257 Lexington Ave · New Haven, CT 06513

$689,900

6 bd · 3.0 ba · 3,501 sqft · MultiFamily public records · 9 Days on market

Built 1905 8,712 sqft lot Est $508k · 36% over

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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 +15.8/30.0
• DSCR +4.9/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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

Property will qualify for fha. Seller installing 2 new furnaces. Updated windows. 1St and 2nd floor has 2 full baths. Updated kitchens and baths. Minor tlc only required. All offers are subject to senior management approval. Not a short sale.

Key facts

• Spacious layouts
• Income potential
• Updated mechanicals

Tags

• INCOME POTENTIAL
• SPACIOUS LAYOUTS
• EXCELLENT CONDITION
• UPDATED MECHANICALS
• NEWER SIDING
• NEWER WINDOWS

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water connected; Public sewer connected; Hot water: natural gas and electric (domestic)
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Brick and concrete foundation
• Exterior features: Asphalt shingle roof; Vinyl siding

Interior

• Kitchen:
• Bedrooms: 9 bedrooms
• Flooring:
• Bathrooms: 5 full bathrooms
• Heating & cooling: Hot air heating; Natural gas heat
• Interior features: 17 total rooms; Full, unfinished basement; Window-unit cooling
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2×3bd/2ba + 1×3bd/1ba units multifamily listed at $690k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive. Per door: $107/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $618k (10.5% below list).
• Recommended offer: $618k (10.5% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.8% in New 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 79/100 on livability (#31 in CT, #2,190 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D, crime F.
• New Haven School District (urban): math 12% / reading 25% proficiency, ranked #147 of 153 in CT (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Betsy Ross Arts Magnet School (math 12% / reading 27%, grade F, #161 of 175 statewide, top 93%, 327 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 102 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $6,176/mo this rent would consume 153% of the median local household income ($48k/yr) (locally 2664% 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 22y 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 $170k; list at $690k implies a 306% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% 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 $617,600 (10.5% below list)

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 1905 — 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. 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: 6.85%
• Cash-on-cash: 1.99%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $507,645
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
483 Quinnipiac Ave	0.20mi	6/3.0	3,546 (+1%)	13mo	$540,000	$152	78
248 Lexington Ave	0.03mi	6/3.0	3,303 (-6%)	18mo	$450,000	$136	74
169 Farren Ave	0.53mi	6/3.0	3,376 (-4%)	1mo	$385,000	$114	68
320 Lexington Ave	0.12mi	6/4.0	3,328 (-5%)	21mo	$525,000	$158	65
800 Quinnipiac Ave	0.44mi	7/3.0 (+1)	3,126 (-11%)	0mo	$725,000	$232	56
193 Farren Ave	0.50mi	7/4.5 (+1)	3,132 (-10%)	3mo	$485,000	$155	46
33 Chapel St	0.44mi	7/2.0 (+1)	2,976 (-15%)	1mo	$480,000	$161	45
26 Clifton St	0.31mi	6/5.0	3,888 (+11%)	19mo	$495,000	$127	44
146-148 Farren Ave	0.58mi	6/3.0	3,270 (-7%)	24mo	$340,000	$104	42
32 Chatham St	0.74mi	5/4.0 (-1)	3,271 (-7%)	20mo	$430,000	$131	29
60 Chatham St	0.74mi	5/3.0 (-1)	3,053 (-13%)	16mo	$444,000	$145	25

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.56×
• Total profit: $-84,363
• Equity at exit: $102,866

10-year hold

• IRR: -1.3%
• Equity multiple: 0.91×
• Total profit: $-17,757
• Equity at exit: $59,650

Cash invested: $193,172 (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 06513

• Home prices YoY: -7.8%
• Rents YoY: 4.1%
• Active inventory: 102
• Price-to-rent: 27.9×

Monthly cashflow live

• Estimated rent: $6,176 high
• Mortgage (P&I): −$3,618
• Tax from tax record: −$653 /mo · $7,835/yr
• Insurance: −$287
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,297
• Net cashflow: $321

