90 Humphrey St

Ansonia, CT 06483

$399,900A-

5 bd · 3.0 ba · 2,552 sqft · Built 1900 · MultiFamily · Under Contract · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,547/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$707
• HOA: −$0
• Vac / Maint / Mgmt: −$1,165
• Net cashflow: $1,578/mo
• Annual: $18,936/yr
• Cap rate: 11.03%
• Cash-on-cash: 16.91%
• DSCR: 1.75
• 1% rule: 1.39%
• Cash to close: $111,972

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $400k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $400k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-2.4%/yr); year-one equity from $3k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#87 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A-; Watch: employment C-, schools F, amenities F.
• Seymour School District (suburban): math 34% / reading 50% proficiency, ranked #93 of 153 in CT (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• 2 sale attempts since 23y ago 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 $200k; list at $400k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.4% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 11.0% vs local median 3.8% in Ansonia — 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.
• At $5,547/mo this rent would consume 62% of the median local household income ($108k/yr) (locally 221% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.