15 Milton St · Putnam, CT 06260

$250,000

4 bd · 2.0 ba · 1,876 sqft · MultiFamily public records · 6 Days on market

Built 1900 0.26 ac lot $133/sqft · 21% below area Est $317k · 21% under

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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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.4/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Two-family home offering excellent investment or owner-occupant opportunity. The units are almost identical, up and down, with 2 bedrooms and a full bath, large double living room, and the kitchen. The 1st floor unit has laundry. 2nd floor does not, but there is a hookup in the basement. The property includes off-street parking, a 3 car detached garage that needs some work, and a private back yard with pretty trees. The basement is dry. Separate electric services. The 1st floor unit is oil fired hot water baseboard, and the 2nd floor is electric baseboard. The property is in need of some work and updating, but has neat older home features, like arched entries and paneled doors. Peeling pain

Key facts

• Off street parking
• Arched entries
• Private back yard

Tags

• TWO FAMILY HOME
• OFF STREET PARKING
• PRIVATE BACK YARD
• LAUNDRY HOOKUP
• SEPARATE ELECTRIC SERVICES
• ARCHED ENTRIES

Property features AI

Exterior

• Parking: Detached garage; 3-car garage; Paved driveway and off-street parking; Total parking for 6 vehicles
• Security: No security features provided
• Utilities: Public water connected; Public sewer connected; Fuel tank located in basement
• Home design: Multi-family (2-family); Multi-family property for sale
• Construction: Frame construction; Shingle exterior siding; Asphalt shingle roof; Stone and wood foundation
• Exterior features: Porch; Gutters; Exterior lighting; Lightly wooded lot; Private paved driveway

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 4 bedrooms
• Flooring: No interior flooring details provided
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard and hot water heating; Heat fuel: electric and oil; Electric tankless hot water
• Interior features: 12 total rooms; Full unfinished basement with concrete and dirt floors and a walk-out; Has partially finished walk-up attic; Window unit cooling
• Laundry & utility: Basement washer/dryer hook-ups; Some units include washer/dryer; Hook-up in unit 1

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive. Per door: $207/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 8.3% vs local median 3.4% in Putnam — 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 66/100 on livability (#117 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety D+, schools D-, amenities F.
• Putnam School District (suburban): math 25% / reading 34% proficiency, ranked #126 of 153 in CT (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 59 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 21y 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 $145k; list at $250k implies a 72% 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, 58% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,000

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. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.11%
• DSCR: 1.32
• GRM: 8.0

CMA / ARV

• ARV (median comp): $317,341
• List price: $250,000
• Delta: -21.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 Bolles St	0.57mi	4/2.0	1,820 (-3%)	1mo	$297,500	$163	67
68 Battey St	0.23mi	5/2.0 (+1)	1,824 (-3%)	15mo	$240,000	$132	67
41-43 Mill St	0.23mi	4/2.0	2,128 (+13%)	1mo	$250,000	$117	66
203 School St	0.63mi	5/3.0 (+1)	1,887 (+1%)	1mo	$367,150	$195	60
39 Battey St	0.29mi	4/2.0	1,605 (-14%)	7mo	$300,000	$187	56
48 Smith St	0.31mi	5/2.0 (+1)	1,714 (-9%)	19mo	$365,000	$213	50
126 Powhattan St	0.54mi	4/3.0	2,116 (+13%)	15mo	$253,500	$120	37
46 School St	0.71mi	4/2.0	1,662 (-11%)	20mo	$230,000	$138	31

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-14,101
• Equity at exit: $37,276

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $21,669
• Equity at exit: $21,615

Cash invested: $70,000 (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 06260

• Home prices YoY: -4.3%
• Active inventory: 59
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,588 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$214 /mo · $2,572/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $415

