. The dwelling had a small fire in the attic from a faulty outlet in 2024. The first floor is still livable. The fire damage was minimal but there was a lot of water damage from putting the fire out. Basically, the interior needs to be gutted as the second floor ceiling was removed by the fire department. The walls, ceiling, and flooring sustained water damage. The kitchens and baths appear to be original and require renovating. There is a small garage that is used as a shed. Off street parking for 2-3 cars. One oil furnace heating both units and separate gas hot water heaters. Property is being sold as-is and is in an estate any contract is subject to probate court approval. Highest and best offers by July 16th and probate judge will pick one July 24th.

Key facts

• Move-in ready
• 5th bedroom
• Fully updated

Tags

• FULLY UPDATED
• MOVE-IN READY
• FULLY FINISHED ATTIC
• 5TH BEDROOM
• FLEXIBLE OPEN AREA
• HOME OFFICE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Cap rate 7.8% 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: 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.
• Zoned schools: Betsy Ross Arts Magnet School (math 12% / reading 27%, grade F, #161 of 175 statewide, top 93%, 327 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $4,040/mo this rent would consume 81% 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts 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 $190k; list at $399k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $399,000

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 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. 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?
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: 1.01% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.43%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (median comp): $346,288
• List price: $399,000
• Delta: 21.29%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Hazel St	0.14mi	5/2.0 (+1)	2,102 (-0%)	7mo	$335,000	$159	82
161 Starr St	0.32mi	5/2.0 (+1)	2,113 (+0%)	8mo	$290,000	$137	73
125 Shelton Ave	0.23mi	4/2.0	2,184 (+4%)	15mo	$255,000	$117	71
165 Starr St	0.31mi	4/2.0	2,099 (-0%)	17mo	$265,000	$126	71
26-28 Lander St	0.53mi	4/2.0	2,208 (+5%)	2mo	$390,000	$177	65
54 Alstrum St	0.57mi	4/2.0	2,100 (-0%)	22mo	$400,000	$190	54
323 W Division St	0.18mi	5/3.0 (+1)	2,268 (+8%)	23mo	$285,000	$126	50
212 Newhall St	0.29mi	5/3.0 (+1)	1,831 (-13%)	11mo	$425,000	$232	46
95 Warner St	0.73mi	5/2.0 (+1)	2,208 (+5%)	12mo	$474,900	$215	43
25 Lander St	0.55mi	4/2.0	2,365 (+12%)	21mo	$350,000	$148	36
994 Winchester Ave	0.68mi	5/2.0 (+1)	1,820 (-14%)	23mo	$505,000	$277	21

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: -8.3%
• Equity multiple: 0.69×
• Total profit: $-34,076
• Equity at exit: $59,492

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $5,245
• Equity at exit: $34,498

Cash invested: $111,720 (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: 140
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $4,040 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$428 /mo · $5,132/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$848
• Net cashflow: $505

Break-even live

Break-even rent $3,400

Max offer price $399,000

Occupancy floor 82%

Sensitivity live

Price	-10% $731	-5% $618	+0% $505	+5% $392	+10% $279
Rent	-10% $186	-5% $346	+0% $505	+5% $665	+10% $824
Rate	-1.0pp $706	-0.5pp $607	base $505	+0.5pp $402	+1.0pp $297

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,040
Total (2 units)			$4,040

