21 Gordon Ave · Shelton, CT 06484

$700,000

6 bd · 2.5 ba · 2,274 sqft · MultiFamily public records · 42 Days on market

Built 1917 10,018 sqft lot $308/sqft · 40% above area Est $501k · 40% over

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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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Builders And Investors Take Note! Income Producing 3 Famil Y In Desirable Location Off Route 110 (River Rd). Large Level Yard W/Detached 2 Car Garage. House Needs Work. Ready For Quick Sale.

Key facts

• Newer roof
• 0.23 acre lot
• 2 garage spots

Tags

• DETACHED TWO CAR GARAGE
• SEPARATE 60 AMP ELECT SERVICE
• EXTERIOR RECENTLY PAINTED
• STAIRCASES RECENTLY PAINTED
• NEWER ROOF
• THIRD FLOOR UNIT REMODELED

Property features AI

Finance

• Other: Three total residential units

Exterior

• Parking: Detached garage; Driveway parking; Total of 4 parking spaces; 2-car garage capacity
• Utilities: Public water connected; Septic sewer; Propane fuel with above-ground tank; Electric hot water
• Home design: Multi-family property (3-family); Frame construction; Grey exterior
• Construction: Asphalt shingle roof; Aluminum and stucco siding; Block and concrete foundation
• Exterior features: Porch; Level lot; Paved driveway

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating (propane fuel); 30-gallon electric hot water tank
• Interior features: 14 total rooms; Partial, unfinished basement with concrete floor and hatchway access; Attic with hatch access
• Laundry & utility: Basement laundry hook-ups; Second unit with in-unit laundry hook-up

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $767/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $700k).
• Recommended offer: $679k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.1% in Shelton — 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 78/100 on livability (#36 in CT, #2,479 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Shelton School District (suburban): math 46% / reading 62% proficiency, ranked #64 of 153 in CT (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Sunnyside School (math 47% / reading 57%, grade C-, #213 of 553 statewide, top 41%, 236 students, 49% FRL); Shelton High School (math 46% / reading 69%, grade C, #51 of 194 statewide, top 26%, 1,270 students, 30% FRL) — zoned schools average 39% FRL vs 15% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 143 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $8,331/mo this rent would consume 92% of the median local household income ($108k/yr) (locally 874% 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $196k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y 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 $138k; list at $700k implies a 409% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 41% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $679,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.19% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.10%
• DSCR: 1.63
• GRM: 7.0

CMA / ARV

• ARV (median comp): $501,071
• List price: $700,000
• Delta: 39.70%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
72 Victory St	0.50mi	7/3.0 (+1)	2,404 (+6%)	13mo	$425,000	$177	49

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 · 2.45% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.14×
• Total profit: $28,395
• Equity at exit: $104,372

10-year hold

• IRR: 12.8%
• Equity multiple: 1.99×
• Total profit: $194,042
• Equity at exit: $60,523

Cash invested: $196,000 (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 06484

• Rents YoY: 2.5%
• Active inventory: 143
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $8,331 medium
• Mortgage (P&I): −$3,671
• Tax from tax record: −$317 /mo · $3,801/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,750
• Net cashflow: $2,302

Break-even live

Break-even rent $5,417

Max offer price $700,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$8,331
Total (3 units)			$8,331

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
832 Quarter Mile Rd Orange, CT	5.0	3.5	2148	$5,000	$2.33	10d	1	0.59mi

Listing history 19 events

1. 2026-06-18
   days on market $700,000 Active 42 DOM
2. 2026-06-17
   days on market $700,000 Active 41 DOM
3. 2026-06-16
   days on market $700,000 Active 40 DOM
4. 2026-06-15
   days on market $700,000 Active 39 DOM
5. 2026-06-13
   days on market $700,000 Active 37 DOM
6. 2026-06-10
   days on market $700,000 Active 34 DOM
7. 2026-06-09
   days on market $700,000 Active 33 DOM
8. 2026-06-08
   days on market $700,000 Active 32 DOM
9. 2026-06-07
   days on market $700,000 Active 31 DOM
10. 2026-06-03
    days on market $700,000 Active 27 DOM
11. 2026-06-03
    days on market $700,000 Active 26 DOM
12. 2026-06-01
    days on market $700,000 Active 25 DOM
13. 2026-05-31
    days on market $700,000 Active 24 DOM
14. 2026-05-07
    listed $700,000 Active 532-char remark
15. 2010-11-19
    soldstatus $137,500 190-char remark

    Show marketing remark (190 chars)

    Builders And Investors Take Note! Income Producing 3 Famil Y In Desirable Location Off Route 110 (River Rd). Large Level Yard W/Detached 2 Car Garage. House Needs Work. Ready For Quick Sale.

16. 2010-10-06
    listed $169,900 190-char remark

    Show marketing remark (190 chars)

    Builders And Investors Take Note! Income Producing 3 Famil Y In Desirable Location Off Route 110 (River Rd). Large Level Yard W/Detached 2 Car Garage. House Needs Work. Ready For Quick Sale.

17. 1998-05-18
    soldstatus $350,000
18. 1996-07-24
    soldstatus $108,000
19. 1996-02-25
    listed $124,900

ⓘ 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: $3,801 · $317/mo
• Projected year-2 tax: $9,390 · $783/mo
• Expected delta: +$5,590/yr (+$466/mo · 147.1%)

ⓘ 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 6/10 Major 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 41% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $99,972
• − Mortgage interest: −$39,211
• − Property taxes: −$3,801
• − Insurance: −$3,500
• − Repairs & maintenance: −$7,998
• − Management: −$7,998
• − Depreciation: −$20,364
• Taxable income: $17,101
• Est. tax owed @ 24.0%: −$4,104
• After-tax cash flow: $23,522/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: Shelton School District
• NCES district ID: 0904050
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 62% ▼ -9.00%
• Median HH income: $84,866
• Composite: 49.37/100
• National rank: #2016
• State rank: #64 of 153 in CT

Livability — Shelton

• Score: 78/100
• State rank: #36
• US rank: #2479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelton, CT
• County: Fairfield County · 765,532 people
• City population: 41,889
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 41,889
• Household income: $108,185
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 874.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 12% Asian 9% Two or more races 8% Black 6%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 8% Russian 3% Scotch-Irish 2%
• Foreign-born: 17% · Canada, China
• Languages at home: 78% English-only · Other Indo-European 8% Spanish 6% French/Haitian/Cajun 2%

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: ▼ -376.90%
• Current HPI: 247.639
• Rent YoY: ▲ 2.45%
• Metro: Bridgeport-Stamford-Norwalk, 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

+460.4% since first listed

6 events — show timeline

• 2026-05-07 Listed $700,000 Smart MLS
• 2010-11-19 Sold (MLS) $137,500 Smart MLS
• 2010-10-06 Listed $169,900 Smart MLS
• 1998-05-18 Sold (Public Records) $350,000 Public Records
• 1996-07-24 Sold (MLS) $108,000 Smart MLS
• 1996-02-25 Listed $124,900 Smart MLS

Property tax history

-0.7%/yr

Latest (2023): $3,801 · +0.0% YoY. Source: county tax records.