139 Richards St · West Haven, CT 06516

$449,900

4 bd · 2.0 ba · 2,220 sqft · MultiFamily public records · 5 Days on market

Built 1925 4,356 sqft lot Est $504k · 11% under

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Why this score? — see what drove the D+ 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 +13.3/30.0
• ARV discount +12.3/15.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• DSCR +4.0/10.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• 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

Welcome to this exceptional two-family home in the heart of West Haven, offering the perfect blend of owner-occupancy and investment potential. Meticulously maintained and move-in ready, this property features 4 bedrooms, 2 full bathrooms, high ceilings, and spacious living areas filled with natural light. The first-floor unit is currently owner-occupied, while the second-floor unit is ready for its next occupant, creating an immediate opportunity for rental income. Both units offer comfortable, functional floor plans designed to appeal to a wide range of tenants. A walk-up attic presents exciting possibilities for future expansion, additional living space, or ample storage, providing added

Key facts

• Future expansion
• Natural light
• Two-family home

Tags

• TWO-FAMILY HOME
• HIGH CEILINGS
• NATURAL LIGHT
• WALK-UP ATTIC
• FUTURE EXPANSION
• ADDITIONAL LIVING SPACE

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Public water connected; Public sewer connected; Electric hot water; Heat fuel: Natural gas and oil; Fuel tank located in basement
• Home design: Multi-family 2-family property
• Construction: Frame construction; Stone foundation; Asphalt shingle roof; Built as a multi-family building
• Exterior features: Corner lot; Level lot; Vinyl siding

Interior

• Bedrooms: 4 bedrooms (total)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Window unit cooling
• Interior features: 11 total rooms; Full basement; Attic with storage space, floored and walk-up; Multi-family layout with 2 total units

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $-2 ($-30/yr) — negative. Per door: $-1/mo.
• To cash-flow at today's rent, offer at most $449k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $404k (10.2% below list).
• Recommended offer: $404k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.3% in West Haven — 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 83/100 on livability (#6 in CT, #915 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D.
• West Haven School District (suburban): math 26% / reading 38% proficiency, ranked #121 of 153 in CT (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Haven High School (math 23% / reading 39%, grade F, #135 of 194 statewide, top 70%, 1,780 students, 53% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising (+3.9%/yr); 146 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,039/mo this rent would consume 65% of the median local household income ($74k/yr) (locally 2671% 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 55% 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 $403,900 (10.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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 1925 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.90% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $503,940
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
93 Spring St	0.42mi	4/2.0	2,160 (-3%)	3mo	$505,000	$234	74
76 Center St	0.63mi	4/2.0	2,201 (-1%)	2mo	$500,000	$227	68
16 Wharton St	0.12mi	5/3.0 (+1)	2,166 (-2%)	17mo	$565,500	$261	67
24 George St	0.28mi	4/2.0	2,548 (+15%)	6mo	$550,000	$216	57
959 First Ave	0.55mi	4/2.0	2,060 (-7%)	10mo	$450,000	$218	54
271 Elm St	0.33mi	3/2.0 (-1)	2,498 (+12%)	6mo	$240,000	$96	54
18 Smith St	0.52mi	5/2.0 (+1)	2,114 (-5%)	16mo	$400,000	$189	49
571 First Ave	0.38mi	4/2.5	1,923 (-13%)	14mo	$437,000	$227	46
203 Main St	0.64mi	5/2.0 (+1)	1,967 (-11%)	3mo	$510,000	$259	44
577 Third Ave	0.53mi	5/3.0 (+1)	2,406 (+8%)	16mo	$525,000	$218	39
404 Center St	0.68mi	3/2.0 (-1)	1,978 (-11%)	10mo	$454,000	$230	36
113 Terrace Ave	0.60mi	5/2.0 (+1)	2,542 (+14%)	16mo	$455,000	$179	30

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-69,258
• Equity at exit: $67,082

10-year hold

• IRR: -5.2%
• Equity multiple: 0.65×
• Total profit: $-44,631
• Equity at exit: $38,899

Cash invested: $125,972 (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 06516

