191 Hill St · Waterbury, CT 06704

$115,900

2 bd · 1.0 ba · 1,039 sqft · SingleFamily public records · 4 Days on market

Built 1878 8,712 sqft lot

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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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +1.5/10.0
• Schools +1.5/10.0

Listing remarks

Looking for a project to keep you busy? This 5 room home has newer vinyl siding, some newer windows, newer roof, newer furnace, and updated electrical panel. Interior needs total rehab. Situated on a private level corner lot. Will not qualify for any government loans. Cash only. (Ask agent to See the addendum attached for entry. HOLD HARMLESS must be signed by agent and prospective buyers BEFORE appointments will be confirmed. Use attachment in MLS

Key facts

• Newer furnace
• Newer vinyl siding
• Newer roof

Tags

• NEWER VINYL SIDING
• NEWER WINDOWS
• NEWER ROOF
• NEWER FURNACE
• UPDATED ELECTRICAL PANEL
• PRIVATE LEVEL CORNER LOT

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Single-family home
• Construction: Frame construction; Stone foundation
• Exterior features: Level lot; Vinyl siding; Shingle roof

Interior

• Bedrooms: Two bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating (oil-fired); Hot water heater fueled by natural gas; Fuel tank located in the basement
• Interior features: Five total rooms; Full, unfinished basement with hatchway

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $116k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• Cap rate 9.7% 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: Rents rising fast (+8.0%/yr); 100 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• This rent runs 38% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $801 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,900

Questions for the listing agent

1. Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.10%
• DSCR: 1.54
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $238,970
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Butler St	0.15mi	3/2.0 (+1)	1,089 (+5%)	5mo	$235,000	$216	72
23 Sarsfield St	0.21mi	3/1.0 (+1)	1,080 (+4%)	11mo	$282,000	$261	69
401 Hill St	0.39mi	3/1.5 (+1)	1,008 (-3%)	1mo	$250,000	$248	69
37 Clifton Ave	0.42mi	2/1.0	1,130 (+9%)	0mo	$257,000	$227	66
27 Ives St	0.64mi	3/1.0 (+1)	1,024 (-1%)	2mo	$150,000	$146	62
45 Ives St	0.66mi	3/1.0 (+1)	1,024 (-1%)	6mo	$158,000	$154	57
52 Oak St	0.73mi	3/1.5 (+1)	1,024 (-1%)	1mo	$160,000	$156	56
53 Hamden Ave	0.61mi	3/1.0 (+1)	1,120 (+8%)	3mo	$300,000	$268	51
19 Lenox St	0.45mi	3/2.0 (+1)	1,144 (+10%)	5mo	$330,000	$288	49
38 Bronson St	0.44mi	2/1.5	1,194 (+15%)	7mo	$275,000	$230	46
241 Wood St	0.74mi	3/1.5 (+1)	1,024 (-1%)	12mo	$157,000	$153	46
64 Simsbury St	0.59mi	2/1.5	952 (-8%)	16mo	$245,000	$257	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.31×
• Total profit: $10,197
• Equity at exit: $17,281

10-year hold

• IRR: 21.0%
• Equity multiple: 3.24×
• Total profit: $72,690
• Equity at exit: $10,021

Cash invested: $32,452 (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 06704

• Home prices YoY: -2.0%
• Rents YoY: 8.0%
• Active inventory: 100
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,525 high
• Mortgage (P&I): −$608
• Tax from tax record: −$221 /mo · $2,655/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $327

Break-even live

Break-even rent $1,111

Max offer price $115,900

Occupancy floor 74%

Sensitivity live

Price	-10% $393	-5% $360	+0% $327	+5% $295	+10% $262
Rent	-10% $207	-5% $267	+0% $327	+5% $388	+10% $448
Rate	-1.0pp $386	-0.5pp $357	base $327	+0.5pp $297	+1.0pp $267

