102 Rowe Ave

Hartford, CT 06106

$460,000C

6 bd · 6.0 ba · 4,455 sqft · Built 1928 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,015/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$767
• HOA: −$0
• Vac / Maint / Mgmt: −$1,053
• Net cashflow: $783/mo
• Annual: $9,395/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• 1% rule: 1.09%
• Cash to close: $128,800

Investor read

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $460k.
• At list price, monthly cash flow is $783 ($9k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• It's been on market 62 days — a 6% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $432k (6.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($3k loan paydown + $6k appreciation (1.4% local appreciation)).
• 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.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.4%/yr); 62 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 3 sale attempts; this cycle's ask is 23% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (1.4% appreciation + 2.4% rent growth), your $129k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• At $5,015/mo this rent would consume 130% of the median local household income ($46k/yr) (locally 3400% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?