116 Old Foxon Rd · East Haven, CT 06513

$899,000

49 bd · 42.0 ba · 2,784 sqft · MultiFamily public records · 119 Days on market

Built 1920 0.34 ac lot $323/sqft · 85% above area

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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
• Rent growth +3.5/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 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 MLS

A 6-unit multifamily offering strong in-place income plus immediate upside through lease-up. Current rents: Unit 1-$1,300, Unit 2-$1,550, Unit 3-$1,300, Unit 6-$1,375; Units 4 (1BR) and 5 (2BR) are empty. In-place gross: $5,525/mo with pro-forma potential up to ~$8,925/mo (market rent: Unit 4-$1,550 and Unit 5-$1,850). Located in a Class A neighborhood in the desirable Foxon area, close to I-95 & Route 1, shopping, dining, and minutes to downtown New Haven/Yale and East Haven beaches/parks. With lease-up alone, this can be positioned to achieve an 8-cap, making it an ideal value-add play with strong long-term fundamentals.

Key facts

• Class a neighborhood
• Immediate upside
• Close to i-95

Tags

• MULTIFAMILY OFFERING
• STRONG IN-PLACE INCOME
• IMMEDIATE UPSIDE
• CLASS A NEIGHBORHOOD
• CLOSE TO I-95
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 7 × 7-bed/?-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $6k ($75k/yr) — positive. Per door: $892/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $899k).
• Recommended offer: $818k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 3.8% in East 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 70/100 on livability (#99 in CT) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, health & safety B+; Watch: schools D, amenities F, commute F.
• East Haven School District (suburban): math 25% / reading 40% proficiency, ranked #118 of 153 in CT (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.1%/yr); 101 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $15,300/mo this rent would consume 379% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $252k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($818k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $450k; list at $899k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 61% 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 $818,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.70% ✓
• Cap rate: 14.63%
• Cash-on-cash: 29.77%
• DSCR: 2.32
• GRM: 4.9

CMA / ARV

• ARV (median comp): $586,456
• List price: $899,000
• Delta: 53.29%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.5%
• Equity multiple: 2.07×
• Total profit: $269,541
• Equity at exit: $134,044

10-year hold

• IRR: 33.9%
• Equity multiple: 4.26×
• Total profit: $820,119
• Equity at exit: $77,729

Cash invested: $251,720 (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: 34.3×

Monthly cashflow live

• Estimated rent: $15,300 medium
• Mortgage (P&I): −$4,714
• Tax from tax record: −$752 /mo · $9,029/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,213
• Net cashflow: $6,246

Break-even live

Break-even rent $7,394

Max offer price $899,000

Occupancy floor 54%

Sensitivity live

Price	-10% $6,754	-5% $6,500	+0% $6,246	+5% $5,991	+10% $5,737
Rent	-10% $5,037	-5% $5,641	+0% $6,246	+5% $6,850	+10% $7,454
Rate	-1.0pp $6,698	-0.5pp $6,474	base $6,246	+0.5pp $6,013	+1.0pp $5,776

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

Units	Beds	Baths	Est. rent
▸ 7× units	7	—	$15,302
Total (7 units)			$15,300

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $899,000 Active 119 DOM
2. 2026-06-17
   days on market $899,000 Active 118 DOM
3. 2026-06-16
   days on market $899,000 Active 117 DOM
4. 2026-06-15
   days on market $899,000 Active 116 DOM
5. 2026-06-14
   days on market $899,000 Active 114 DOM
6. 2026-06-10
   days on market $899,000 Active 111 DOM
7. 2026-06-09
   days on market $899,000 Active 110 DOM
8. 2026-06-08
   days on market $899,000 Active 109 DOM
9. 2026-06-07
   days on market $899,000 Active 108 DOM
10. 2026-06-05
    days on market $899,000 Active 105 DOM
11. 2026-06-03
    days on market $899,000 Active 104 DOM
12. 2026-06-03
    days on market $899,000 Active 103 DOM
13. 2026-06-01
    days on market $899,000 Active 102 DOM
14. 2026-05-31
    days on market $899,000 Active 101 DOM
15. 2026-05-14
    price $899,000 638-char remark

    Show marketing remark (638 chars)

    A 6-unit multifamily offering strong in-place income plus immediate upside through lease-up. Current rents: Unit 1-$1,300, Unit 2-$1,550, Unit 3-$1,300, Unit 6-$1,375; Units 4 (1BR) and 5 (2BR) are empty. In-place gross: $5,525/mo with pro-forma potential up to ~$8,925/mo (market rent: Unit 4-$1,550 and Unit 5-$1,850). Located in a Class A neighborhood in the desirable Foxon area, close to I-95 & Route 1, shopping, dining, and minutes to downtown New Haven/Yale and East Haven beaches/parks. With lease-up alone, this can be positioned to achieve an 8-cap, making it an ideal value-add play with strong long-term fundamentals.

16. 2026-02-19
    listed $960,000 Active 638-char remark

    Show marketing remark (638 chars)

    A 6-unit multifamily offering strong in-place income plus immediate upside through lease-up. Current rents: Unit 1-$1,300, Unit 2-$1,550, Unit 3-$1,300, Unit 6-$1,375; Units 4 (1BR) and 5 (2BR) are empty. In-place gross: $5,525/mo with pro-forma potential up to ~$8,925/mo (market rent: Unit 4-$1,550 and Unit 5-$1,850). Located in a Class A neighborhood in the desirable Foxon area, close to I-95 & Route 1, shopping, dining, and minutes to downtown New Haven/Yale and East Haven beaches/parks. With lease-up alone, this can be positioned to achieve an 8-cap, making it an ideal value-add play with strong long-term fundamentals.

17. 2021-01-22
    soldstatus $450,000
18. 1991-08-15
    soldstatus $237,500
19. 1988-11-18
    soldstatus $170,000

ⓘ 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: $9,029 · $752/mo
• Projected year-2 tax: $14,134 · $1,178/mo
• Expected delta: +$5,105/yr (+$425/mo · 56.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% 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: $183,600
• − Mortgage interest: −$50,358
• − Property taxes: −$9,029
• − Insurance: −$4,495
• − Repairs & maintenance: −$14,688
• − Management: −$14,688
• − Depreciation: −$26,153
• Taxable income: $64,189
• Est. tax owed @ 24.0%: −$15,405
• After-tax cash flow: $59,541/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: East Haven School District
• NCES district ID: 0901290
• Math proficiency: 25% ▼ -7.00%
• Reading proficiency: 40% ▼ -7.00%
• Median HH income: $61,869
• Composite: 29.35/100
• National rank: #6534
• State rank: #118 of 153 in CT

Livability — East Haven

• Score: 70/100
• State rank: #99
• US rank: #7805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Haven, CT
• County: New Haven County · 688,236 people
• City population: 28,830
• 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

+428.8% since first listed

5 events — show timeline

• 2026-05-14 Price Changed $899,000 Smart MLS
• 2026-02-19 Listed $960,000 Smart MLS
• 2021-01-22 Sold (Public Records) $450,000 Public Records
• 1991-08-15 Sold (Public Records) $237,500 Public Records
• 1988-11-18 Sold (Public Records) $170,000 Public Records

Property tax history

+2.7%/yr

Latest (2023): $9,029 · +0.0% YoY. Source: county tax records.