373 Blatchley Ave · New Haven, CT 06513

$1,100,000

9 bd · 9.0 ba · 7,716 sqft · MultiFamily public records · 36 Days on market

Built 1910 6,098 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 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 (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare 9-unit multifamily opportunity offering significant value-add potential in a strong New Haven rental market. The property features oversized units with abundant natural light and separate, tenant-paid utilities. Several units include updated kitchens and baths, and some are equipped with high-efficiency Navien systems, providing a solid foundation for improvements. The property currently presents a lease-up and renovation opportunity for investors seeking to reposition and stabilize an asset with substantial upside. Market rents in the area support strong income potential, with 1-bedroom units achieving approximately $1,350/month and 2-bedrooms approximately $1,600/month. Ideally locat

Key facts

• Oversized units
• Updated kitchens
• 6,098 sq ft lot

Tags

• MULTIFAMILY OPPORTUNITY
• OVERSIZED UNITS
• ABUNDANT NATURAL LIGHT
• UPDATED KITCHENS
• HIGH-EFFICIENCY NAVIEN SYSTEMS
• STRONG INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $559/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.10M).
• Recommended offer: $1.07M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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: schools D+, 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.
• Market conditions: Rents rising fast (+4.1%/yr); 101 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $16,065/mo this rent would consume 397% 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 $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $308k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 19y 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 $375k; list at $1.10M implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% 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.

Recommended offer $1,067,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1910 — 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 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?
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: 1.46% ✓
• Cap rate: 11.78%
• Cash-on-cash: 19.59%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.52×
• Total profit: $160,610
• Equity at exit: $164,014

10-year hold

• IRR: 22.7%
• Equity multiple: 3.05×
• Total profit: $630,243
• Equity at exit: $95,108

Cash invested: $308,000 (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 06513

• Home prices YoY: -7.8%
• Rents YoY: 4.1%
• Active inventory: 101
• Price-to-rent: 51.4×

Monthly cashflow live

• Estimated rent: $16,065 high
• Mortgage (P&I): −$5,769
• Tax from tax record: −$1,436 /mo · $17,231/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,374
• Net cashflow: $5,029

Break-even live

Break-even rent $9,700

Max offer price $1,100,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$16,065
Total (9 units)			$16,065

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
189 Wooster St New Haven, CT	9.0	5.0	5631	$2,895	$0.51	2d	1	1.17mi

Listing history 37 events

1. 2026-03-20
   status Under Contract
2. 2026-02-10
   listed $1,100,000 Active
3. 2026-01-31
   historical
4. 2026-01-26
   status Active
5. 2026-01-05
   historical Under Contract - Continue to Show
6. 2025-12-17
   price $1,190,000
7. 2025-11-03
   price $1,200,000
8. 2025-08-12
   listed $1,240,000 Active
9. 2025-07-11
   historical
10. 2025-03-25
    listed $1,250,000 Active
11. 2025-02-19
    historical
12. 2024-08-21
    listed $1,250,000 Active
13. 2023-01-11
    historical
14. 2023-01-05
    listed $1,300,000 Active
15. 2015-03-13
    historical
16. 2014-07-12
    historical
17. 2014-06-12
    listed $250,000
18. 2013-07-11
    listed $250,000
19. 2012-10-28
    historical
20. 2012-09-07
    listed $239,900
21. 2012-09-06
    historical
22. 2012-07-18
    listed $269,900
23. 2012-07-18
    historical
24. 2012-06-25
    listed $274,900
25. 2012-06-25
    historical
26. 2012-02-02
    listed $299,900
27. 2012-02-01
    historical
28. 2011-11-22
    listed $319,900
29. 2011-11-22
    historical
30. 2011-10-29
    listed $359,900
31. 2011-04-02
    historical
32. 2010-04-03
    listed $399,900
33. 2007-09-22
    historical
34. 2007-03-23
    listed $649,000
35. 2004-04-29
    soldstatus $375,000
36. 2002-09-25
    soldstatus $190,000
37. 1987-10-21
    soldstatus $379,000

ⓘ 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: $17,231 · $1,436/mo
• Projected year-2 tax: $20,386 · $1,699/mo
• Expected delta: +$3,154/yr (+$263/mo · 18.3%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $192,780
• − Mortgage interest: −$61,617
• − Property taxes: −$17,231
• − Insurance: −$5,500
• − Repairs & maintenance: −$15,422
• − Management: −$15,422
• − Depreciation: −$32,000
• Taxable income: $45,587
• Est. tax owed @ 24.0%: −$10,941
• After-tax cash flow: $49,402/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

+190.2% since first listed

37 events — show timeline

• 2026-03-20 Pending — Smart MLS
• 2026-02-10 Listed $1,100,000 Smart MLS
• 2026-01-31 Listing Removed — Smart MLS
• 2026-01-26 Relisted — Smart MLS
• 2026-01-05 Contingent — Smart MLS
• 2025-12-17 Price Changed $1,190,000 Smart MLS
• 2025-11-03 Price Changed $1,200,000 Smart MLS
• 2025-08-12 Listed $1,240,000 Smart MLS
• 2025-07-11 Listing Removed — Smart MLS
• 2025-03-25 Listed $1,250,000 Smart MLS
• 2025-02-19 Listing Removed — Smart MLS
• 2024-08-21 Listed $1,250,000 Smart MLS
• 2023-01-11 Listing Removed — Smart MLS
• 2023-01-05 Listed $1,300,000 Smart MLS
• 2015-03-13 Listing Removed — Smart MLS
• 2014-07-12 Listing Removed — Smart MLS
• 2014-06-12 Listed $250,000 Smart MLS
• 2013-07-11 Listed $250,000 Smart MLS
• 2012-10-28 Listing Removed — Smart MLS
• 2012-09-07 Listed $239,900 Smart MLS
• 2012-09-06 Listing Removed — Smart MLS
• 2012-07-18 Listing Removed — Smart MLS
• 2012-07-18 Listed $269,900 Smart MLS
• 2012-06-25 Listing Removed — Smart MLS
• 2012-06-25 Listed $274,900 Smart MLS
• 2012-02-02 Listed $299,900 Smart MLS
• 2012-02-01 Listing Removed — Smart MLS
• 2011-11-22 Listing Removed — Smart MLS
• 2011-11-22 Listed $319,900 Smart MLS
• 2011-10-29 Listed $359,900 Smart MLS
• 2011-04-02 Listing Removed — Smart MLS
• 2010-04-03 Listed $399,900 Smart MLS
• 2007-09-22 Listing Removed — Smart MLS
• 2007-03-23 Listed $649,000 Smart MLS
• 2004-04-29 Sold (Public Records) $375,000 Public Records
• 2002-09-25 Sold (Public Records) $190,000 Public Records
• 1987-10-21 Sold (Public Records) $379,000 Public Records

Property tax history

+4.4%/yr

Latest (2023): $17,231 · -6.4% YoY. Source: county tax records.