37-39 Freeman St · Hartford, CT 06114

$259,900

4 bd · 2.0 ba · 2,236 sqft · MultiFamily public records · 3 Days on market

Built 1922 10,018 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Outstanding opportunity to scoop up this large 2-family home in the South End of Hartford! Wonderful location. .. incredible potential for investment and/or owner occupancy with rental income. 2 very large units, walk-up attic, 2 car garage. .. beautiful woodwork, hardwood floors, builtins. .. this property can be brought back to its original glory!! As is. .. please include as is addendum with all offers. ..

Key facts

• Large 2-family home
• 2 car garage
• Builtins

Tags

• LARGE 2-FAMILY HOME
• WALK-UP ATTIC
• 2 CAR GARAGE
• HARDWOOD FLOORS
• BUILTINS

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Public water; Public sewer; Electric domestic hot water
• Home design: Multi-family 2-family property
• Construction: Frame construction; Concrete foundation; Shingle roof; Vinyl and aluminum siding
• Exterior features: Level lot; Sidewalk

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Window air conditioning units; Natural gas hot water
• Interior features: 10 total rooms; Full, unfinished basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $537/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $260k).

Location & tenants

• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.5%/yr); 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $3,758/mo this rent would consume 87% of the median local household income ($52k/yr) (locally 1897% 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 $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 1.5% rent growth), your $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

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

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $259,900

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 1922 — 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: 1.45% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.70%
• DSCR: 1.79
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: 36.6%
• Equity multiple: 3.81×
• Total profit: $204,318
• Equity at exit: $234,139

10-year hold

• IRR: 31.0%
• Equity multiple: 8.38×
• Total profit: $537,312
• Equity at exit: $504,929

Cash invested: $72,772 (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 06114

• Home prices YoY: 4.7%
• Rents YoY: 1.5%
• Active inventory: 54
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,758 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$424 /mo · $5,093/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$789
• Net cashflow: $1,073

Break-even live

Break-even rent $2,400

Max offer price $259,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,220	-5% $1,147	+0% $1,073	+5% $1,000	+10% $926
Rent	-10% $776	-5% $925	+0% $1,073	+5% $1,222	+10% $1,370
Rate	-1.0pp $1,204	-0.5pp $1,139	base $1,073	+0.5pp $1,006	+1.0pp $937

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,758
Total (2 units)			$3,758

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 Grandview Ter Hartford, CT	3.0	1.0	2648	$2,000	$0.76	24d	1	0.25mi
97 Bates St Hartford, CT	3.0	2.0	2240	$2,900	$1.29	2d	1	0.41mi
34 Goodrich St Hartford, CT	3.0	1.5	2392	$2,200	$0.92	4d	1	0.90mi

Listing history 4 events

1. 2026-06-16
   status $259,900 Under Contract 3 DOM
2. 2026-06-15
   days on market $259,900 Active 3 DOM
3. 2026-06-13
   remarks 412-char remark
4. 2026-06-13
   listed $259,900 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: $5,093 · $424/mo
• Projected year-2 tax: $5,327 · $444/mo
• Expected delta: +$234/yr (+$20/mo · 4.6%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,096
• − Mortgage interest: −$14,558
• − Property taxes: −$5,093
• − Insurance: −$1,300
• − Repairs & maintenance: −$3,608
• − Management: −$3,608
• − Depreciation: −$7,561
• Taxable income: $9,369
• Est. tax owed @ 24.0%: −$2,249
• After-tax cash flow: $10,629/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: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 26,458
• Household income: $52,110
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 1897.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% White 19% Black 19% Two or more races 10% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 36% Dominican 6%
• Common ancestry: American 6% Romanian 1% Lithuanian 1%
• Foreign-born: 31% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 49% Russian/Polish/Slavic 8% Other Indo-European 4%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.02%
• Current HPI: 356.5892
• Rent YoY: ▲ 1.47%
• Metro: Hartford-East Hartford-Middletown, 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

• 2026-06-12 Listed $259,900 Smart MLS

Property tax history

+2.1%/yr

Latest (2025): $5,093 · +0.0% YoY. Source: county tax records.