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: $28,975
• Closing costs: $3,477
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 Pilgrim Ave Waterbury, CT	2.0	1.0	744	$1,300	$1.75	24d	1	0.04mi
200 Hill St Unit 1R Waterbury, CT	2.0	1.0	800	$1,550	$1.94	44d	1	0.05mi
315 Bishop St Waterbury, CT	1.0	1.0	700	$1,100	$1.57	44d	1	0.27mi
27 Beacon St Unit 3 Waterbury, CT	2.0	1.0	1000	$1,395	$1.40	44d	1	0.33mi
127 Pearl St Unit 1 Waterbury, CT	3.0	1.0	1212	$2,000	$1.65	44d	1	0.35mi
5 Hill St Unit B,D Waterbury, CT	3.0	1.0	1100	$1,450	$1.32	15d	1	0.37mi
233 Cooke St Unit 3 Waterbury, CT	3.0	1.0	1000	$2,000	$2.00	24d	1	0.41mi
105 Division St Unit 3rd Floor Waterbury, CT	2.0	1.0	900	$1,300	$1.44	15d	1	0.49mi
132 Locust St Unit 16 Waterbury, CT	2.0	1.0	950	$1,250	$1.32	24d	1	0.54mi
46 Ward St Waterbury, CT	3.0	1.0	1000	$1,900	$1.90	24d	1	0.56mi
114 Buckingham St Unit 1st floor Waterbury, CT	3.0	1.0	1418	$1,750	$1.23	44d	1	0.57mi
152 E Farm St #1 Waterbury, CT	2.0	1.0	1182	$1,550	$1.31	44d	1	0.59mi
53 Cooke St Unit 3rd floor Waterbury, CT	3.0	1.0	1200	$1,450	$1.21	44d	1	0.62mi
96 Hillside Ave Waterbury, CT	2.0	2.0	1500	$1,795	$1.20	44d	1	0.64mi
41 Putnam St Unit 2 Waterbury, CT	2.0	1.0	800	$1,750	$2.19	44d	1	0.64mi
417 N Walnut St Unit 2 Waterbury, CT	3.0	1.0	950	$1,600	$1.68	15d	1	0.65mi
64 Dikeman St Unit 2nd Floor Waterbury, CT	3.0	1.0	1000	$2,200	$2.20	22d	1	0.66mi
184 Buckingham St Unit 3 Waterbury, CT	2.0	1.0	1000	$1,600	$1.60	24d	1	0.68mi
120 Hillside Ave Waterbury, CT	1.0	1.0	800	$1,150	$1.44	3d	1	0.68mi
10 2nd Ave Unit 1st Floor Waterbury, CT	3.0	1.0	900	$1,450	$1.61	24d	1	0.68mi
48 Irion St Apt 3 Waterbury, CT	2.0	1.0	1000	$1,399	$1.40	44d	1	0.69mi
128 Central Ave Unit 3 Waterbury, CT	1.0	1.0	750	$1,100	$1.47	15d	1	0.69mi
71 Fleming St #2 Waterbury, CT	3.0	1.0	1400	$1,850	$1.32	44d	1	0.69mi
125 Hillside Ave Unit B1 Waterbury, CT	2.0	1.0	960	$1,300	$1.35	4d	1	0.73mi
52 Oak St Waterbury, CT	3.0	1.5	1024	$1,800	$1.76	4d	1	0.75mi
12 Fleming St Waterbury, CT	2.0	1.0	1150	$1,800	$1.57	44d	1	0.77mi
219 Woodlawn Ter Unit 3rd floor Waterbury, CT	3.0	1.0	1076	$1,500	$1.39	44d	1	0.77mi
10 Fleming St Waterbury, CT	2.0	1.0	1150	$2,200	$1.91	44d	1	0.77mi
196 Hillside Ave Unit 7 Waterbury, CT	1.0	1.0	800	$1,200	$1.50	15d	1	0.77mi
18 Cliff St Unit 1 Waterbury, CT	3.0	1.5	1150	$1,650	$1.43	44d	1	0.78mi
180 Willow St Unit 2nd Floor Waterbury, CT	3.0	1.0	1075	$1,400	$1.30	44d	1	0.79mi
76 Oak St Waterbury, CT	2.0	1.0	900	$1,249	$1.39	44d	1	0.80mi
247 Willow St Waterbury, CT	2.0	1.0	1100	$1,300	$1.18	24d	1	0.81mi
247 Willow St Waterbury, CT	2.0	1.0	1100	$1,300	$1.18	15d	1	0.81mi
150 Chestnut Ave Unit 3 Waterbury, CT	2.0	1.0	1000	$1,250	$1.25	4d	1	0.83mi
142 Chestnut Ave Waterbury, CT	3.0	1.0	1200	$1,700	$1.42	44d	1	0.84mi
259 Grove St Unit 1 Waterbury, CT	3.0	1.0	1200	$1,600	$1.33	44d	1	0.84mi
88 Willow St Unit 2S Waterbury, CT	1.0	1.0	900	$1,200	$1.33	24d	1	0.84mi
30 Walnut Ave Unit 2 Waterbury, CT	3.0	1.0	1200	$1,600	$1.33	44d	1	0.85mi
236 Hillside Ave Unit 3 Waterbury, CT	3.0	1.0	1300	$1,600	$1.23	15d	1	0.86mi

Listing history 1 events

1. 2026-05-21
   listed $115,900 Active

ⓘ 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: $2,655 · $221/mo
• Projected year-2 tax: $2,655 · $221/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 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: $18,299
• − Mortgage interest: −$6,492
• − Property taxes: −$2,655
• − Insurance: −$580
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$3,372
• Taxable income: $2,273
• Est. tax owed @ 24.0%: −$545
• After-tax cash flow: $3,383/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): 31,713
• Household income: $48,718
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1981.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% Black 28% Two or more races 20% White 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 30% Dominican 8%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 38% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -7.05%
• Current HPI: 340.0917
• Rent YoY: ▲ 8.02%
• 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

1 event — show timeline

• 2026-05-21 Listed $115,900 Smart MLS

Property tax history

+2.6%/yr

Latest (2023): $2,655 · +48.7% YoY. Source: county tax records.