176 S Main St · Putnam, CT 06260

$398,900

7 bd · 3.0 ba · 3,033 sqft · MultiFamily public records · 1 Days on market

Built 1895 7,840 sqft lot Est $382k · at est.

---

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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +5.5/15.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Nice looking 3 family on quiet dead end street. 3 Levels up/down. All 3bd, 1 bath. 1st level needs renovation, 2nd & 3rd level have leases. 1st & 2nd have laundry hookups in unit. Full basement with garage. Tenants pay all their own utilities. Worth a look. 1st level needs major renovation. No gov't financing, selling as-is.

Key facts

• Downtown putnam
• Off street parking
• Garage storage

Tags

• THREE FAMILY PROPERTY
• DOWNTOWN PUTNAM
• GARAGE STORAGE
• OFF STREET PARKING
• UPDATED FIRST FLOOR UNIT
• STRONG INCOME POTENTIAL

Property features AI

Finance

• Other: Located in Connecticut, Windham County; Nearby: commuter bus, medical facilities, public recreation, shopping/mall, walk to bus lines; Property access from Grove St to King St to S Main St, or School St to S Main St
• Financial info: Assessed value available

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water connected; Public sewer connected; Fuel tank located in basement (oil)
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Stone foundation
• Exterior features: Level lot; Vinyl siding; Asbestos siding; Asphalt shingle roof

Interior

• Bedrooms: 9 total bedrooms (across units)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Steam heat; Hot water from natural gas and electric (30-gallon tank)
• Interior features: Total of 18 rooms; Full basement with walk-out; Has attic with access via hatch

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $471/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Cap rate 10.7% vs local median 3.2% in Putnam — 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 66/100 on livability (#117 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety D+, amenities F, commute F.
• Putnam School District (suburban): math 25% / reading 34% proficiency, ranked #126 of 153 in CT (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Putnam Elementary School (math 31% / reading 33%, grade F, #361 of 553 statewide, top 68%, 571 students, 57% FRL); Putnam High School (math 34% / reading 54%, grade F, #94 of 194 statewide, top 49%, 253 students, 48% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 59 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y ago; this cycle's ask is 122% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; list at $399k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 53% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $398,900

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 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
8. 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.
9. 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: 1.29% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.79%
• DSCR: 1.70
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $382,158
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
182 Grove St	0.26mi	6/4.0 (-1)	3,139 (+4%)	18mo	$330,000	$105	58
70-74 Grove St	0.19mi	6/2.0 (-1)	3,337 (+10%)	21mo	$365,000	$109	48
52-54 School St	0.35mi	8/6.0 (+1)	3,096 (+2%)	22mo	$425,000	$137	44
86-88 Wilkinson St	0.39mi	6/2.0 (-1)	2,680 (-12%)	13mo	$370,000	$138	42
67 Walnut St	0.70mi	6/3.0 (-1)	2,615 (-14%)	12mo	$330,000	$126	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $25,444
• Equity at exit: $59,477

10-year hold

• IRR: 15.3%
• Equity multiple: 2.24×
• Total profit: $138,179
• Equity at exit: $34,490

Cash invested: $111,692 (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 06260

• Home prices YoY: -4.3%
• Active inventory: 59
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $5,140 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$333 /mo · $3,993/yr
• Insurance: −$166
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,079
• Net cashflow: $1,414

Break-even live

Break-even rent $3,350

Max offer price $398,900

Occupancy floor 67%

Sensitivity live

Price	-10% $1,640	-5% $1,527	+0% $1,414	+5% $1,301	+10% $1,188
Rent	-10% $1,008	-5% $1,211	+0% $1,414	+5% $1,617	+10% $1,820
Rate	-1.0pp $1,615	-0.5pp $1,516	base $1,414	+0.5pp $1,311	+1.0pp $1,206

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,139
Total (3 units)			$5,140

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: $99,725
• Closing costs: $11,967
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   statusdays on market $398,900 Active 1 DOM
2. 2026-06-18
   days on market $398,900 Coming Soon 2 DOM
3. 2026-06-17
   remarks 422-char remark
4. 2026-06-17
   listed $398,900 Coming Soon 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: $3,993 · $333/mo
• Projected year-2 tax: $6,265 · $522/mo
• Expected delta: +$2,272/yr (+$189/mo · 56.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 53% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,680
• − Mortgage interest: −$22,345
• − Property taxes: −$3,993
• − Insurance: −$2,661
• − Repairs & maintenance: −$4,934
• − Management: −$4,934
• − Depreciation: −$11,604
• Taxable income: $11,208
• Est. tax owed @ 24.0%: −$2,690
• After-tax cash flow: $14,281/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: Putnam School District
• NCES district ID: 0903480
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 34% ▼ -19.00%
• Median HH income: $51,031
• Composite: 25.85/100
• National rank: #7349
• State rank: #126 of 153 in CT

Livability — Putnam

• Score: 66/100
• State rank: #117
• US rank: #11486

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Putnam, CT
• Population (ZIP): 9,227

Population outlook (Northeastern Connecticut County) Hauer SSP2

• By 2040: 104,160

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 18% Romanian 5% Scotch-Irish 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Northeastern Connecticut

• 2024 margin: R (+15.4) · D 41.5% · R 57.0% · Other 1.5%
• All cycles: 2024: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.95%
• Current HPI: 332.9661
• Rent YoY: —
• Metro: —
• 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

+682.2% since first listed

10 events — show timeline

• 2026-06-16 Coming Soon $398,900 Smart MLS
• 2021-03-09 Sold (Public Records) $160,000 Public Records
• 2021-03-08 Sold (MLS) $160,000 Smart MLS
• 2021-01-15 Contingent — Smart MLS
• 2020-10-31 Relisted — Smart MLS
• 2020-10-15 Contingent — Smart MLS
• 2020-09-28 Relisted — Smart MLS
• 2020-09-07 Contingent — Smart MLS
• 2020-08-24 Listed $179,900 Smart MLS
• 1983-11-09 Sold (Public Records) $51,000 Public Records

Property tax history

+2.4%/yr

Latest (2023): $3,993 · +3.6% YoY. Source: county tax records.