22 Helen St · New Haven, CT 06518

$292,100

6 bd · 3.0 ba · 2,640 sqft · MultiFamily public records · 17 Days on market

Built 1926 5,227 sqft lot Est $480k · 39% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• Rent growth +2.6/5.0
• 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

Opportunity knocks for this spacious three-family home located on a corner lot close to highways, shopping, parks, downtown New Haven and Hamden center. The first floor and second floor units include 2 bedrooms, 1 bathroom, kitchen, living room, and dining room. The top floor features 2 beds, 1 bath, kitchen, and living room. The front porch and second-floor balcony offer outdoor space. Detached 3-car garage adds valuable off-street parking. All units have separate electric and gas utilities. Property needs updating - set up a showing today to see the possibilities. 4 year property tax phase-in underway. Property is back on market.

Key facts

• Outdoor space
• Corner lot
• Detached garage

Tags

• CORNER LOT
• OUTDOOR SPACE
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage (3-car)
• Utilities: Public water connected; Public sewer connected; Thermopane windows
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Brick and stone foundation; Asphalt shingle roof; Aluminum siding
• Exterior features: Balcony; Porch; Level lot

Interior

• Bedrooms: 6 bedrooms total
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot water heating; Natural gas fuel
• Interior features: Full, unfinished basement; 14 total rooms (multi-family)
• Laundry & utility: 40-gallon natural gas hot water tank

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $292k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $292k).
• Recommended offer: $288k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 4.9% in New 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 79/100 on livability (#31 in CT, #2,190 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D, crime F.
• Hamden School District (suburban): math 30% / reading 43% proficiency, ranked #106 of 153 in CT (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hamden Middle School (math 27% / reading 43%, grade F, #123 of 175 statewide, top 70%, 811 students, 40% FRL); Hamden High School (math 21% / reading 44%, grade F, #125 of 194 statewide, top 66%, 1,672 students, 39% FRL).
• Market conditions: Rents flat; 84 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 $5,752/mo this rent would consume 65% of the median local household income ($107k/yr) (locally 692% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $82k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($288k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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: property tax is 3.5% of price; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 53% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $287,718 (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 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
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: 1.97% ✓
• Cap rate: 14.69%
• Cash-on-cash: 29.98%
• DSCR: 2.33
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $480,480
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 Helen St	0.36mi	7/3.0 (+1)	2,795 (+6%)	14mo	$540,000	$193	57
78 Church St	0.49mi	6/3.0	2,853 (+8%)	10mo	$440,000	$154	55
75 Concord St	0.46mi	6/3.0	3,016 (+14%)	1mo	$549,000	$182	54
57 North St	0.33mi	6/2.0	2,931 (+11%)	12mo	$412,000	$141	52
42 Pine St	0.50mi	6/2.0	2,304 (-13%)	2mo	$470,000	$204	50
42 Collins St	0.25mi	5/3.0 (-1)	3,035 (+15%)	12mo	$460,000	$152	48
53 2nd St	0.23mi	6/3.0	2,250 (-15%)	19mo	$425,000	$189	48
31 Lexington St	0.33mi	7/3.0 (+1)	2,841 (+8%)	22mo	$480,000	$169	48
212 Putnam Ave	0.74mi	6/3.0	2,598 (-2%)	18mo	$405,000	$156	47
1492 Dixwell Ave	0.55mi	6/4.0	2,960 (+12%)	8mo	$580,000	$196	43
46 Millis St	0.56mi	5/2.0 (-1)	2,304 (-13%)	10mo	$440,000	$191	35

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 · 0.33% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 1.83×
• Total profit: $68,123
• Equity at exit: $43,553

10-year hold

• IRR: 27.3%
• Equity multiple: 3.08×
• Total profit: $169,885
• Equity at exit: $25,255

Cash invested: $81,788 (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 06518

• Rents YoY: 0.3%
• Active inventory: 84
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $5,752 high
• Mortgage (P&I): −$1,532
• Tax from tax record: −$848 /mo · $10,170/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,208
• Net cashflow: $2,043

Break-even live

Break-even rent $3,166

Max offer price $292,100

Occupancy floor 59%

Sensitivity live

Price	-10% $2,208	-5% $2,126	+0% $2,043	+5% $1,960	+10% $1,878
Rent	-10% $1,589	-5% $1,816	+0% $2,043	+5% $2,270	+10% $2,497
Rate	-1.0pp $2,190	-0.5pp $2,117	base $2,043	+0.5pp $1,967	+1.0pp $1,890

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,751
Total (3 units)			$5,752

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: $73,025
• Closing costs: $8,763
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-04-30
   status Under Contract
2. 2026-04-09
   listed $292,100 Active
3. 2026-03-23
   historical
4. 2025-11-04
   status Under Contract
5. 2025-10-13
   listed $307,400 Active
6. 2025-07-10
   historical
7. 2025-05-19
   status Under Contract
8. 2025-05-02
   listed $307,400 Active
9. 2005-07-05
   soldstatus $320,000
10. 2005-07-05
    soldstatus $320,000
11. 2005-05-13
    listed $329,900
12. 1994-12-19
    soldstatus $80,000

ⓘ 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: $10,170 · $848/mo
• Projected year-2 tax: $10,170 · $848/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 53% 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: $69,024
• − Mortgage interest: −$16,362
• − Property taxes: −$10,170
• − Insurance: −$1,460
• − Repairs & maintenance: −$5,522
• − Management: −$5,522
• − Depreciation: −$8,497
• Taxable income: $21,490
• Est. tax owed @ 24.0%: −$5,158
• After-tax cash flow: $19,359/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: Hamden School District
• NCES district ID: 0901860
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $68,821
• Composite: 33.34/100
• National rank: #5490
• State rank: #106 of 153 in CT

Livability — New Haven

• Score: 79/100
• State rank: #31
• US rank: #2190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New Haven County · 688,236 people
• City population: 132,813
• Metro: New Haven-Milford, CT
• Population (ZIP): 20,126
• Household income: $106,692
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 692.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 15% Hispanic / Latino 7% Asian 6% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 4% Hispanic 2% Scotch-Irish 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 86% English-only · Spanish 4% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -166.95%
• Current HPI: 227.7908
• Rent YoY: ▲ 0.33%
• 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

+265.1% since first listed

12 events — show timeline

• 2026-04-30 Pending — Smart MLS
• 2026-04-09 Listed $292,100 Smart MLS
• 2026-03-23 Listing Removed — Smart MLS
• 2025-11-04 Pending — Smart MLS
• 2025-10-13 Listed $307,400 Smart MLS
• 2025-07-10 Listing Removed — Smart MLS
• 2025-05-19 Pending — Smart MLS
• 2025-05-02 Listed $307,400 Smart MLS
• 2005-07-05 Sold (Public Records) $320,000 Public Records
• 2005-07-05 Sold (MLS) $320,000 Smart MLS
• 2005-05-13 Listed $329,900 Smart MLS
• 1994-12-19 Sold (Public Records) $80,000 Public Records

Property tax history

+5.0%/yr

Latest (2023): $10,170 · +1.6% YoY. Source: county tax records.