71 Blackhall St · New London, CT 06320

$349,900

5 bd · 9.0 ba · 1,564 sqft · MultiFamily public records · 49 Days on market

Built 1880 3,484 sqft lot $224/sqft · 17% above area Est $299k · 17% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• 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 MLS

Attention Investors !!! Here's your opportunity to own this three-family gem! Featuring a new roof (4 yrs old), fresh windows, and vinyl siding, it's centrally located in New London with easy access to I-95. Each unit currently features one bedroom which could be converted back to two bedrooms. Explore the potential of finishing the walk-up attic to add an additional apartment space. Separate utilities on each floor and gas heating add convenience. 2nd and 3rd floor come equipped with New Fridges. Book your private showing today !!! Don't miss the opportunity to own this well-maintained property!

Key facts

• Easy access to i-95
• Newer windows
• Vinyl siding

Tags

• THREE-FAMILY PROPERTY
• EASY ACCESS TO I-95
• 6-YEAR-OLD ROOF
• NEWER WINDOWS
• VINYL SIDING
• BRAND-NEW BASEBOARD HEATING

Property features AI

Finance

• Other: Total of 3 dwelling units; Living area recorded as 1564
• Financial info: Assessed value available

Exterior

• Utilities: Public water connected; Public sewer connected; 40-gallon hot water tank; Natural gas
• Home design: Multi-family property: 3-family; Multi-Family For Sale
• Construction: Frame and brick construction; Brick and stone foundation
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: 4 bedrooms (total)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Steam heating (natural gas); Ceiling fans for cooling
• Interior features: Ceiling fans; Walk-up attic; No basement; 13 total rooms

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $901/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $350k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 4.3% in New London — 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 74/100 on livability (#66 in CT, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-, crime B+; Watch: employment D+, schools F, amenities F.
• New London School District (urban): math 11% / reading 21% proficiency, ranked #149 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 69 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $6,256/mo this rent would consume 127% of the median local household income ($59k/yr) (locally 2014% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $98k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $280k; 25% 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: severe wind risk, 80% 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 $339,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — 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: 1.79% ✓
• Cap rate: 15.57%
• Cash-on-cash: 33.12%
• DSCR: 2.47
• GRM: 4.7

CMA / ARV

• ARV (median comp): $298,897
• List price: $349,900
• Delta: 17.06%
• 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
90 Summer St	0.33mi	4/3.0 (-1)	1,536 (-2%)	1mo	$330,000	$215	61
31 Grand St	0.20mi	4/2.0 (-1)	1,666 (+6%)	2mo	$295,000	$177	58
12 Mountain Ave	0.07mi	4/— (-1)	1,792 (+15%)	15mo	$350,000	$195	55
25 W Coit St	0.09mi	4/2.0 (-1)	1,680 (+7%)	10mo	$280,000	$167	55
9 Blackhall Ct	0.04mi	4/3.0 (-1)	1,384 (-12%)	8mo	$355,000	$257	52
42 Spring St	0.30mi	4/2.0 (-1)	1,760 (+12%)	2mo	$360,000	$205	43
26 Connecticut Ave	0.13mi	5/2.0	1,776 (+14%)	11mo	$330,000	$186	42
2 Marshall Pl	0.43mi	4/2.0 (-1)	1,687 (+8%)	16mo	$305,000	$181	34
173 Shaw St	0.65mi	4/2.0 (-1)	1,472 (-6%)	21mo	$324,900	$221	22

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 · 0.7% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 2.03×
• Total profit: $101,374
• Equity at exit: $52,171

10-year hold

• IRR: 32.1%
• Equity multiple: 3.60×
• Total profit: $254,539
• Equity at exit: $30,253

Cash invested: $97,972 (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 06320

• Home prices YoY: -20.7%
• Rents YoY: 0.7%
• Active inventory: 69
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $6,256 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$257 /mo · $3,086/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,314
• Net cashflow: $2,704

Break-even live

Break-even rent $2,833

Max offer price $349,900

Occupancy floor 52%

Sensitivity live

Price	-10% $2,902	-5% $2,803	+0% $2,704	+5% $2,605	+10% $2,506
Rent	-10% $2,210	-5% $2,457	+0% $2,704	+5% $2,951	+10% $3,199
Rate	-1.0pp $2,881	-0.5pp $2,793	base $2,704	+0.5pp $2,614	+1.0pp $2,521

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$6,255
Total (3 units)			$6,256

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 West St Unit 2A New London, CT	4.0	4.0	1250	$1,895	$1.52	22d	1	0.57mi
32 Berkeley Ave Unit 2 New London, CT	4.0	1.0	1800	$2,500	$1.39	44d	1	0.77mi
47 Perry St Unit 2 New London, CT	4.0	2.0	1920	$2,750	$1.43	14d	1	0.93mi