Break-even live

Break-even rent $5,770

Max offer price $689,900

Occupancy floor 90%

Sensitivity live

Price	-10% $711	-5% $516	+0% $321	+5% $125	+10% $-70
Rent	-10% $-167	-5% $77	+0% $321	+5% $565	+10% $809
Rate	-1.0pp $668	-0.5pp $496	base $321	+0.5pp $142	+1.0pp $-40

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,118
1× unit	3	1	$2,059
Total (3 units)			$6,176

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: $172,475
• Closing costs: $20,697
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-07
   statusdays on market $689,900 Under Contract 9 DOM
2. 2026-06-05
   days on market $689,900 Active 8 DOM
3. 2026-06-03
   days on market $689,900 Active 7 DOM
4. 2026-06-03
   days on market $689,900 Active 6 DOM
5. 2026-06-01
   days on market $689,900 Active 5 DOM
6. 2026-05-31
   days on market $689,900 Active 4 DOM
7. 2026-05-27
   listed $689,900 Active
8. 2022-05-17
   historical
9. 2022-04-30
   listed $499,900 Active
10. 2022-04-27
    historical
11. 2011-05-20
    soldstatus $170,000 242-char remark

    Show marketing remark (242 chars)

    Property will qualify for fha. Seller installing 2 new furnaces. Updated windows. 1St and 2nd floor has 2 full baths. Updated kitchens and baths. Minor tlc only required. All offers are subject to senior management approval. Not a short sale.

12. 2011-04-21
    listed $184,900 242-char remark

    Show marketing remark (242 chars)

    Property will qualify for fha. Seller installing 2 new furnaces. Updated windows. 1St and 2nd floor has 2 full baths. Updated kitchens and baths. Minor tlc only required. All offers are subject to senior management approval. Not a short sale.

13. 2008-08-31
    historical
14. 2008-05-15
    listed $449,500
15. 2004-12-17
    soldstatus $256,000
16. 2004-09-27
    listed $269,900

ⓘ 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: $7,835 · $653/mo
• Projected year-2 tax: $11,299 · $942/mo
• Expected delta: +$3,464/yr (+$289/mo · 44.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,112
• − Mortgage interest: −$38,645
• − Property taxes: −$7,835
• − Insurance: −$3,450
• − Repairs & maintenance: −$5,929
• − Management: −$5,929
• − Depreciation: −$20,070
• Taxable loss: −$7,745
• Est. tax savings @ 24.0%: +$1,859
• After-tax cash flow: $5,708/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: New Haven School District
• NCES district ID: 0902790
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $38,058
• Composite: 15.48/100
• National rank: #9308
• State rank: #147 of 153 in CT

Livability — New Haven

• Score: 79/100
• State rank: #31
• US rank: #2190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Haven, CT
• County: New Haven County · 688,236 people
• City population: 132,813
• Metro: New Haven-Milford, CT
• Population (ZIP): 38,888
• Household income: $48,500
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 2664.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 47% White 26% Black 22% Two or more races 12% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 25% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, South Korea
• Languages at home: 56% English-only · Spanish 39% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -30.87%
• Current HPI: 364.006
• Rent YoY: ▲ 4.12%
• 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

+155.6% since first listed

10 events — show timeline

• 2026-05-27 Listed $689,900 Smart MLS
• 2022-05-17 Listing Removed — Smart MLS
• 2022-04-30 Listed $499,900 Smart MLS
• 2022-04-27 Coming Soon — Smart MLS
• 2011-05-20 Sold (MLS) $170,000 Smart MLS
• 2011-04-21 Listed $184,900 Smart MLS
• 2008-08-31 Listing Removed — Smart MLS
• 2008-05-15 Listed $449,500 Smart MLS
• 2004-12-17 Sold (MLS) $256,000 Smart MLS
• 2004-09-27 Listed $269,900 Smart MLS

Property tax history

+3.8%/yr

Latest (2023): $7,835 · -6.4% YoY. Source: county tax records.