203 Lenox Ave · Bridgeport, CT 06605

$630,000

6 bd · 3.0 ba · 3,047 sqft · MultiFamily public records · 24 Days on market

Built 1920 3,920 sqft lot Est $582k · 8% 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 +25.0/30.0
• DSCR +8.2/10.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• ARV discount +3.8/15.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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

As is, Where is.

Key facts

• 3,920 sq ft lot
• Built 1920
• Listed 24 days

Tags

• THIRD FLOOR RENOVATED

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $630k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $442/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $630k).
• Recommended offer: $621k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 5.0% in Bridgeport — 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 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+, schools D-.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.8%/yr); 47 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• At $7,035/mo this rent would consume 150% of the median local household income ($56k/yr) (locally 2367% 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 $19k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($621k) is reasonable based on typical stale-listing flexibility.
• 7 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.
• Current owner paid $320k; list at $630k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $620,550 (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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.12% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.39%
• DSCR: 1.42
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $581,977
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1033 Howard Ave	0.18mi	6/3.0	2,884 (-5%)	7mo	$550,000	$191	77
324 Mountain Grove St	0.06mi	6/3.0	2,769 (-9%)	10mo	$540,000	$195	73
766 Hancock Ave	0.25mi	6/4.0	2,906 (-5%)	10mo	$467,000	$161	69
115 Denver Ave	0.24mi	6/2.5	3,382 (+11%)	6mo	$485,000	$143	64
392 Laurel Ave	0.55mi	6/3.0	3,138 (+3%)	11mo	$489,500	$156	61
73 Yale St	0.54mi	5/3.0 (-1)	3,044 (-0%)	14mo	$580,000	$191	58
252 Villa Ave	0.66mi	6/3.0	2,822 (-7%)	1mo	$975,000	$345	56
25-27 Poplar St	0.20mi	6/3.0	2,610 (-14%)	14mo	$487,400	$187	55
533 Clinton Ave	0.34mi	6/2.0	3,459 (+14%)	4mo	$690,000	$199	54
227-229 Laurel Ave	0.69mi	6/4.0	3,072 (+1%)	16mo	$691,875	$225	49
414 Wood Ave	0.62mi	6/3.0	2,653 (-13%)	4mo	$700,000	$264	46
201 Norman St	0.70mi	6/2.0	2,637 (-14%)	17mo	$475,000	$180	27

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 · 1.81% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-26,018
• Equity at exit: $93,935

10-year hold

• IRR: 4.3%
• Equity multiple: 1.30×
• Total profit: $52,752
• Equity at exit: $54,471

Cash invested: $176,400 (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 06605

• Home prices YoY: -14.5%
• Rents YoY: 1.8%
• Active inventory: 47
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $7,035 high
• Mortgage (P&I): −$3,304
• Tax from tax record: −$611 /mo · $7,335/yr
• Insurance: −$262
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,477
• Net cashflow: $1,325

Break-even live

Break-even rent $5,358

Max offer price $630,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,035
Total (3 units)			$7,035

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: $157,500
• Closing costs: $18,900
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
241 Lewis St Unit 241 Bridgeport, CT	6.0	2.0	2300	$3,500	$1.52	43d	1	0.82mi
1566 North Ave Bridgeport, CT	5.0	1.0	2837	$2,500	$0.88	43d	1	1.10mi
108 New England Ave Fairfield, CT	5.0	4.5	3225	$7,500	$2.33	43d	1	1.40mi
107 Catherine St Bridgeport, CT	7.0	2.5	4104	$2,900	$0.71	14d	1	1.44mi

Listing history 21 events

1. 2026-01-03
   status Under Contract
2. 2025-12-11
   listed $630,000 Active
3. 2024-05-18
   historical
4. 2024-04-10
   historical Under Contract - Continue to Show
5. 2024-03-18
   status Active
6. 2024-03-01
   status Under Contract
7. 2024-02-06
   status Active
8. 2024-01-31
   status Under Contract
9. 2024-01-23
   historical Under Contract - Continue to Show
10. 2024-01-18
    listed $525,000 Active
11. 2021-08-03
    soldstatus $320,000
12. 2021-07-30
    soldstatus $320,000 Closed 16-char remark

    Show marketing remark (16 chars)

    As is, Where is.

