40 Shelter St · New Haven, CT 06513

$499,990

6 bd · 4.0 ba · 3,092 sqft · MultiFamily public records · 9 Days on market

Built 1900 2,613 sqft lot $162/sqft · 13% above area Est $441k · 13% over

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Why this score? — see what drove the C+ 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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Schools +1.5/10.0
• 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

Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

Key facts

• 2,613 sq ft lot
• Built 1900
• Listed 9 days

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Gas available in street
• Home design: Multi-family 3-family property
• Construction: Frame construction; Concrete and stone foundation
• Exterior features: Level lot; Vinyl siding; Shingle roof

Interior

• Bedrooms: 8 bedrooms total
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heating; Window unit cooling; 40-gallon hot water tank
• Interior features: Partial basement; Total of 14 rooms

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $609/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Cap rate 10.7% vs local median 4.8% 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.
• New Haven School District (urban): math 12% / reading 25% proficiency, ranked #147 of 153 in CT (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Betsy Ross Arts Magnet School (math 12% / reading 27%, grade F, #161 of 175 statewide, top 93%, 327 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 102 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $6,446/mo this rent would consume 159% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $140k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 17y 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 56% 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 $499,990

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. 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: 1.29% ✓
• Cap rate: 10.68%
• Cash-on-cash: 15.66%
• DSCR: 1.70
• GRM: 6.5

CMA / ARV

• ARV (median comp): $440,978
• List price: $499,990
• Delta: 13.38%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Shelter St	0.01mi	7/3.0 (+1)	3,161 (+2%)	5mo	$440,000	$139	83
115 Clay St	0.03mi	7/3.0 (+1)	2,850 (-8%)	5mo	$450,000	$158	73
181 Lombard St	0.59mi	6/3.0	3,222 (+4%)	1mo	$462,500	$144	61
222 Dover St	0.54mi	6/3.0	3,108 (+0%)	12mo	$294,800	$95	60
56 Nash St	0.70mi	6/3.0	3,096 (+0%)	4mo	$815,000	$263	60
369 Poplar St	0.20mi	5/2.0 (-1)	2,760 (-11%)	1mo	$449,000	$163	59
241 Ferry St	0.40mi	6/3.0	2,906 (-6%)	14mo	$515,000	$177	56
33 Chapel St	0.53mi	7/2.0 (+1)	2,976 (-4%)	1mo	$480,000	$161	55
544 Ferry St	0.35mi	6/2.0	3,355 (+8%)	12mo	$540,000	$161	51
122 Atwater St	0.45mi	6/3.0	3,407 (+10%)	9mo	$430,000	$126	51
141 Wolcott St	0.27mi	5/3.0 (-1)	2,632 (-15%)	8mo	$449,900	$171	48
117 Lloyd St	0.38mi	7/3.0 (+1)	2,737 (-12%)	13mo	$400,000	$146	43

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $42,637
• Equity at exit: $74,550

10-year hold

• IRR: 17.9%
• Equity multiple: 2.55×
• Total profit: $217,679
• Equity at exit: $43,230

Cash invested: $139,997 (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: 102
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $6,446 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$436 /mo · $5,226/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,354
• Net cashflow: $1,827

Break-even live

Break-even rent $4,134

Max offer price $499,990

Occupancy floor 67%

Sensitivity live

Price	-10% $2,110	-5% $1,968	+0% $1,827	+5% $1,685	+10% $1,543
Rent	-10% $1,317	-5% $1,572	+0% $1,827	+5% $2,081	+10% $2,336
Rate	-1.0pp $2,078	-0.5pp $1,954	base $1,827	+0.5pp $1,697	+1.0pp $1,565

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,447
Total (3 units)			$6,446

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: $124,998
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30 Trumbull St New Haven, CT	5.0	4.0	2668	$5,000	$1.87	5d	1	0.93mi
54 Trumbull St Unit 54-1 New Haven, CT	5.0	2.5	2250	$6,695	$2.98	16d	1	1.04mi