• Rents YoY: 3.9%
• Active inventory: 146
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $4,039 high
• Mortgage (P&I): −$2,359
• Tax from tax record: −$646 /mo · $7,758/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$848
• Net cashflow: $-2

Break-even live

Break-even rent $4,042

Max offer price $449,463

Occupancy floor 95%

Sensitivity live

Price	-10% $252	-5% $125	+0% $-2	+5% $-130	+10% $-257
Rent	-10% $-322	-5% $-162	+0% $-2	+5% $157	+10% $317
Rate	-1.0pp $224	-0.5pp $112	base $-2	+0.5pp $-119	+1.0pp $-238

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,040
Total (2 units)			$4,039

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
271 Elm St Unit 2 West Haven, CT	4.0	2.0	1435	$3,000	$2.09	24d	1	0.33mi
50 Wood St West Haven, CT	3.0	1.0	2314	$2,400	$1.04	3d	1	0.36mi
69 Center St West Haven, CT	3.0	2.0	1530	$2,000	$1.31	14d	1	0.60mi
203 Main St Unit 2nd fl West Haven, CT	4.0	1.0	1967	$2,400	$1.22	24d	1	0.63mi
37 Center St Unit 2 West Haven, CT	5.0	2.0	2500	$3,300	$1.32	3d	1	0.66mi
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	24d	1	0.84mi
84 Morris St Unit 2nd Fl New Haven, CT	5.0	2.0	1410	$1,825	$1.29	3d	1	0.99mi
280 3rd Ave Unit 2nd fl West Haven, CT	4.0	2.0	1819	$2,500	$1.37	3d	1	1.06mi
69 Adeline St Unit D New Haven, CT	3.0	1.5	2600	$2,250	$0.87	24d	1	1.14mi
5 Oak Pl West Haven, CT	3.0	1.0	2300	$1,900	$0.83	3d	1	1.17mi
82 Gilbert St West Haven, CT	3.0	1.0	2641	$2,400	$0.91	44d	1	1.24mi
180 Peck Ave West Haven, CT	3.0	1.0	2740	$2,400	$0.88	24d	1	1.32mi
36 Cassius St New Haven, CT	4.0	1.5	1872	$2,300	$1.23	44d	1	1.34mi
34 Cassius St Unit 36 New Haven, CT	5.0	2.0	1872	$2,300	$1.23	44d	1	1.34mi
461 Howard Ave Unit 3 New Haven, CT	4.0	1.0	1450	$1,950	$1.34	45d	1	1.37mi

Listing history 6 events

1. 2026-06-05
   statusdays on market $449,900 Under Contract 5 DOM
2. 2026-06-03
   days on market $449,900 Active 4 DOM
3. 2026-06-03
   days on market $449,900 Active 3 DOM
4. 2026-06-01
   days on market $449,900 Active 2 DOM
5. 2026-05-31
   remarks 699-char remark
6. 2026-05-31
   listed $449,900 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: $7,758 · $646/mo
• Projected year-2 tax: $8,693 · $724/mo
• Expected delta: +$935/yr (+$78/mo · 12.1%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 55% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,468
• − Mortgage interest: −$25,201
• − Property taxes: −$7,758
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,877
• − Management: −$3,877
• − Depreciation: −$13,088
• Taxable loss: −$7,584
• Est. tax savings @ 24.0%: +$1,820
• After-tax cash flow: $1,790/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: West Haven School District
• NCES district ID: 0904950
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $52,405
• Composite: 28.05/100
• National rank: #6840
• State rank: #121 of 153 in CT

Livability — West Haven

• Score: 83/100
• State rank: #6
• US rank: #915

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Haven, CT
• County: New Haven County · 688,236 people
• City population: 55,351
• Metro: New Haven-Milford, CT
• Population (ZIP): 55,351
• Household income: $74,382
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2671.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Hispanic / Latino 26% Black 18% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Russian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 5% Arabic 3%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.86%
• Current HPI: 307.0655
• Rent YoY: ▲ 3.90%
• 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

• 2026-05-30 Listed $449,900 Smart MLS

Property tax history

+2.5%/yr

Latest (2023): $7,758 · +2.0% YoY. Source: county tax records.