924 Highland Ave · Waterbury, CT 06708

$199,000

4 bd · 2.0 ba · 1,592 sqft · MultiFamily public records · 3 Days on market

Built 1950 5,662 sqft lot Est $341k · 42% 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 +29.9/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• 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

Investors take notice, great multifamily opportunity! Full gut down to studs. Cash & hard money only. Great opportunity to own a two-family home in Waterbury's Town Plot neighborhood.

Key facts

• Two-family home
• 5,662 sq ft lot
• Built 1950

Tags

• MULTIFAMILY OPPORTUNITY
• TWO-FAMILY HOME
• TOWN PLOT NEIGHBORHOOD

Property features AI

Finance

• Financial info: Assessed value: $142,660

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas
• Home design: Multi-family (2-family); Multi-Family For Sale
• Construction: Frame construction; Concrete foundation; Shingle roof; Built/recorded living area: 1592 (per public record)
• Exterior features: Level lot; Vinyl siding

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Natural gas hot water
• Interior features: Total of 12 rooms; Full basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $734 ($9k/yr) — positive. Per door: $367/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 10.7% 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 (+9.8%/yr); 121 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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).
• At $3,171/mo this rent would consume 56% of the median local household income ($67k/yr) (locally 1276% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,000

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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.59% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.82%
• DSCR: 1.70
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $340,688
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
48 Lindsley St	0.06mi	4/2.0	1,488 (-6%)	1mo	$410,000	$276	86
77 Ross St	0.14mi	4/2.0	1,540 (-3%)	20mo	$330,000	$214	72
404 Congress Ave	0.45mi	4/2.0	1,736 (+9%)	20mo	$288,000	$166	47

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: 13.3%
• Equity multiple: 1.57×
• Total profit: $31,573
• Equity at exit: $29,672

10-year hold

• IRR: 26.3%
• Equity multiple: 3.96×
• Total profit: $165,173
• Equity at exit: $17,206

Cash invested: $55,720 (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 06708

• Rents YoY: 9.8%
• Active inventory: 121
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $3,171 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$644 /mo · $7,731/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$666
• Net cashflow: $734

Break-even live

Break-even rent $2,241

Max offer price $199,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,170
Total (2 units)			$3,171

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
95 Hawthorne Ave Unit 2 Waterbury, CT	3.0	1.0	1300	$1,800	$1.38	23d	1	0.18mi
124 Geddes Ter Unit Left Waterbury, CT	3.0	1.5	1255	$2,300	$1.83	43d	1	0.19mi
124 Geddes Ter Waterbury, CT	3.0	2.0	1255	$2,300	$1.83	43d	1	0.20mi
468 Congress Ave Unit third floor Waterbury, CT	3.0	1.0	1250	$1,500	$1.20	23d	1	0.40mi
143 Congress Ave Unit 2 Waterbury, CT	4.0	1.0	1050	$1,800	$1.71	43d	1	0.80mi
127 Congress Ave Unit 1 Waterbury, CT	3.0	1.0	1200	$2,300	$1.92	43d	1	0.82mi
41 Lawlor St Waterbury, CT	3.0	1.0	1750	$2,000	$1.14	14d	1	0.86mi
1120 Baldwin St Waterbury, CT	3.0	1.0	1100	$1,750	$1.59	43d	1	0.89mi
59 Baldwin Ave Waterbury, CT	3.0	1.0	1200	$2,350	$1.96	43d	1	0.99mi
72 Chambers St Unit 2 Waterbury, CT	3.0	1.0	1540	$1,750	$1.14	43d	1	0.99mi
905 Oronoke Rd #13 Waterbury, CT	3.0	2.5	1614	$3,000	$1.86	2d	1	1.00mi
182 Jersey St #2 Waterbury, CT	3.0	1.0	1200	$1,800	$1.50	11d	1	1.20mi
182 Jersey St #2 Waterbury, CT	3.0	1.0	1200	$1,800	$1.50	43d	1	1.20mi
124 Spring Lake Rd Waterbury, CT	3.0	1.5	1298	$2,200	$1.69	2d	1	1.27mi

Listing history 4 events

1. 2026-06-18
   days on market $199,000 Active 3 DOM
2. 2026-06-17
   days on market $199,000 Active 2 DOM
3. 2026-06-16
   remarks 185-char remark
4. 2026-06-16
   listed $199,000 Active 1 DOM

ⓘ 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: $7,731 · $644/mo
• Projected year-2 tax: $7,731 · $644/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 5/10 Major 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,052
• − Mortgage interest: −$11,147
• − Property taxes: −$7,731
• − Insurance: −$995
• − Repairs & maintenance: −$3,044
• − Management: −$3,044
• − Depreciation: −$5,789
• Taxable income: $6,301
• Est. tax owed @ 24.0%: −$1,512
• After-tax cash flow: $7,300/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): 29,594
• Household income: $67,364
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 1276.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 33% Black 17% Two or more races 13% Asian 2%
• Hispanic origin (detail): Puerto Rican 17% Dominican 8%
• Common ancestry: Romanian 2% Russian 2% Estonian 2%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 23% Other Indo-European 8% 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: ▼ -297.81%
• Current HPI: 281.1446
• Rent YoY: ▲ 9.75%
• 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

• 2026-06-15 Listed $199,000 Smart MLS

Property tax history

+5.3%/yr

Latest (2023): $7,731 · +76.4% YoY. Source: county tax records.