13. 2021-05-24
    historical Under Contract - Continue to Show 16-char remark

    Show marketing remark (16 chars)

    As is, Where is.

14. 2021-05-20
    listed $320,000 Active 16-char remark

    Show marketing remark (16 chars)

    As is, Where is.

15. 2008-05-01
    historical
16. 2007-07-08
    listed $360,000
17. 2005-08-01
    soldstatus $295,000
18. 2005-07-29
    soldstatus $295,000
19. 2005-07-29
    listed $300,000
20. 2003-11-26
    soldstatus $109,000
21. 2001-06-15
    soldstatus $140,000

ⓘ 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: $7,335 · $611/mo
• Projected year-2 tax: $10,408 · $867/mo
• Expected delta: +$3,074/yr (+$256/mo · 41.9%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,420
• − Mortgage interest: −$35,290
• − Property taxes: −$7,335
• − Insurance: −$3,816
• − Repairs & maintenance: −$6,754
• − Management: −$6,754
• − Depreciation: −$18,327
• Taxable income: $6,144
• Est. tax owed @ 24.0%: −$1,475
• After-tax cash flow: $14,420/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: Bridgeport School District
• NCES district ID: 0900450
• Math proficiency: 9% ▼ -7.00%
• Reading proficiency: 19% ▼ -10.00%
• Median HH income: $41,507
• Composite: 12.09/100
• National rank: #9656
• State rank: #151 of 153 in CT

Livability — Bridgeport

• Score: 81/100
• State rank: #15
• US rank: #1374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bridgeport, CT
• County: Fairfield County · 765,532 people
• City population: 149,153
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 25,929
• Household income: $56,179
• Rent vs Own: 67.9% rent · 32.1% own
• Severe rent burden: 2367.0

Population outlook (Greater Bridgeport County) Hauer SSP2

• By 2040: 365,581

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 39% White 33% Black 19% Two or more races 12% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 17% Cuban 3% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 3% Scotch-Irish 2%
• Foreign-born: 25% · Canada, Guatemala, China
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 4% French/Haitian/Cajun 3%

Political lean MEDSL · Greater Bridgeport

• 2024 margin: Strong D (+23.3) · D 60.9% · R 37.6% · Other 1.5%
• All cycles: 2024: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.42%
• Current HPI: 238.1786
• Rent YoY: ▲ 1.81%
• Metro: Bridgeport-Stamford-Norwalk, 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

+350.0% since first listed

21 events — show timeline

• 2026-01-03 Pending — Smart MLS
• 2025-12-11 Listed $630,000 Smart MLS
• 2024-05-18 Listing Removed — Smart MLS
• 2024-04-10 Contingent — Smart MLS
• 2024-03-18 Relisted — Smart MLS
• 2024-03-01 Pending — Smart MLS
• 2024-02-06 Relisted — Smart MLS
• 2024-01-31 Pending — Smart MLS
• 2024-01-23 Contingent — Smart MLS
• 2024-01-18 Listed $525,000 Smart MLS
• 2021-08-03 Sold (Public Records) $320,000 Public Records
• 2021-07-30 Sold (MLS) $320,000 Smart MLS
• 2021-05-24 Contingent — Smart MLS
• 2021-05-20 Listed $320,000 Smart MLS
• 2008-05-01 Listing Removed — Smart MLS
• 2007-07-08 Listed $360,000 Smart MLS
• 2005-08-01 Sold (Public Records) $295,000 Public Records
• 2005-07-29 Listed $300,000 Smart MLS
• 2005-07-29 Sold (MLS) $295,000 Smart MLS
• 2003-11-26 Sold (Public Records) $109,000 Public Records
• 2001-06-15 Sold (Public Records) $140,000 Public Records

Property tax history

+2.8%/yr

Latest (2023): $7,335 · +0.0% YoY. Source: county tax records.