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
248 Bassett St New Haven, CT	3.0	1.0	1400	$2,400	$1.71	45d	1	0.25mi
250 Bassett St Unit 2nd New Haven, CT	3.0	1.0	1400	$2,400	$1.71	45d	1	0.25mi
165 Starr St Unit 2nd Floor New Haven, CT	4.0	2.0	2099	$2,150	$1.02	16d	1	0.31mi
165 Starr St Unit 2nd Floor New Haven, CT	4.0	1.0	2099	$2,200	$1.05	21d	1	0.31mi
322 Bassett St Unit 2 New Haven, CT	3.0	1.0	2936	$1,900	$0.65	45d	1	0.34mi
29 Lilac St New Haven, CT	4.0	1.5	1600	$2,650	$1.66	45d	1	0.36mi
517 Winchester Ave Unit 2 New Haven, CT	4.0	1.0	1441	$3,000	$2.08	45d	1	0.40mi
201 Munson St New Haven, CT	3.0	1.0–2.5	941	$4,718	$5.01	4d	120	0.43mi
327 Newhall St New Haven, CT	3.0	1.0	2742	$1,950	$0.71	45d	1	0.44mi
83 Division St #2 New Haven, CT	3.0	1.0	1400	$2,195	$1.57	13d	1	0.45mi
233 Highland St New Haven, CT	4.0	3.5	2200	$3,950	$1.80	45d	1	0.54mi
32 Alstrum St #2 Hamden, CT	3.0	1.0	1656	$2,000	$1.21	4d	1	0.54mi
55 Admiral St Unit 2 New Haven, CT	5.0	3.0	2000	$3,295	$1.65	25d	1	0.61mi
28 Townsend St New Haven, CT	4.0	2.5	1580	$3,400	$2.15	45d	1	0.63mi
50 Admiral St New Haven, CT	5.0	2.0	2157	$2,700	$1.25	21d	1	0.64mi
432 Norton Pkwy New Haven, CT	5.0	3.0	2493	$4,195	$1.68	45d	1	0.64mi
125 Stimson Rd New Haven, CT	4.0	1.0	1400	$3,500	$2.50	25d	1	0.66mi
1768 Ella T Grasso Blvd New Haven, CT	4.0	2.0	2193	$3,950	$1.80	45d	1	0.68mi
75 Stimson Rd New Haven, CT	4.0	1.0	1890	$3,500	$1.85	16d	1	0.68mi
355 Norton St Unit 1 New Haven, CT	5.0	2.5	2500	$3,300	$1.32	23d	1	0.78mi
134 Mansfield St New Haven, CT	5.0	2.0	1960	$5,500	$2.81	25d	1	0.81mi
214 Goffe St Unit 2nd Fl New Haven, CT	3.0	1.0	1500	$2,400	$1.60	45d	1	0.81mi
591 Orchard St Unit 1 New Haven, CT	4.0	2.0	1696	$2,900	$1.71	5d	1	0.84mi
1634 Ella T Grasso Blvd New Haven, CT	4.0	1.5	2018	$3,600	$1.78	45d	1	0.85mi
374 Ellsworth Ave New Haven, CT	3.0	1.0	1500	$3,000	$2.00	16d	1	0.89mi
1565 Ella T Grasso Blvd Unit 1563 2 New Haven, CT	4.0	1.0	1638	$2,500	$1.53	45d	1	0.92mi
1563 Ella T Grasso Blvd Unit 2 New Haven, CT	4.0	1.0	1638	$2,500	$1.53	25d	1	0.92mi
1551 Ella T Grasso Blvd Unit 1 New Haven, CT	4.0	1.0	1700	$2,295	$1.35	16d	1	0.94mi
420 Whitney Ave Unit 424-3B New Haven, CT	4.0	3.0	1800	$4,700	$2.61	5d	1	0.94mi
420 Whitney Ave New Haven, CT	3.0–4.0	2.0–3.0	1800	$4,700	$2.61	13d	2	0.94mi
56 Mansfield St Unit 1 New Haven, CT	3.0	1.0	2759	$2,800	$1.01	45d	1	0.95mi
190 Pine Rock Ave Hamden, CT	1.0–4.0	1.0–3.0	1850	$3,895	$2.11	45d	1	0.96mi
151 Fitch St #161 New Haven, CT	3.0	2.0	2200	$2,481	$1.13	45d	1	0.97mi
1519 Ella T Grasso Blvd Unit N/A New Haven, CT	5.0	2.0	2750	$4,450	$1.62	25d	1	0.97mi
1097 Dixwell Ave Hamden, CT	4.0	1.0	2005	$1,750	$0.87	13d	1	0.98mi
396 Whalley Ave Unit 3 New Haven, CT	4.0	1.0	1400	$2,400	$1.71	5d	1	1.01mi
41 Osborn Ave New Haven, CT	5.0	1.5	1500	$1,800	$1.20	5d	1	1.03mi
52 Goffe St New Haven, CT	3.0	2.0	1935	$2,600	$1.34	25d	1	1.05mi
339 Willow St Unit 1 New Haven, CT	4.0	2.0	2163	$4,050	$1.87	13d	1	1.05mi
251 Edwards St Unit 2 New Haven, CT	4.0	1.5	1522	$3,900	$2.56	5d	1	1.07mi

Listing history 23 events

1. 2026-06-21
   days on market $399,000 Active 6 DOM
2. 2026-06-18
   days on market $399,000 Active 3 DOM
3. 2026-06-17
   days on market $399,000 Active 2 DOM
4. 2026-06-16
   pricedays on marketlisting id $399,000 Active 1 DOM
5. 2026-06-14
   days on market $420,000 Active 57 DOM
6. 2026-06-13
   days on market $420,000 Active 56 DOM
7. 2026-06-10
   days on market $420,000 Active 54 DOM
8. 2026-06-09
   days on market $420,000 Active 53 DOM
9. 2026-06-08
   days on market $420,000 Active 52 DOM
10. 2026-06-07
    days on market $420,000 Active 51 DOM
11. 2026-06-05
    pricedays on market $420,000 Active 48 DOM
12. 2026-06-03
    days on market $430,000 Active 47 DOM
13. 2026-06-03
    days on market $430,000 Active 46 DOM
14. 2026-06-01
    days on market $430,000 Active 45 DOM
15. 2026-05-31
    days on market $430,000 Active 44 DOM
16. 2026-05-11
    price $430,000 735-char remark
17. 2026-04-18
    listed $440,000 Active 735-char remark
18. 2026-04-12
    historical $440,000 735-char remark
19. 2025-10-06
    soldstatus $190,000 Closed 787-char remark

    Show marketing remark (787 chars)

    Two bedrooms each floor. The dwelling had a small fire in the attic from a faulty outlet in 2024. The first floor is still livable. The fire damage was minimal but there was a lot of water damage from putting the fire out. Basically, the interior needs to be gutted as the second floor ceiling was removed by the fire department. The walls, ceiling, and flooring sustained water damage. The kitchens and baths appear to be original and require renovating. There is a small garage that is used as a shed. Off street parking for 2-3 cars. One oil furnace heating both units and separate gas hot water heaters. Property is being sold as-is and is in an estate any contract is subject to probate court approval. Highest and best offers by July 16th and probate judge will pick one July 24th.

