915 S Main St · Waterbury, CT 06706

$650,000

15 bd · 9.0 ba · 7,440 sqft · MultiFamily public records · 366 Days on market

Built 1900 10,454 sqft lot $87/sqft · 26% above area Est $516k · 26% over ↓ 32% since listing

---

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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +8.7/10.0
• Appreciation +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

Key facts

• Unfinished basement
• Off-street parking
• Prime location

Tags

• MULTI-FAMILY PROPERTY
• STRONG RENTAL INCOME POTENTIAL
• UNFINISHED BASEMENT
• OFF-STREET PARKING
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.6% in Waterbury — 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 (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 42 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $8,901/mo this rent would consume 204% of the median local household income ($52k/yr) (locally 801% 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 $14k of equity ($4k loan paydown + $9k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 366 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% 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 $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 366 days. Have you received any prior offers? Is the seller open to a 12% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 1.37% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.54%
• DSCR: 1.56
• GRM: 6.1

CMA / ARV

• ARV (median comp): $515,809
• List price: $650,000
• Delta: 26.02%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

1.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.80×
• Total profit: $146,457
• Equity at exit: $235,322

10-year hold

• IRR: 18.5%
• Equity multiple: 3.33×
• Total profit: $423,536
• Equity at exit: $323,378

Cash invested: $182,000 (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 06706

• Home prices YoY: 0.5%
• Active inventory: 42
• Price-to-rent: 30.4×

Monthly cashflow live

• Estimated rent: $8,901 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$1,450 /mo · $17,400/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,869
• Net cashflow: $1,902

Break-even live

Break-even rent $6,493

Max offer price $650,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$8,900
Total (5 units)			$8,901

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-19
   status Under Contract 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

2. 2026-04-20
   price $650,000 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

3. 2026-01-27
   price $700,000 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

4. 2025-08-20
   price $795,000 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

5. 2025-07-02
   price $850,000 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

6. 2025-07-02
   price $950,000 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

7. 2025-07-02
   price $850,000 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

8. 2025-05-19
   listed $950,000 Active 533-char remark

   Show marketing remark (533 chars)

   Investors take note! Fantastic investment opportunity at 915 South Main St. in the heart of Waterbury! This multi-family property features 9 units with strong rental income potential. There are three 3 bedroom units, two 1 bedrooms, and 4 studio units. Unfinished basement. Plenty off-street parking is available at the rear of the property. Conveniently located near shopping, schools, public transportation, and major highways - a prime location for commuters. Grab your opportunity to own a potential cash cow in a growing market!

ⓘ 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: $17,400 · $1,450/mo
• Projected year-2 tax: $17,400 · $1,450/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $106,812
• − Mortgage interest: −$36,410
• − Property taxes: −$17,400
• − Insurance: −$3,250
• − Repairs & maintenance: −$8,545
• − Management: −$8,545
• − Depreciation: −$18,909
• Taxable income: $13,753
• Est. tax owed @ 24.0%: −$3,301
• After-tax cash flow: $19,527/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: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 15,551
• Household income: $52,242
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 801.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 35% White 31% Black 25% Two or more races 12% Asian 3%
• Hispanic origin (detail): Puerto Rican 25% Dominican 4%
• Common ancestry: Lithuanian 3% Estonian 2% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica
• Languages at home: 60% English-only · Spanish 27% Other Indo-European 11% Other Asian/Pacific 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.39%
• Current HPI: 309.8467
• Rent YoY: —
• 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

-31.6% since first listed

8 events — show timeline

• 2026-05-19 Pending — Smart MLS
• 2026-04-20 Price Changed $650,000 Smart MLS
• 2026-01-27 Price Changed $700,000 Smart MLS
• 2025-08-20 Price Changed $795,000 Smart MLS
• 2025-07-02 Price Changed $850,000 Smart MLS
• 2025-07-02 Price Changed $950,000 Smart MLS
• 2025-07-02 Price Changed $850,000 Smart MLS
• 2025-05-19 Listed $950,000 Smart MLS

Property tax history

+11.7%/yr

Latest (2023): $17,400 · +100.0% YoY. Source: county tax records.