381 Congress Ave · Waterbury, CT 06708

$439,000

6 bd · 3.0 ba · 3,009 sqft · MultiFamily public records · 56 Days on market

Built 1899 7,405 sqft lot $146/sqft · at area comps Est $440k · at est.

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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 +22.7/30.0
• ARV discount +7.6/15.0
• DSCR +7.3/10.0
• 1% rule +6.7/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Investors and owner-occupants take notice! This spacious 3-family property is ready for its next owner. Each floor features five generous rooms and in-unit laundry, with the flexibility to configure as 2 or 3 bedrooms. Additional highlights include a 1-car garage, off-street parking, and a convenient location right on the bus line and close to shops, schools, and major amenities. The property could benefit from some updating, but with solid bones and significant rental growth opportunity, it's a fantastic investment or owner-occupied opportunity. All units are fully occupied by long-term tenants, with rents well below market value, offering excellent upside potential.

Key facts

• Close to schools
• Off street parking
• Close to shops

Tags

• IN UNIT LAUNDRY
• 1 CAR GARAGE
• OFF STREET PARKING
• CONVENIENT LOCATION
• CLOSE TO SHOPS
• CLOSE TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $439k.

Deal economics

• At list price, monthly cash flow is $758 ($9k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $439k).
• Recommended offer: $426k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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); 123 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $5,117/mo this rent would consume 91% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $123k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $135k; list at $439k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — 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 $425,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1899 — 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 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: 1.17% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.40%
• DSCR: 1.33
• GRM: 7.1

CMA / ARV

• ARV (median comp): $440,412
• List price: $439,000
• Delta: -0.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
460 Congress Ave	0.10mi	5/3.0 (-1)	3,156 (+5%)	6mo	$412,500	$131	77
324 Congress Ave	0.09mi	6/3.0	2,760 (-8%)	8mo	$326,400	$118	76
293 Congress Ave	0.13mi	7/3.0 (+1)	3,100 (+3%)	12mo	$450,000	$145	74
465 Washington Ave	0.22mi	7/3.5 (+1)	2,822 (-6%)	2mo	$475,000	$168	71
37 N Leonard St	0.42mi	6/4.0	2,876 (-4%)	7mo	$370,000	$129	63
70 Vail St	0.27mi	7/3.0 (+1)	2,633 (-12%)	5mo	$450,000	$171	58
73 South St	0.70mi	6/3.0	3,240 (+8%)	2mo	$399,900	$123	53
127 Lounsbury St	0.66mi	7/3.0 (+1)	3,204 (+6%)	1mo	$420,000	$131	53
1380 Bank St	0.10mi	7/5.0 (+1)	3,432 (+14%)	10mo	$415,300	$121	51
60 South St	0.68mi	7/3.0 (+1)	2,892 (-4%)	10mo	$368,000	$127	48
163 Draher St	0.68mi	6/3.0	3,393 (+13%)	0mo	$415,000	$122	47
29 Madison St	0.65mi	6/3.0	2,710 (-10%)	10mo	$400,000	$148	44

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: 0.9%
• Equity multiple: 1.04×
• Total profit: $4,410
• Equity at exit: $65,456

10-year hold

• IRR: 15.3%
• Equity multiple: 2.55×
• Total profit: $190,019
• Equity at exit: $37,957

Cash invested: $122,920 (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: 123
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $5,117 high
• Mortgage (P&I): −$2,302
• Tax from tax record: −$799 /mo · $9,593/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,075
• Net cashflow: $758

Break-even live

Break-even rent $4,158

Max offer price $439,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,006	-5% $882	+0% $758	+5% $634	+10% $509
Rent	-10% $354	-5% $556	+0% $758	+5% $960	+10% $1,162
Rate	-1.0pp $979	-0.5pp $870	base $758	+0.5pp $644	+1.0pp $528

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$5,118
Total (3 units)			$5,117

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-08
   status Under Contract 676-char remark

   Show marketing remark (676 chars)

   Investors and owner-occupants take notice! This spacious 3-family property is ready for its next owner. Each floor features five generous rooms and in-unit laundry, with the flexibility to configure as 2 or 3 bedrooms. Additional highlights include a 1-car garage, off-street parking, and a convenient location right on the bus line and close to shops, schools, and major amenities. The property could benefit from some updating, but with solid bones and significant rental growth opportunity, it's a fantastic investment or owner-occupied opportunity. All units are fully occupied by long-term tenants, with rents well below market value, offering excellent upside potential.

2. 2026-03-13
   listed $439,000 Active 676-char remark

   Show marketing remark (676 chars)

   Investors and owner-occupants take notice! This spacious 3-family property is ready for its next owner. Each floor features five generous rooms and in-unit laundry, with the flexibility to configure as 2 or 3 bedrooms. Additional highlights include a 1-car garage, off-street parking, and a convenient location right on the bus line and close to shops, schools, and major amenities. The property could benefit from some updating, but with solid bones and significant rental growth opportunity, it's a fantastic investment or owner-occupied opportunity. All units are fully occupied by long-term tenants, with rents well below market value, offering excellent upside potential.

3. 2026-03-12
   historical
4. 2025-12-10
   listed $439,000 Active
5. 2011-12-19
   soldstatus $135,000
6. 2010-10-27
   listed $159,900
7. 2009-01-29
   soldstatus $59,000
8. 2008-12-30
   listed $64,900
9. 2007-07-28
   historical
10. 2007-03-19
    listed $239,900
11. 2007-03-14
    historical
12. 2006-09-14
    listed $249,900
13. 2005-10-19
    soldstatus $185,000
14. 2005-10-19
    soldstatus $185,000
15. 2005-10-18
    soldstatus $185,000
16. 2005-08-15
    listed $184,900
17. 1993-12-28
    soldstatus $76,220

ⓘ 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: $9,593 · $799/mo
• Projected year-2 tax: $9,593 · $799/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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,404
• − Mortgage interest: −$24,591
• − Property taxes: −$9,593
• − Insurance: −$2,195
• − Repairs & maintenance: −$4,912
• − Management: −$4,912
• − Depreciation: −$12,771
• Taxable income: $2,430
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $8,512/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

+476.0% since first listed

17 events — show timeline

• 2026-05-08 Pending — Smart MLS
• 2026-03-13 Listed $439,000 Smart MLS
• 2026-03-12 Listing Removed — Smart MLS
• 2025-12-10 Listed $439,000 Smart MLS
• 2011-12-19 Sold (MLS) $135,000 Smart MLS
• 2010-10-27 Listed $159,900 Smart MLS
• 2009-01-29 Sold (MLS) $59,000 Smart MLS
• 2008-12-30 Listed $64,900 Smart MLS
• 2007-07-28 Listing Removed — Smart MLS
• 2007-03-19 Listed $239,900 Smart MLS
• 2007-03-14 Listing Removed — Smart MLS
• 2006-09-14 Listed $249,900 Smart MLS
• 2005-10-19 Sold (Public Records) $185,000 Public Records
• 2005-10-19 Sold (Public Records) $185,000 Public Records
• 2005-10-18 Sold (MLS) $185,000 Smart MLS
• 2005-08-15 Listed $184,900 Smart MLS
• 1993-12-28 Sold (Public Records) $76,220 Public Records

Property tax history

+5.3%/yr

Latest (2023): $9,593 · +76.8% YoY. Source: county tax records.