Break-even live

Break-even rent $2,063

Max offer price $250,000

Occupancy floor 79%

Sensitivity live

Price	-10% $557	-5% $486	+0% $415	+5% $344	+10% $273
Rent	-10% $211	-5% $313	+0% $415	+5% $517	+10% $619
Rate	-1.0pp $541	-0.5pp $479	base $415	+0.5pp $350	+1.0pp $284

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,588
Total (2 units)			$2,588

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Woodstock Ave Putnam, CT	3.0	1.0	1350	$1,800	$1.33	15d	1	0.08mi
5 Mill St Unit 9 Putnam, CT	3.0	1.0	1350	$1,550	$1.15	22d	1	0.21mi

Listing history 17 events

1. 2026-05-06
   status Under Contract 761-char remark
2. 2026-04-30
   listed $250,000 Active 761-char remark
3. 2008-10-24
   soldstatus $145,000
4. 2008-09-23
   soldstatus $180,495
5. 2008-08-29
   listed $150,000
6. 2008-07-20
   historical
7. 2008-02-06
   historical
8. 2008-01-20
   listed $184,995
9. 2007-11-03
   listed $189,995
10. 2007-03-06
    soldstatus $200,000
11. 2007-03-06
    soldstatus $200,000
12. 2006-11-20
    listed $206,995
13. 2005-03-01
    soldstatus $181,500
14. 2005-02-28
    soldstatus $181,500
15. 2005-01-12
    listed $179,000
16. 2003-08-18
    soldstatus $115,000
17. 1987-06-05
    soldstatus $67,000

ⓘ 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: $2,572 · $214/mo
• Projected year-2 tax: $3,961 · $330/mo
• Expected delta: +$1,389/yr (+$116/mo · 54.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,056
• − Mortgage interest: −$14,004
• − Property taxes: −$2,572
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,484
• − Management: −$2,484
• − Depreciation: −$7,273
• Taxable income: $988
• Est. tax owed @ 24.0%: −$237
• After-tax cash flow: $4,743/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: Putnam School District
• NCES district ID: 0903480
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 34% ▼ -19.00%
• Median HH income: $51,031
• Composite: 25.85/100
• National rank: #7349
• State rank: #126 of 153 in CT

Livability — Putnam

• Score: 66/100
• State rank: #117
• US rank: #11486

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Putnam, CT
• Population (ZIP): 9,227

Population outlook (Northeastern Connecticut County) Hauer SSP2

• By 2040: 104,160

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 18% Romanian 5% Scotch-Irish 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Northeastern Connecticut

• 2024 margin: R (+15.4) · D 41.5% · R 57.0% · Other 1.5%
• All cycles: 2024: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.95%
• Current HPI: 332.9661
• Rent YoY: —
• Metro: —
• 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

+273.1% since first listed

17 events — show timeline

• 2026-05-06 Pending — Smart MLS
• 2026-04-30 Listed $250,000 Smart MLS
• 2008-10-24 Sold (MLS) $145,000 Smart MLS
• 2008-09-23 Sold (Public Records) $180,495 Public Records
• 2008-08-29 Listed $150,000 Smart MLS
• 2008-07-20 Listing Removed — Smart MLS
• 2008-02-06 Listing Removed — Smart MLS
• 2008-01-20 Listed $184,995 Smart MLS
• 2007-11-03 Listed $189,995 Smart MLS
• 2007-03-06 Sold (Public Records) $200,000 Public Records
• 2007-03-06 Sold (MLS) $200,000 Smart MLS
• 2006-11-20 Listed $206,995 Smart MLS
• 2005-03-01 Sold (Public Records) $181,500 Public Records
• 2005-02-28 Sold (MLS) $181,500 Smart MLS
• 2005-01-12 Listed $179,000 Smart MLS
• 2003-08-18 Sold (Public Records) $115,000 Public Records
• 1987-06-05 Sold (Public Records) $67,000 Public Records

Property tax history

+1.8%/yr

Latest (2023): $2,572 · +3.6% YoY. Source: county tax records.