20-22 Hurlburt St · New Haven, CT 06519

$340,000

4 bd · 2.0 ba · 2,429 sqft · MultiFamily public records · 10 Days on market

Built 1900 3,049 sqft lot Est $369k · 8% under

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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 +27.4/30.0
• ARV discount +11.1/15.0
• Appreciation +9.9/10.0
• DSCR +9.6/10.0
• 1% rule +7.9/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to 20-22 Hurlburt Street a solid multifamily opportunity located in New Haven's rapidly evolving Hill neighborhood. This spacious property has 6 bedrooms and 4 bathrooms total, with each unit offering a similar layout of 3 bedrooms and 1.5 baths. This home has off-street parking a full unfinished basement and unfinished attic Perfect for both investors and owner occupants alike, with a little TLC this home could be the one for you. Don't miss it!! As-Is Sale The deck needs to be repaired, please do not climb the steps, 24hr. notice for showings.

Key facts

• Unfinished attic
• Off-street parking
• 3,049 sq ft lot

Tags

• MULTIFAMILY OPPORTUNITY
• OFF-STREET PARKING
• FULL UNFINISHED BASEMENT
• UNFINISHED ATTIC

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $340k.

Deal economics

• At list price, monthly cash flow is $998 ($12k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $340k).
• Cap rate 9.8% 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 (+3.3%/yr); 46 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,397/mo this rent would consume 106% of the median local household income ($50k/yr) (locally 1321% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $36k of equity ($2k loan paydown + $33k appreciation (9.8% local appreciation)).
• At projected returns (9.8% appreciation + 3.3% rent growth), your $95k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $57k; list at $340k implies a 498% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% 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 $340,000

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 1900 — 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: 1.29% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.58%
• DSCR: 1.56
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $369,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
173 Rosette St	0.11mi	5/2.0 (+1)	2,312 (-5%)	13mo	$212,625	$92	71
121 Plymouth St	0.18mi	5/2.0 (+1)	2,539 (+4%)	10mo	$355,000	$140	71
37 Morris St	0.12mi	4/2.0	2,236 (-8%)	17mo	$360,000	$161	67
201 Howard Ave	0.46mi	4/2.0	2,402 (-1%)	14mo	$320,000	$133	65
189 Putnam St	0.32mi	5/3.0 (+1)	2,450 (+1%)	15mo	$320,000	$131	62
113 Morris St	0.12mi	5/2.0 (+1)	2,200 (-9%)	19mo	$260,000	$118	58
222 Howard Ave	0.42mi	5/3.0 (+1)	2,311 (-5%)	11mo	$470,000	$203	54
46 Liberty St	0.50mi	4/2.0	2,110 (-13%)	2mo	$320,000	$152	53
21 Edgar St	0.38mi	5/2.5 (+1)	2,226 (-8%)	17mo	$315,000	$142	47
203 West St	0.64mi	4/3.0	2,288 (-6%)	11mo	$435,000	$190	47
40 2nd St	0.38mi	5/2.5 (+1)	2,226 (-8%)	19mo	$375,000	$168	46
56 Ann St	0.64mi	5/3.0 (+1)	2,067 (-15%)	6mo	$407,000	$197	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.81% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 33.3%
• Equity multiple: 3.58×
• Total profit: $245,768
• Equity at exit: $301,586

10-year hold

• IRR: 28.9%
• Equity multiple: 8.10×
• Total profit: $675,631
• Equity at exit: $645,431

Cash invested: $95,200 (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 06519

• Home prices YoY: 2.7%
• Rents YoY: 3.3%
• Active inventory: 46
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,397 high
• Mortgage (P&I): −$1,783
• Tax from tax record: −$551 /mo · $6,614/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$923
• Net cashflow: $998

Break-even live

Break-even rent $3,134

Max offer price $340,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,190	-5% $1,094	+0% $998	+5% $902	+10% $805
Rent	-10% $650	-5% $824	+0% $998	+5% $1,171	+10% $1,345
Rate	-1.0pp $1,169	-0.5pp $1,084	base $998	+0.5pp $910	+1.0pp $820

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,398
Total (2 units)			$4,397

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Cassius St New Haven, CT	4.0	1.5	1872	$2,300	$1.23	44d	1	0.28mi
34 Cassius St Unit 36 New Haven, CT	5.0	2.0	1872	$2,300	$1.23	44d	1	0.28mi
69 Adeline St Unit D New Haven, CT	3.0	1.5	2600	$2,250	$0.87	24d	1	0.39mi
50 Wood St West Haven, CT	3.0	1.0	2314	$2,400	$1.04	3d	1	0.79mi
37 Center St Unit 2 West Haven, CT	5.0	2.0	2500	$3,300	$1.32	3d	1	0.94mi
5 Oak Pl West Haven, CT	3.0	1.0	2300	$1,900	$0.83	3d	1	1.06mi
408 Legion Ave Unit 2 New Haven, CT	3.0	1.0	1610	$2,000	$1.24	44d	1	1.11mi
82 Gilbert St West Haven, CT	3.0	1.0	2641	$2,400	$0.91	44d	1	1.16mi
41 Howe St New Haven, CT	4.0	2.0	1795	$3,750	$2.09	44d	1	1.19mi
41 Howe St Apt 2 New Haven, CT	3.0	1.0	1795	$3,200	$1.78	44d	1	1.19mi
41 Howe St Apt 2 New Haven, CT	3.0	1.0	1795	$3,200	$1.78	24d	1	1.19mi
43 Howe St New Haven, CT	4.0	2.0	1995	$4,995	$2.50	15d	1	1.20mi
203 Main St Unit 2nd fl West Haven, CT	4.0	1.0	1967	$2,400	$1.22	24d	1	1.21mi
120 Dwight St New Haven, CT	3.0	2.0	1750	$3,175	$1.81	22d	2	1.26mi
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	24d	1	1.35mi
66 Kensington St Unit 2 New Haven, CT	3.0	2.0	1800	$2,100	$1.17	24d	1	1.47mi
1494 Chapel St Unit 1R New Haven, CT	3.0	1.0	1800	$2,000	$1.11	4d	1	1.48mi

Listing history 3 events

1. 2026-04-16
   status Under Contract
2. 2026-04-06
   listed $340,000 Active
3. 1997-04-14
   soldstatus $56,850

ⓘ 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: $6,614 · $551/mo
• Projected year-2 tax: $6,945 · $579/mo
• Expected delta: +$331/yr (+$28/mo · 5.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $52,764
• − Mortgage interest: −$19,045
• − Property taxes: −$6,614
• − Insurance: −$1,700
• − Repairs & maintenance: −$4,221
• − Management: −$4,221
• − Depreciation: −$9,891
• Taxable income: $7,072
• Est. tax owed @ 24.0%: −$1,697
• After-tax cash flow: $10,276/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): 15,605
• Household income: $49,619
• Rent vs Own: 73.7% rent · 26.3% own
• Severe rent burden: 1321.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 49% Black 26% White 15% Two or more races 13% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 25% Dominican 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 42% Other Indo-European 4% Arabic 1%

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: ▲ 9.81%
• Current HPI: 377.4885
• Rent YoY: ▲ 3.30%
• 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

+498.1% since first listed

3 events — show timeline

• 2026-04-16 Pending — Smart MLS
• 2026-04-06 Listed $340,000 Smart MLS
• 1997-04-14 Sold (Public Records) $56,850 Public Records

Property tax history

+6.2%/yr

Latest (2023): $6,614 · -6.4% YoY. Source: county tax records.