196 Park St · Hartford, CT 06106

$1,550,000

24 bd · 12.0 ba · 7,128 sqft · MultiFamily · 17 Days on market

Built 1890 Good condition 0.28 ac 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 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 opportunity to acquire a 12-unit multifamily portfolio consisting of two 6-family properties located at 196 Park Street and 38 Brown Street in Hartford, Connecticut. Offering immediate scale, strong in-place cash flow, and operational efficiencies, this package is ideal for investors seeking a larger multifamily asset in one of Connecticut's strongest rental markets. The portfolio features a desirable mix of six 3-bedroom units and six 2-bedroom units, appealing to a broad tenant base and supporting long-term occupancy. Both properties benefit from tenant-paid utilities, off-street parking, public water and sewer, and gas heat, helping to minimize operating expenses and maximize invest

Key facts

• 0.28 acre lot
• 10 parking spots
• Built 1890

Property features AI

Exterior

• Parking: Off-street parking; 10 total parking spaces
• Utilities: Public water connected; Public sewer connected; Natural gas hot water with 50-gallon tank
• Home design: Multi-family property (5+ units)
• Construction: Brick construction; Stone foundation; Built area approximately 7,128 (per public record)
• Exterior features: Level lot; Brick exterior siding; Flat roof

Interior

• Bedrooms: 30 total bedrooms
• Bathrooms: 12 full bathrooms
• Heating & cooling: Hot water heating; Natural gas fuel
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 6×2bd/1.0ba + 6×3bd/1.0ba units multifamily listed at $1.55M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $9k ($106k/yr) — positive. Per door: $739/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.55M).
• Recommended offer: $1.53M (1.5% below list) — sets the bar for market timing.

Location & tenants

• 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.
• 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).
• At $24,780/mo this rent would consume 642% 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.

Forward outlook

• In year one you build about $32k of equity ($11k loan paydown + $21k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 2.4% rent growth), your $434k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$113k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($1.53M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $1,526,750 (1.5% 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 1890 — 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. 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: 1.60% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.51%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.38% appreciation · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 2.40×
• Total profit: $606,998
• Equity at exit: $559,639

10-year hold

• IRR: 28.8%
• Equity multiple: 4.50×
• Total profit: $1,520,754
• Equity at exit: $767,886

Cash invested: $434,000 (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 06106

• Home prices YoY: 0.4%
• Rents YoY: 2.4%
• Active inventory: 62
• Price-to-rent: 65.6×

Monthly cashflow live

• Estimated rent: $24,780 high
• Mortgage (P&I): −$8,128
• Tax est. 1.5%: −$1,938 /mo · $23,250/yr
• Insurance: −$646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,204
• Net cashflow: $8,864

Break-even live

Break-even rent $13,559

Max offer price $1,550,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$11,808
▸ 6× units	3	1	$12,966
Total (12 units)			$24,780

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: $387,500
• Closing costs: $46,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $1,550,000 Active 17 DOM
2. 2026-06-17
   days on market $1,550,000 Active 16 DOM
3. 2026-06-16
   days on market $1,550,000 Active 15 DOM
4. 2026-06-15
   days on market $1,550,000 Active 14 DOM
5. 2026-06-13
   days on market $1,550,000 Active 12 DOM
6. 2026-06-13
   days on market $1,550,000 Active 11 DOM
7. 2026-06-10
   days on market $1,550,000 Active 9 DOM
8. 2026-06-09
   days on market $1,550,000 Active 8 DOM
9. 2026-06-08
   days on market $1,550,000 Active 7 DOM
10. 2026-06-07
    days on market $1,550,000 Active 6 DOM
11. 2026-06-05
    days on market $1,550,000 Active 3 DOM
12. 2026-06-03
    days on market $1,550,000 Active 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $1,550,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $297,360
• − Mortgage interest: −$86,824
• − Property taxes: −$23,250
• − Insurance: −$7,750
• − Repairs & maintenance: −$23,789
• − Management: −$23,789
• − Depreciation: −$45,091
• Taxable income: $86,867
• Est. tax owed @ 24.0%: −$20,848
• After-tax cash flow: $85,526/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 12-unit multifamily property is in excellent condition with recent renovations, making it a strong investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace window seals — Improves energy efficiency and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace window seals — Improves energy efficiency and reduces maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 36,322
• Household income: $46,304
• Rent vs Own: 76.7% rent · 23.3% own
• Severe rent burden: 3400.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 25% Black 18% White 15% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 42% Dominican 6%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 46% English-only · Spanish 47% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.38%
• Current HPI: 314.0899
• Rent YoY: ▲ 2.37%
• Metro: Hartford-East Hartford-Middletown, 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

+174.3% since first listed

3 events — show timeline

• 2026-05-28 Listed $1,550,000 Smart MLS
• 2022-11-29 Listing Removed — Smart MLS
• 2022-11-07 Listed $565,000 Smart MLS