47 Spring St · Wallingford, CT 06492

$589,900

6 bd · 4.0 ba · 2,551 sqft · MultiFamily public records · 20 Days on market

Built 1900 7,405 sqft lot Est $467k · 26% over

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Why this score? — see what drove the D 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 +21.1/30.0
• DSCR +6.7/10.0
• 1% rule +4.9/10.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Must see multi! 1St flr 3brs,2 full bths. Kit w/nwr cabs, ct flr. Some nwr mech,thermopne wndws. Nice home for owner occup or invstmnt. No showings til oct 2

Key facts

• Dog park
• Town amenities
• Wharton brook park

Tags

• RECENTLY RENOVATED
• PRIME RENTAL LOCATION
• CLOSE TO DOWNTOWN
• TOWN AMENITIES
• DOG PARK
• WHARTON BROOK PARK

Property features AI

Exterior

• Parking: Off-street parking; 3 total parking spaces
• Utilities: Public water connected; Public sewer connected; Natural gas hot water; Heat fuel: Electric and Natural Gas
• Home design: Multi-family (3-family); Multi-Family For Sale
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Brick and concrete foundation; Grey exterior color
• Exterior features: Enclosed porch; Open porch; Sidewalk; Shed; Gutters; Level lot

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 4 full bathrooms
• Heating & cooling: Baseboard heating; Hot air heating; Programmable thermostat; Thermopane windows
• Interior features: 12 total rooms; Finished walk-up attic; Full, unfinished basement with hatchway; Lighting automation
• Laundry & utility: Basement laundry hook-ups

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $590k.

Deal economics

• At list price, monthly cash flow is $838 ($10k/yr) — positive. Per door: $279/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $582k (1.4% below list).
• Recommended offer: $581k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Wallingford School District (suburban): math 34% / reading 49% proficiency, ranked #94 of 153 in CT (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Mark T. Sheehan High School (math 28% / reading 53%, grade F, #104 of 194 statewide, top 54%, 722 students, 27% FRL).
• Market conditions: 111 active listings in the ZIP; solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,815/mo this rent would consume 66% of the median local household income ($105k/yr) (locally 959% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $218k; list at $590k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $581,051 (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 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.09%
• DSCR: 1.27
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $466,833
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
67 Spring St	0.05mi	5/3.0 (-1)	2,610 (+2%)	4mo	$545,000	$209	82
246 Ward St	0.15mi	6/2.0	2,727 (+7%)	15mo	$500,000	$183	61
91 N Orchard St	0.36mi	7/3.0 (+1)	2,574 (+1%)	20mo	$490,000	$190	56
33 S Elm St	0.41mi	6/2.0	2,742 (+8%)	18mo	$365,000	$133	45
34 Fair St	0.35mi	5/2.0 (-1)	2,248 (-12%)	11mo	$460,000	$205	42
95 Bull Ave	0.49mi	5/3.0 (-1)	2,836 (+11%)	10mo	$500,000	$176	42
62-64 East St	0.42mi	6/2.0	2,298 (-10%)	18mo	$308,500	$134	41

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: -6.9%
• Equity multiple: 0.74×
• Total profit: $-42,333
• Equity at exit: $87,956

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $31,410
• Equity at exit: $51,004

Cash invested: $165,172 (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 06492

• Active inventory: 111
• Price-to-rent: 25.4×

Monthly cashflow live

• Estimated rent: $5,815 high
• Mortgage (P&I): −$3,093
• Tax from tax record: −$417 /mo · $5,000/yr
• Insurance: −$246
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,221
• Net cashflow: $838

Break-even live

Break-even rent $4,754

Max offer price $589,900

Occupancy floor 81%

Sensitivity live

Price	-10% $1,172	-5% $1,005	+0% $838	+5% $671	+10% $504
Rent	-10% $379	-5% $608	+0% $838	+5% $1,068	+10% $1,297
Rate	-1.0pp $1,135	-0.5pp $988	base $838	+0.5pp $685	+1.0pp $530

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$5,814
Total (3 units)			$5,815

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: $147,475
• Closing costs: $17,697
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $589,900 Active 20 DOM
2. 2026-06-17
   days on market $589,900 Active 19 DOM
3. 2026-06-16
   days on market $589,900 Active 18 DOM
4. 2026-06-15
   days on market $589,900 Active 17 DOM
5. 2026-06-14
   days on market $589,900 Active 15 DOM
6. 2026-06-10
   days on market $589,900 Active 12 DOM
7. 2026-06-09
   days on market $589,900 Active 11 DOM
8. 2026-06-08
   days on market $589,900 Active 10 DOM
9. 2026-06-07
   days on market $589,900 Active 9 DOM
10. 2026-06-05
    days on market $589,900 Active 6 DOM
11. 2026-06-03
    days on market $589,900 Active 5 DOM
12. 2026-06-03
    days on market $589,900 Active 4 DOM
13. 2026-06-01
    days on market $589,900 Active 3 DOM
14. 2026-05-31
    days on market $589,900 Active 2 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: $5,000 · $417/mo
• Projected year-2 tax: $8,812 · $734/mo
• Expected delta: +$3,812/yr (+$318/mo · 76.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,780
• − Mortgage interest: −$33,044
• − Property taxes: −$5,000
• − Insurance: −$2,950
• − Repairs & maintenance: −$5,582
• − Management: −$5,582
• − Depreciation: −$17,161
• Taxable income: $461
• Est. tax owed @ 24.0%: −$111
• After-tax cash flow: $9,944/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: Wallingford School District
• NCES district ID: 0904740
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 49% ▼ -7.00%
• Median HH income: $73,423
• Composite: 37.92/100
• National rank: #4310
• State rank: #94 of 153 in CT

Livability — Wallingford

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Wallingford Center, CT
• County: New Haven County · 688,236 people
• City population: 44,498
• Metro: New Haven-Milford, CT
• Population (ZIP): 44,498
• Household income: $105,061
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 959.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 11% Two or more races 6% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3%
• Common ancestry: Romanian 11% Lithuanian 5% Russian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 8% Other Indo-European 4% 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: ▼ -259.08%
• Current HPI: 248.4652
• Rent YoY: —
• 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

+268.9% since first listed

7 events — show timeline

• 2026-05-28 Listed $589,900 Smart MLS
• 2003-01-24 Sold (MLS) $218,000 Smart MLS
• 2003-01-21 Sold (Public Records) $218,000 Public Records
• 2002-09-26 Listed $229,900 Smart MLS
• 2000-12-13 Sold (Public Records) $160,000 Public Records
• 2000-12-12 Sold (MLS) $160,000 Smart MLS
• 2000-10-23 Listed $159,900 Smart MLS

Property tax history

+1.2%/yr

Latest (2023): $5,000 · +1.1% YoY. Source: county tax records.