48 Fulton St · New Haven, CT 06513

$385,000

3 bd · 2.0 ba · 2,356 sqft · MultiFamily public records · 25 Days on market

Built 1920 5,227 sqft lot Est $466k · 17% 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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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 MLS

Two Family offers great Owner Occupied/rental potential for anyone looking to renovate. Second floor has finished attic with 2bedroom. This house would need a total renovation to bring out the value and reap the rewards! Note: First floor heats by oil 2nd floor Gas . This is a short sale final approval is the lien holders . Bring all reasonable Cash offers (preferred) ..

Key facts

• Finished attic
• Two family home
• Split utility setup

Tags

• TWO FAMILY HOME
• FINISHED ATTIC
• SPLIT UTILITY SETUP
• NEAR QUINNIPIAC RIVER
• LOCAL PARKS
• ACADEMIC AND MEDICAL HUBS

Property features AI

Exterior

• Parking: 3 total parking spaces; Other garage/parking type
• Utilities: Public water connected; Public sewer connected; Hot water: other
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Concrete and masonry foundation; Light blue exterior
• Exterior features: Vinyl siding; Deck

Interior

• Bedrooms: 8 total bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Natural gas fuel
• Interior features: 12 total rooms; Partial, unfinished basement
• Laundry & utility: Laundry on lower level with basement hook-ups

What this means for you Summary

Snapshot

• This is a 2 × 4.0-bed/1.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $509/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Recommended offer: $379k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: 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.
• Zoned schools: Ross/Woodward School (math 7% / reading 21%, grade F, #481 of 553 statewide, top 87%, 603 students, 77% FRL); Wilbur Cross High School (math 17% / reading 37%, grade F, #147 of 194 statewide, top 78%, 1,633 students, 76% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 101 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $4,707/mo this rent would consume 116% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $108k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $75k; list at $385k implies a 413% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $379,225 (1.5% below list)

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 1920 — 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: 1.22% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.32%
• DSCR: 1.50
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $466,488
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Pardee St	0.32mi	4/2.0 (+1)	2,358 (+0%)	12mo	$335,000	$142	70
98 Quinnipiac Ave	0.23mi	4/2.0 (+1)	2,112 (-10%)	6mo	$417,500	$198	62
64 Ashland Pl	0.49mi	4/4.0 (+1)	2,400 (+2%)	1mo	$620,000	$258	60
175 Fairmont Ave	0.27mi	4/2.0 (+1)	2,110 (-10%)	12mo	$298,000	$141	55

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $7,849
• Equity at exit: $57,405

10-year hold

• IRR: 12.6%
• Equity multiple: 2.05×
• Total profit: $113,151
• Equity at exit: $33,288

Cash invested: $107,800 (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: 101
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $4,707 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$522 /mo · $6,265/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$988
• Net cashflow: $1,017

Break-even live

Break-even rent $3,420

Max offer price $385,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4.0	1	$4,708
Total (2 units)			$4,707

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Lloyd St #2 New Haven, CT	4.0	2.0	2100	$2,500	$1.19	43d	1	0.68mi
39 Houston St Unit 3 New Haven, CT	2.0	1.0	2863	$2,100	$0.73	3d	1	0.71mi
39 Houston St Unit 2 New Haven, CT	3.0	1.0	2863	$2,200	$0.77	43d	1	0.71mi
37 E Pearl St New Haven, CT	3.0	1.0	1600	$2,595	$1.62	43d	1	0.72mi
105 Hillside Ave New Haven, CT	4.0	2.0	2080	$3,500	$1.68	10d	1	0.73mi
342 Exchange St New Haven, CT	2.0	1.0	2996	$1,500	$0.50	43d	1	0.86mi
441 Chapel St Unit 2A1 (shared) New Haven, CT	4.0	4.0	2151	$3,600	$1.67	2d	1	1.02mi
295 Lloyd St Unit 2 New Haven, CT	4.0	2.0	2621	$2,400	$0.92	2d	1	1.07mi
37 Elizabeth Ann Dr New Haven, CT	2.0	1.0	1617	$2,000	$1.24	23d	1	1.07mi
117 Elizabeth Ann Dr New Haven, CT	2.0	1.0	2066	$2,100	$1.02	21d	1	1.09mi
426 Poplar St New Haven, CT	3.0	1.0	1658	$1,800	$1.09	43d	1	1.27mi
607 Chapel St Unit D New Haven, CT	2.0	1.0	2075	$2,450	$1.18	3d	1	1.32mi
114 Kneeland Rd New Haven, CT	3.0	1.0	1800	$2,900	$1.61	43d	1	1.33mi
548 Ferry St Unit 1 New Haven, CT	2.0	1.0	1610	$2,150	$1.34	14d	1	1.36mi
95 Olive St Unit 2 New Haven, CT	2.0	1.0	1600	$2,400	$1.50	3d	1	1.38mi
90 Townsend Ter New Haven, CT	2.0	1.0	2015	$2,500	$1.24	23d	1	1.44mi
90 Townsend Ter New Haven, CT	2.0	1.0	2015	$2,500	$1.24	2d	1	1.44mi
896 Quinnipiac Ave #3 New Haven, CT	2.0	2.0	1600	$2,750	$1.72	2d	1	1.48mi

Listing history 5 events

1. 2026-04-17
   status Under Contract
2. 2026-03-23
   listed $385,000 Active
3. 2016-09-30
   soldstatus $75,000 373-char remark

   Show marketing remark (373 chars)

   Two Family offers great Owner Occupied/rental potential for anyone looking to renovate. Second floor has finished attic with 2bedroom. This house would need a total renovation to bring out the value and reap the rewards! Note: First floor heats by oil 2nd floor Gas . This is a short sale final approval is the lien holders . Bring all reasonable Cash offers (preferred) ..

4. 2016-05-20
   listed $90,775 373-char remark

   Show marketing remark (373 chars)

   Two Family offers great Owner Occupied/rental potential for anyone looking to renovate. Second floor has finished attic with 2bedroom. This house would need a total renovation to bring out the value and reap the rewards! Note: First floor heats by oil 2nd floor Gas . This is a short sale final approval is the lien holders . Bring all reasonable Cash offers (preferred) ..

5. 1991-10-25
   soldstatus $130,000

ⓘ 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: $6,265 · $522/mo
• Projected year-2 tax: $7,252 · $604/mo
• Expected delta: +$987/yr (+$82/mo · 15.8%)

ⓘ 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 (unshaded) · 54% 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: $56,484
• − Mortgage interest: −$21,566
• − Property taxes: −$6,265
• − Insurance: −$1,925
• − Repairs & maintenance: −$4,519
• − Management: −$4,519
• − Depreciation: −$11,200
• Taxable income: $6,491
• Est. tax owed @ 24.0%: −$1,558
• After-tax cash flow: $10,647/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

+196.2% since first listed

5 events — show timeline

• 2026-04-17 Pending — Smart MLS
• 2026-03-23 Listed $385,000 Smart MLS
• 2016-09-30 Sold (MLS) $75,000 Smart MLS
• 2016-05-20 Listed $90,775 Smart MLS
• 1991-10-25 Sold (Public Records) $130,000 Public Records

Property tax history

+4.0%/yr

Latest (2023): $6,265 · -6.4% YoY. Source: county tax records.