49-51 Pliny St

Hartford, CT 06120

$419,000B+

8 bd · 3.0 ba · 3,569 sqft · Built 1900 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,797/mo
• Mortgage (P&I): −$2,197
• Tax + insurance: −$754
• HOA: −$0
• Vac / Maint / Mgmt: −$1,217
• Net cashflow: $1,628/mo
• Annual: $19,542/yr
• Cap rate: 11.12%
• Cash-on-cash: 17.22%
• DSCR: 1.77
• 1% rule: 1.38%
• Cash to close: $117,320

Investor read

• This is a 2 × 4-bed/?-bath units multifamily listed at $419k. Condition is rated good.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $814/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $419k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $33k of equity ($3k loan paydown + $30k appreciation (7.1% local appreciation)).
• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wish Museum School (math 8% / reading 8%, grade F, #529 of 553 statewide, top 97%, 291 students, 90% FRL); Hartford Public High School (math 2% / reading 12%, grade F, #188 of 194 statewide, top 98%, 709 students, 82% FRL) — zoned schools at 86% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 21 active listings in the ZIP; lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At projected returns (7.1% appreciation + 2.8% rent growth), your $117k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% 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.
• At $5,797/mo this rent would consume 200% of the median local household income ($35k/yr) (locally 1435% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.