39-41 Palmer Ave · Jewett City, CT 06351

$209,900

6 bd · 4.0 ba · 1,217 sqft · MultiFamily · 5 Days on market

Built 1865 Fair condition 5,227 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

LOOKING FOR SOMETHING TO DO, THEN HERE IT IS, 2 FAMILY NEEDS SOME WORK, HAS HARDWOOD FLOORS, MAIN LEVEL HAS 2 BEDROOMS AND UPPER UNIT HAS ONE BEDROOM AND ANOTHER ROOM FOR OFFICE OR DEN. COVERED PORCH, WALK OUT BASEMENT AND SHED FOR STORAGE. NICE YARD. OFF STREET PARKING ON A ONE WAY STREET. CLOSE TO SHOPPING, 395, FOXWOODS CASINO, MOHEGAN CASINO.

Key facts

• 5,227 sq ft lot
• Built 1865
• Listed 4 days

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Concrete and stone foundation; Built as a multi-family dwelling
• Exterior features: Covered deck; Lightly wooded, level to sloping lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Oil-fired heat; fuel tank located in the basement; Electric hot water
• Interior features: 7 total rooms; Full basement with concrete floor and walk-out; Has a walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $210k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive. Per door: $489/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Cap rate 11.9% vs local median 3.5% in Jewett City — 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 70/100 on livability (#96 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Griswold School District (rural): math 29% / reading 42% proficiency, ranked #111 of 153 in CT (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Griswold Elementary School (math 27% / reading 36%, grade F, #376 of 553 statewide, top 68%, 691 students, 52% FRL); Griswold High School (math 32% / reading 47%, grade F, #107 of 194 statewide, top 56%, 533 students, 46% FRL) — zoned schools average 49% FRL vs 31% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 76 active listings in the ZIP; 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 ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1865 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1865 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.46% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.95%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.48×
• Total profit: $28,265
• Equity at exit: $31,297

10-year hold

• IRR: 21.1%
• Equity multiple: 2.79×
• Total profit: $104,935
• 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 06351

• Home prices YoY: -22.8%
• Active inventory: 76
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $3,073 medium
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,148/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $977

Break-even live

Break-even rent $1,836

Max offer price $209,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,122	-5% $1,050	+0% $977	+5% $905	+10% $832
Rent	-10% $734	-5% $856	+0% $977	+5% $1,098	+10% $1,220
Rate	-1.0pp $1,083	-0.5pp $1,030	base $977	+0.5pp $923	+1.0pp $867

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,072
Total (2 units)			$3,073

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: —

Listing history 13 events

1. 2026-06-21
   days on market $209,900 Active 5 DOM
2. 2026-06-18
   days on market $209,900 Active 3 DOM
3. 2026-06-17
   days on market $209,900 Active 2 DOM
4. 2026-06-16
   statusdays on market $209,900 Active 1 DOM
5. 2026-06-15
   days on market $209,900 Coming Soon 13 DOM
6. 2026-06-13
   days on market $209,900 Coming Soon 11 DOM
7. 2026-06-12
   days on market $209,900 Coming Soon 10 DOM
8. 2026-06-09
   days on market $209,900 Coming Soon 7 DOM
9. 2026-06-08
   days on market $209,900 Coming Soon 6 DOM
10. 2026-06-07
    days on market $209,900 Coming Soon 5 DOM
11. 2026-06-07
    days on market $209,900 Coming Soon 4 DOM
12. 2026-06-03
    remarks 348-char remark
13. 2026-06-03
    listed $209,900 Coming Soon 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $36,876
• − Mortgage interest: −$11,758
• − Property taxes: −$3,148
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,950
• − Management: −$2,950
• − Depreciation: −$6,106
• Taxable income: $8,914
• Est. tax owed @ 24.0%: −$2,139
• After-tax cash flow: $9,586/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.

Condition & rehab AI · 4 photos

Fair 45/100 Moderate rehab

This multi-family home requires moderate renovations, including exterior painting and interior updates, to improve its condition and increase its value.

Repairs flagged

• Minor Exterior siding — There are some visible signs of wear and tear on the siding.
• Major Interior updates — The interior appears to be in poor condition, requiring significant updates.
• Major Flooring — The flooring is likely outdated or in need of replacement.

Value-add opportunities

• Both Painting and updating the exterior — Painting the exterior can improve the curb appeal and increase both resale and rental value.
• Both Interior updates and flooring replacement — Updating the interior and replacing outdated flooring can significantly increase the home's value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · There are some visible signs of wear and tear on the siding.	Minor	$500–3,000
Interior updates · The interior appears to be in poor condition, requiring significant updates.	Major	$15,000–50,000
Flooring · The flooring is likely outdated or in need of replacement.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Painting and updating the exterior — Painting the exterior can improve the curb appeal and increase both resale and rental value. ↑
• Both Interior updates and flooring replacement — Updating the interior and replacing outdated flooring can significantly increase the home's value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Griswold School District
• NCES district ID: 0901740
• Math proficiency: 29% ▼ -22.00%
• Reading proficiency: 42% ▼ -13.00%
• Median HH income: $59,711
• Composite: 31.64/100
• National rank: #5932
• State rank: #111 of 153 in CT

Livability — Jewett City

• Score: 70/100
• State rank: #96
• US rank: #7502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jewett City, CT
• Population (ZIP): 15,697

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 4% Native American 1%
• Common ancestry: Lithuanian 15% Romanian 10% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -67.06%
• Current HPI: 227.571
• 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

1 event — show timeline

• 2026-06-02 Coming Soon $209,900 Smart MLS