30 Vine St

New Britain, CT 06052

$449,000D+

6 bd · 2.0 ba · 3,224 sqft · Built 1890 · MultiFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,638/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$831
• HOA: −$0
• Vac / Maint / Mgmt: −$764
• Net cashflow: $-312/mo
• Annual: $-3,743/yr
• Cap rate: 5.46%
• Cash-on-cash: -2.98%
• DSCR: 0.87
• 1% rule: 0.81%
• Cash to close: $125,720

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $449k.
• At list price, monthly cash flow is $-312 ($-4k/yr) — negative. Per door: $-156/mo.
• To cash-flow at today's rent, offer at most $394k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $364k (19.0% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $364k (19.0% below list) — sets the bar for 1% rule.
• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#67 in CT, #4,936 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime D, employment D.
• New Britain School District (suburban): math 6% / reading 17% proficiency, ranked #153 of 153 in CT (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln Elementary School (math 4% / reading 10%, grade F, #538 of 553 statewide, top 97%, 527 students, 80% FRL); Slade Middle School (math 0% / reading 8%, grade F, #174 of 175 statewide, top 99%, 795 students, 77% FRL); New Britain High School (math 10% / reading 31%, grade F, #162 of 194 statewide, top 83%, 2,331 students, 71% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 4 sale attempts since 19y ago; this cycle's ask is 138% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $180k; list at $449k implies a 149% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 4.2% in New Britain — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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?