Listing history 29 events

1. 2026-06-19
   days on market $349,900 Active 49 DOM
2. 2026-06-18
   days on market $349,900 Active 48 DOM
3. 2026-06-17
   days on market $349,900 Active 47 DOM
4. 2026-06-16
   days on market $349,900 Active 46 DOM
5. 2026-06-15
   days on market $349,900 Active 45 DOM
6. 2026-06-14
   days on market $349,900 Active 43 DOM
7. 2026-06-13
   days on market $349,900 Active 42 DOM
8. 2026-06-10
   days on market $349,900 Active 40 DOM
9. 2026-06-09
   days on market $349,900 Active 39 DOM
10. 2026-06-08
    days on market $349,900 Active 38 DOM
11. 2026-06-07
    days on market $349,900 Active 37 DOM
12. 2026-06-05
    days on market $349,900 Active 34 DOM
13. 2026-06-03
    days on market $349,900 Active 33 DOM
14. 2026-06-02
    days on market $349,900 Active 32 DOM
15. 2026-06-01
    days on market $349,900 Active 31 DOM
16. 2026-05-31
    days on market $349,900 Active 30 DOM
17. 2026-05-30
    days on market $349,900 Active 29 DOM
18. 2026-05-01
    historical
19. 2026-05-01
    listed $369,900 Active 733-char remark
20. 2026-01-09
    listed $349,900 Active
21. 2026-01-04
    historical
22. 2024-03-14
    soldstatus $280,000 Closed

    Show marketing remark (603 chars)

    Attention Investors !!! Here's your opportunity to own this three-family gem! Featuring a new roof (4 yrs old), fresh windows, and vinyl siding, it's centrally located in New London with easy access to I-95. Each unit currently features one bedroom which could be converted back to two bedrooms. Explore the potential of finishing the walk-up attic to add an additional apartment space. Separate utilities on each floor and gas heating add convenience. 2nd and 3rd floor come equipped with New Fridges. Book your private showing today !!! Don't miss the opportunity to own this well-maintained property!

23. 2023-12-26
    historical Under Contract - Continue to Show

    Show marketing remark (603 chars)

    Attention Investors !!! Here's your opportunity to own this three-family gem! Featuring a new roof (4 yrs old), fresh windows, and vinyl siding, it's centrally located in New London with easy access to I-95. Each unit currently features one bedroom which could be converted back to two bedrooms. Explore the potential of finishing the walk-up attic to add an additional apartment space. Separate utilities on each floor and gas heating add convenience. 2nd and 3rd floor come equipped with New Fridges. Book your private showing today !!! Don't miss the opportunity to own this well-maintained property!

24. 2023-11-20
    listed $299,900 Active

    Show marketing remark (603 chars)

    Attention Investors !!! Here's your opportunity to own this three-family gem! Featuring a new roof (4 yrs old), fresh windows, and vinyl siding, it's centrally located in New London with easy access to I-95. Each unit currently features one bedroom which could be converted back to two bedrooms. Explore the potential of finishing the walk-up attic to add an additional apartment space. Separate utilities on each floor and gas heating add convenience. 2nd and 3rd floor come equipped with New Fridges. Book your private showing today !!! Don't miss the opportunity to own this well-maintained property!

25. 2021-12-19
    historical
26. 2021-10-29
    price $234,900
27. 2021-08-25
    price $249,000
28. 2021-07-29
    price $259,000
29. 2021-06-18
    listed $279,000 Active

ⓘ 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: $3,086 · $257/mo
• Projected year-2 tax: $5,287 · $441/mo
• Expected delta: +$2,201/yr (+$183/mo · 71.3%)

ⓘ 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 ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $75,072
• − Mortgage interest: −$19,600
• − Property taxes: −$3,086
• − Insurance: −$1,750
• − Repairs & maintenance: −$6,006
• − Management: −$6,006
• − Depreciation: −$10,179
• Taxable income: $28,446
• Est. tax owed @ 24.0%: −$6,827
• After-tax cash flow: $25,625/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 London School District
• NCES district ID: 0902820
• Math proficiency: 11% ▼ -11.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $40,640
• Composite: 13.66/100
• National rank: #9502
• State rank: #149 of 153 in CT

Livability — New London

• Score: 74/100
• State rank: #66
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, CT
• County: New London County · 147,197 people
• City population: 27,703
• Metro: Norwich-New London, CT
• Population (ZIP): 27,703
• Household income: $59,170
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 2014.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 45% Hispanic / Latino 34% Black 13% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 17% Dominican 7%
• Common ancestry: Romanian 3% Hispanic 3% Lithuanian 1%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -71.39%
• Current HPI: 273.3024
• Rent YoY: ▲ 0.70%
• Metro: Norwich-New London, 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

+25.4% since first listed

13 events — show timeline

• 2026-05-26 Price Changed $349,900 Smart MLS
• 2026-05-01 Listing Removed — Smart MLS
• 2026-05-01 Listed $369,900 Smart MLS
• 2026-01-09 Listed $349,900 Smart MLS
• 2026-01-04 Coming Soon — Smart MLS
• 2024-03-14 Sold (MLS) $280,000 Smart MLS
• 2023-12-26 Contingent — Smart MLS
• 2023-11-20 Listed $299,900 Smart MLS
• 2021-12-19 Listing Removed — Smart MLS
• 2021-10-29 Price Changed $234,900 Smart MLS
• 2021-08-25 Price Changed $249,000 Smart MLS
• 2021-07-29 Price Changed $259,000 Smart MLS
• 2021-06-18 Listed $279,000 Smart MLS

Property tax history

+0.5%/yr

Latest (2023): $3,086 · -0.2% YoY. Source: county tax records.