111 Chapel St · New Haven, CT 06513

$725,000

36 bd · 36.0 ba · 4,705 sqft · MultiFamily public records · 65 Days on market

Built 1900 3,920 sqft lot $154/sqft · 49% above area Est $486k · 49% 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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional investment opportunity in the heart of New Haven! This well-maintained six-family property generates a strong $93,000 in annual gross revenue and is fully occupied. The building features three floors with side-by-side units, totaling six spacious one-bedroom apartments. Each unit offers hardwood flooring, generous living space, and excellent natural light, creating comfortable living environments for tenants. The property has been thoughtfully maintained, with units in wonderful condition, ensuring long-term stability and appeal to renters. Located close to downtown New Haven, major universities, hospitals, public transportation, and highway access, this property provides both convenience and consistent rental demand. Whether you're a seasoned investor looking to expand your portfolio or a first-time multifamily investor, this property delivers cash flow, location, and long-term potential.

Key facts

• Three floors
• Hardwood flooring
• Natural light

Tags

• SIX FAMILY PROPERTY
• THREE FLOORS
• SIDE BY SIDE UNITS
• ONE BEDROOM APARTMENTS
• HARDWOOD FLOORING
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $725k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $540/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $725k).
• Recommended offer: $682k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 4.5% 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 fast (+4.1%/yr); 102 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $10,515/mo this rent would consume 260% of the median local household income ($48k/yr) (locally 2664% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $203k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($682k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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 $80k; list at $725k implies a 812% 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 flood risk; major wind risk, 61% 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 $681,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.45% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.15%
• DSCR: 1.85
• GRM: 5.7

CMA / ARV

• ARV (median comp): $485,770
• List price: $725,000
• Delta: 49.25%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.50×
• Total profit: $101,048
• Equity at exit: $108,100

10-year hold

• IRR: 22.2%
• Equity multiple: 2.99×
• Total profit: $404,789
• Equity at exit: $62,685

Cash invested: $203,000 (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 06513

• Home prices YoY: -7.8%
• Rents YoY: 4.1%
• Active inventory: 102
• Price-to-rent: 34.5×

Monthly cashflow live

• Estimated rent: $10,515 high
• Mortgage (P&I): −$3,802
• Tax from tax record: −$963 /mo · $11,554/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,208
• Net cashflow: $3,240

Break-even live

Break-even rent $6,414

Max offer price $725,000

Occupancy floor 64%

Sensitivity live

Price	-10% $3,650	-5% $3,445	+0% $3,240	+5% $3,035	+10% $2,830
Rent	-10% $2,409	-5% $2,825	+0% $3,240	+5% $3,655	+10% $4,071
Rate	-1.0pp $3,605	-0.5pp $3,424	base $3,240	+0.5pp $3,052	+1.0pp $2,861

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$10,518
Total (6 units)			$10,515

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-14
   status Under Contract 914-char remark

   Show marketing remark (914 chars)

   Exceptional investment opportunity in the heart of New Haven! This well-maintained six-family property generates a strong $93,000 in annual gross revenue and is fully occupied. The building features three floors with side-by-side units, totaling six spacious one-bedroom apartments. Each unit offers hardwood flooring, generous living space, and excellent natural light, creating comfortable living environments for tenants. The property has been thoughtfully maintained, with units in wonderful condition, ensuring long-term stability and appeal to renters. Located close to downtown New Haven, major universities, hospitals, public transportation, and highway access, this property provides both convenience and consistent rental demand. Whether you're a seasoned investor looking to expand your portfolio or a first-time multifamily investor, this property delivers cash flow, location, and long-term potential.

2. 2026-03-10
   listed $725,000 Active 914-char remark

   Show marketing remark (914 chars)

   Exceptional investment opportunity in the heart of New Haven! This well-maintained six-family property generates a strong $93,000 in annual gross revenue and is fully occupied. The building features three floors with side-by-side units, totaling six spacious one-bedroom apartments. Each unit offers hardwood flooring, generous living space, and excellent natural light, creating comfortable living environments for tenants. The property has been thoughtfully maintained, with units in wonderful condition, ensuring long-term stability and appeal to renters. Located close to downtown New Haven, major universities, hospitals, public transportation, and highway access, this property provides both convenience and consistent rental demand. Whether you're a seasoned investor looking to expand your portfolio or a first-time multifamily investor, this property delivers cash flow, location, and long-term potential.

3. 2026-03-02
   historical
4. 2026-01-27
   price $725,000
5. 2025-10-17
   price $749,900
6. 2025-09-16
   listed $769,900 Active
7. 2014-03-25
   soldstatus $79,500
8. 2008-12-17
   soldstatus $195,000
9. 2008-12-17
   soldstatus $374,400
10. 2008-05-06
    listed $204,900
11. 2006-10-03
    soldstatus $420,000
12. 2006-10-03
    soldstatus $420,000
13. 2006-04-16
    historical
14. 2006-01-16
    listed $399,900

ⓘ 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: $11,554 · $963/mo
• Projected year-2 tax: $13,534 · $1,128/mo
• Expected delta: +$1,980/yr (+$165/mo · 17.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 73% 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 61% 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: $126,180
• − Mortgage interest: −$40,611
• − Property taxes: −$11,554
• − Insurance: −$3,625
• − Repairs & maintenance: −$10,094
• − Management: −$10,094
• − Depreciation: −$21,091
• Taxable income: $29,110
• Est. tax owed @ 24.0%: −$6,986
• After-tax cash flow: $31,893/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): 38,888
• Household income: $48,500
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 2664.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 47% White 26% Black 22% Two or more races 12% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 25% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, South Korea
• Languages at home: 56% English-only · Spanish 39% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -30.87%
• Current HPI: 364.006
• Rent YoY: ▲ 4.12%
• 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

+81.3% since first listed

14 events — show timeline

• 2026-05-14 Pending — Smart MLS
• 2026-03-10 Listed $725,000 Smart MLS
• 2026-03-02 Listing Removed — Smart MLS
• 2026-01-27 Price Changed $725,000 Smart MLS
• 2025-10-17 Price Changed $749,900 Smart MLS
• 2025-09-16 Listed $769,900 Smart MLS
• 2014-03-25 Sold (Public Records) $79,500 Public Records
• 2008-12-17 Sold (Public Records) $374,400 Public Records
• 2008-12-17 Sold (MLS) $195,000 Smart MLS
• 2008-05-06 Listed $204,900 Smart MLS
• 2006-10-03 Sold (Public Records) $420,000 Public Records
• 2006-10-03 Sold (Public Records) $420,000 Public Records
• 2006-04-16 Listing Removed — Smart MLS
• 2006-01-16 Listed $399,900 Smart MLS

Property tax history

+4.6%/yr

Latest (2023): $11,554 · -6.4% YoY. Source: county tax records.