607 Elm St · New Haven, CT 06511

$595,000

6 bd · 3.0 ba · 4,402 sqft · MultiFamily public records · 23 Days on market

Built 1880 6,098 sqft lot $135/sqft · 15% above area Est $517k · 15% over

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Why this score? — see what drove the C- 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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.5/10.0
• 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: 3 units. confirmed

Listing remarks

A well maintained 3 family investment with all 3 bedrooms in the Dwight neighborhood of New Haven! Very close to Yale University, Yale Hospital, and the downtown shops and restaurants. The rental prices for three bedroom units in the area are averaging $1,800 per month and trending towards $2,000 per month. The property features in-unit washer and drier hookups for all units and paved off-street parking.

Key facts

• Dwight neighborhood
• 6,098 sq ft lot
• 4 parking spots

Tags

• DWIGHT NEIGHBORHOOD
• CLOSE TO YALE UNIVERSITY
• CLOSE TO YALE HOSPITAL
• CLOSE TO DOWNTOWN SHOPS
• PAVED OFF-STREET PARKING

Property features AI

Exterior

• Parking: Driveway parking; Total 4 parking spaces
• Utilities: Public water connected; Public sewer connected; Natural gas
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Stone foundation; Built area approximately 4402 (public record)
• Exterior features: Level lot; Paved driveway; Off-street parking

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 9 total bedrooms
• Bathrooms: 4 full bathrooms
• Heating & cooling: Hot air heating (natural gas); Window air conditioning units
• Interior features: Full basement; 16 total rooms; 3 separate units (multi-family)
• Laundry & utility: Each unit has laundry hook-ups

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $436/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $595k).
• Recommended offer: $586k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 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 $6,849/mo this rent would consume 137% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• 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 $400k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% 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 $586,075 (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 1880 — 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: 1.15% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.42%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $516,714
• List price: $595,000
• Delta: 25.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
356 Winthrop Ave	0.25mi	6/3.0	3,763 (-14%)	0mo	$649,000	$172	64
669 Elm St	0.13mi	6/3.0	3,908 (-11%)	21mo	$500,000	$128	58
150 Gilbert Ave	0.50mi	6/3.0	4,587 (+4%)	21mo	$450,000	$98	53
358 Edgewood Ave	0.29mi	6/4.0	3,859 (-12%)	12mo	$620,000	$161	52
342 Sherman Ave	0.23mi	6/3.0	3,824 (-13%)	21mo	$400,000	$105	50
198 Maple St	0.53mi	7/3.0 (+1)	4,794 (+9%)	8mo	$475,000	$99	49
364 Edgewood Ave	0.30mi	6/2.0	4,038 (-8%)	24mo	$480,000	$119	48
178 Ellsworth Ave	0.41mi	6/3.5	4,040 (-8%)	21mo	$563,500	$139	47
155 Maple St	0.43mi	5/3.0 (-1)	3,864 (-12%)	20mo	$605,000	$157	37

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: -2.5%
• Equity multiple: 0.91×
• Total profit: $-15,727
• Equity at exit: $88,716

10-year hold

• IRR: 6.7%
• Equity multiple: 1.50×
• Total profit: $82,835
• Equity at exit: $51,445

Cash invested: $166,600 (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: 21.7×

Monthly cashflow live

• Estimated rent: $6,849 high
• Mortgage (P&I): −$3,120
• Tax from tax record: −$734 /mo · $8,809/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,438
• Net cashflow: $1,308

Break-even live

Break-even rent $5,193

Max offer price $595,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$6,849
Total (3 units)			$6,849

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Sherman Ave New Haven, CT	7.0	3.5	5248	$850	$0.16	23d	1	0.21mi
347 Sherman Ave New Haven, CT	5.0	3.0	3153	$2,300	$0.73	43d	1	0.21mi
131 Dwight St Unit 1 New Haven, CT	6.0	3.0	3097	$6,250	$2.02	23d	1	0.45mi
131 Dwight St Unit 1 New Haven, CT	6.0	3.0	3000	$6,250	$2.08	14d	1	0.45mi
589 Winchester Ave Unit 3 New Haven, CT	5.0	1.0	3936	$2,650	$0.67	43d	1	1.16mi

Listing history 27 events

1. 2026-06-18
   days on market $595,000 Active 23 DOM
2. 2026-06-17
   days on market $595,000 Active 22 DOM
3. 2026-06-16
   days on market $595,000 Active 21 DOM
4. 2026-06-15
   days on market $595,000 Active 20 DOM
5. 2026-06-14
   days on market $595,000 Active 18 DOM
6. 2026-06-13
   days on market $595,000 Active 17 DOM
7. 2026-06-10
   days on market $595,000 Active 15 DOM
8. 2026-06-09
   days on market $595,000 Active 14 DOM
9. 2026-06-08
   days on market $595,000 Active 13 DOM
10. 2026-06-07
    days on market $595,000 Active 12 DOM
11. 2026-06-05
    days on market $595,000 Active 9 DOM
12. 2026-06-03
    days on market $595,000 Active 8 DOM
13. 2026-06-03
    days on market $595,000 Active 7 DOM
14. 2026-06-01
    days on market $595,000 Active 6 DOM
15. 2026-05-31
    days on market $595,000 Active 5 DOM
16. 2026-04-24
    price $650,000 641-char remark
17. 2026-04-24
    historical
18. 2026-04-24
    listed $665,000 Active 641-char remark
19. 2026-04-22
    status Active
20. 2026-02-27
    status Under Contract
21. 2025-12-08
    price $665,000
22. 2025-12-04
    price $649,000
23. 2025-12-04
    status Active
24. 2025-11-19
    status Under Contract
25. 2025-07-08
    listed $679,000 Active
26. 2019-09-06
    soldstatus $400,000
27. 1989-08-09
    soldstatus $180,000

ⓘ 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: $8,809 · $734/mo
• Projected year-2 tax: $10,771 · $898/mo
• Expected delta: +$1,962/yr (+$164/mo · 22.3%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% 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: $82,188
• − Mortgage interest: −$33,329
• − Property taxes: −$8,809
• − Insurance: −$2,975
• − Repairs & maintenance: −$6,575
• − Management: −$6,575
• − Depreciation: −$17,309
• Taxable income: $6,616
• Est. tax owed @ 24.0%: −$1,588
• After-tax cash flow: $14,114/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

+230.6% since first listed

14 events — show timeline

• 2026-05-26 Listed $595,000 Smart MLS
• 2026-05-26 Listing Removed — Smart MLS
• 2026-04-24 Price Changed $650,000 Smart MLS
• 2026-04-24 Listing Removed — Smart MLS
• 2026-04-24 Listed $665,000 Smart MLS
• 2026-04-22 Relisted — Smart MLS
• 2026-02-27 Pending — Smart MLS
• 2025-12-08 Price Changed $665,000 Smart MLS
• 2025-12-04 Price Changed $649,000 Smart MLS
• 2025-12-04 Relisted — Smart MLS
• 2025-11-19 Pending — Smart MLS
• 2025-07-08 Listed $679,000 Smart MLS
• 2019-09-06 Sold (Public Records) $400,000 Public Records
• 1989-08-09 Sold (Public Records) $180,000 Public Records

Property tax history

+4.8%/yr

Latest (2023): $8,809 · -6.4% YoY. Source: county tax records.