20. 2025-08-04
    status Under Contract 787-char remark

    Show marketing remark (787 chars)

    Two bedrooms each floor. The dwelling had a small fire in the attic from a faulty outlet in 2024. The first floor is still livable. The fire damage was minimal but there was a lot of water damage from putting the fire out. Basically, the interior needs to be gutted as the second floor ceiling was removed by the fire department. The walls, ceiling, and flooring sustained water damage. The kitchens and baths appear to be original and require renovating. There is a small garage that is used as a shed. Off street parking for 2-3 cars. One oil furnace heating both units and separate gas hot water heaters. Property is being sold as-is and is in an estate any contract is subject to probate court approval. Highest and best offers by July 16th and probate judge will pick one July 24th.

21. 2025-08-04
    status Active 787-char remark

    Show marketing remark (787 chars)

    Two bedrooms each floor. The dwelling had a small fire in the attic from a faulty outlet in 2024. The first floor is still livable. The fire damage was minimal but there was a lot of water damage from putting the fire out. Basically, the interior needs to be gutted as the second floor ceiling was removed by the fire department. The walls, ceiling, and flooring sustained water damage. The kitchens and baths appear to be original and require renovating. There is a small garage that is used as a shed. Off street parking for 2-3 cars. One oil furnace heating both units and separate gas hot water heaters. Property is being sold as-is and is in an estate any contract is subject to probate court approval. Highest and best offers by July 16th and probate judge will pick one July 24th.

22. 2025-07-18
    historical 787-char remark

    Show marketing remark (787 chars)

    Two bedrooms each floor. The dwelling had a small fire in the attic from a faulty outlet in 2024. The first floor is still livable. The fire damage was minimal but there was a lot of water damage from putting the fire out. Basically, the interior needs to be gutted as the second floor ceiling was removed by the fire department. The walls, ceiling, and flooring sustained water damage. The kitchens and baths appear to be original and require renovating. There is a small garage that is used as a shed. Off street parking for 2-3 cars. One oil furnace heating both units and separate gas hot water heaters. Property is being sold as-is and is in an estate any contract is subject to probate court approval. Highest and best offers by July 16th and probate judge will pick one July 24th.

23. 2025-06-25
    listed $175,000 Active 787-char remark

    Show marketing remark (787 chars)

    Two bedrooms each floor. The dwelling had a small fire in the attic from a faulty outlet in 2024. The first floor is still livable. The fire damage was minimal but there was a lot of water damage from putting the fire out. Basically, the interior needs to be gutted as the second floor ceiling was removed by the fire department. The walls, ceiling, and flooring sustained water damage. The kitchens and baths appear to be original and require renovating. There is a small garage that is used as a shed. Off street parking for 2-3 cars. One oil furnace heating both units and separate gas hot water heaters. Property is being sold as-is and is in an estate any contract is subject to probate court approval. Highest and best offers by July 16th and probate judge will pick one July 24th.

ⓘ 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: $5,132 · $428/mo
• Projected year-2 tax: $6,835 · $570/mo
• Expected delta: +$1,703/yr (+$142/mo · 33.2%)

ⓘ 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: $48,480
• − Mortgage interest: −$22,350
• − Property taxes: −$5,132
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,878
• − Management: −$3,878
• − Depreciation: −$11,607
• Taxable loss: −$361
• Est. tax savings @ 24.0%: +$87
• After-tax cash flow: $6,150/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

+128.0% since first listed

13 events — show timeline

• 2026-06-14 Listed $399,000 Smart MLS
• 2026-06-13 Listing Removed — Smart MLS
• 2026-06-04 Price Changed $420,000 Smart MLS
• 2026-05-24 Relisted — Smart MLS
• 2026-05-20 Contingent — Smart MLS
• 2026-05-11 Price Changed $430,000 Smart MLS
• 2026-04-18 Listed $440,000 Smart MLS
• 2026-04-12 Coming Soon — Smart MLS
• 2025-10-06 Sold (MLS) $190,000 Smart MLS
• 2025-08-04 Pending — Smart MLS
• 2025-08-04 Relisted — Smart MLS
• 2025-07-18 Listing Removed — Smart MLS
• 2025-06-25 Listed $175,000 Smart MLS

Property tax history

+6.8%/yr

Latest (2023): $5,132 · -6.4% YoY. Source: county tax records.