Listing history 19 events

1. 2026-05-15
   status Under Contract 600-char remark
2. 2026-05-06
   listed $499,990 Active 600-char remark
3. 2025-04-16
   status Under Contract 527-char remark

   Show marketing remark (527 chars)

   Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

4. 2025-04-16
   soldstatus $450,000 Closed 527-char remark

   Show marketing remark (527 chars)

   Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

5. 2025-03-12
   historical Under Contract - Continue to Show 527-char remark

   Show marketing remark (527 chars)

   Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

6. 2025-03-04
   status Active 527-char remark

   Show marketing remark (527 chars)

   Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

7. 2025-02-12
   historical Under Contract - Continue to Show 527-char remark

   Show marketing remark (527 chars)

   Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

8. 2025-01-31
   listed $465,000 Active 527-char remark

   Show marketing remark (527 chars)

   Investment opportunity! This well-maintained three-family home provides a lucrative income stream for savvy investors. Each unit is thoughtfully designed, ensuring comfortable living spaces. The property features spacious layouts & bright living areas. Conveniently located in New Haven, it provides easy access to public transportation, schools, shopping, and dining. Whether you're expanding your portfolio or seeking a property with income potential, this home is a smart choice. Don't miss out on this rare opportunity!

9. 2020-07-07
   soldstatus $170,000
10. 2018-01-02
    historical
11. 2017-09-17
    listed $189,900 Active
12. 2017-09-09
    historical
13. 2017-06-14
    listed $189,900
14. 2016-08-26
    historical
15. 2016-02-27
    listed $179,900
16. 2009-06-19
    soldstatus $100,000
17. 2009-05-07
    listed $119,900
18. 2008-01-10
    soldstatus $296,000
19. 1989-06-21
    soldstatus $155,000

ⓘ 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: $5,226 · $436/mo
• Projected year-2 tax: $7,963 · $664/mo
• Expected delta: +$2,737/yr (+$228/mo · 52.4%)

ⓘ 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) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $77,352
• − Mortgage interest: −$28,007
• − Property taxes: −$5,226
• − Insurance: −$2,500
• − Repairs & maintenance: −$6,188
• − Management: −$6,188
• − Depreciation: −$14,545
• Taxable income: $14,697
• Est. tax owed @ 24.0%: −$3,527
• After-tax cash flow: $18,391/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: New Haven School District
• NCES district ID: 0902790
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $38,058
• Composite: 15.48/100
• National rank: #9308
• State rank: #147 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

• Census place: New Haven, CT
• County: New Haven County · 688,236 people
• City population: 132,813
• 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

+222.6% since first listed

19 events — show timeline

• 2026-05-15 Pending — Smart MLS
• 2026-05-06 Listed $499,990 Smart MLS
• 2025-04-16 Pending — Smart MLS
• 2025-04-16 Sold (MLS) $450,000 Smart MLS
• 2025-03-12 Contingent — Smart MLS
• 2025-03-04 Relisted — Smart MLS
• 2025-02-12 Contingent — Smart MLS
• 2025-01-31 Listed $465,000 Smart MLS
• 2020-07-07 Sold (Public Records) $170,000 Public Records
• 2018-01-02 Listing Removed — Smart MLS
• 2017-09-17 Listed $189,900 Smart MLS
• 2017-09-09 Listing Removed — Smart MLS
• 2017-06-14 Listed $189,900 Smart MLS
• 2016-08-26 Listing Removed — Smart MLS
• 2016-02-27 Listed $179,900 Smart MLS
• 2009-06-19 Sold (MLS) $100,000 Smart MLS
• 2009-05-07 Listed $119,900 Smart MLS
• 2008-01-10 Sold (Public Records) $296,000 Public Records
• 1989-06-21 Sold (Public Records) $155,000 Public Records

Property tax history

+4.4%/yr

Latest (2023): $5,226 · -6.4% YoY. Source: county tax records.