156 Fairfield Ave · Hartford, CT 06114

$399,900

6 bd · 2.0 ba · 3,086 sqft · MultiFamily · 22 Days on market

Built 1922 Fair condition 7,405 sqft lot

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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 +26.9/30.0
• Appreciation +10.0/10.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well maintained 2 family property offering space, character, and versatility. Each unit features 3 bedrooms plus a den off the living room, providing potential for additional flex space such as a home office or bonus room. Both units include formal dining rooms, spacious living rooms, and large kitchens with pantry space. The property showcases original woodwork and hardwood floors throughout, along with a newer kitchen in the 2nd floor unit. Additional highlights include a walk-up attic and full basement, offering endless possibilities for storage, expansion, or additional living space. Book your showing NOW! Buyer wants an "AS IS" SALE

Key facts

• 2 family property
• Large kitchens
• Flex space

Tags

• 2 FAMILY PROPERTY
• FLEX SPACE
• FORMAL DINING ROOMS
• SPACIOUS LIVING ROOMS
• LARGE KITCHENS
• PANTRY SPACE

Property features AI

Exterior

• Parking: 4 parking spaces
• Utilities: Public water connected; Public sewer connected; Natural gas service
• Home design: Multi-family 2-family property
• Construction: Concrete foundation; Concrete construction; Vinyl and aluminum siding; Asphalt shingle roof
• Exterior features: Paved areas; Off-street parking

Interior

• Bedrooms: 6 total bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Steam heat (natural gas)
• Interior features: 12 total rooms; Full basement; Walk-up attic; 2 fireplaces; 2-family multi-unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $556/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.5%/yr); 54 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,905/mo this rent would consume 113% of the median local household income ($52k/yr) (locally 1897% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 1.5% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $393,901 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.23% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 3.51×
• Total profit: $281,213
• Equity at exit: $360,262

10-year hold

• IRR: 27.4%
• Equity multiple: 7.77×
• Total profit: $758,443
• Equity at exit: $776,918

Cash invested: $111,972 (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 06114

• Home prices YoY: 4.7%
• Rents YoY: 1.5%
• Active inventory: 54
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $4,905 medium
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $1,111

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,904
Total (2 units)			$4,905

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $399,900 Active 22 DOM
2. 2026-06-17
   days on market $399,900 Active 21 DOM
3. 2026-06-16
   days on market $399,900 Active 20 DOM
4. 2026-06-15
   days on market $399,900 Active 19 DOM
5. 2026-06-13
   days on market $399,900 Active 17 DOM
6. 2026-06-13
   days on market $399,900 Active 16 DOM
7. 2026-06-10
   days on market $399,900 Active 14 DOM
8. 2026-06-09
   days on market $399,900 Active 13 DOM
9. 2026-06-08
   days on market $399,900 Active 12 DOM
10. 2026-06-07
    statusdays on market $399,900 Active 11 DOM
11. 2026-04-29
    status Under Contract
12. 2026-04-20
    listed $399,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,860
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,709
• − Management: −$4,709
• − Depreciation: −$11,633
• Taxable income: $7,410
• Est. tax owed @ 24.0%: −$1,778
• After-tax cash flow: $11,557/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

A fair condition 2-family property with moderate rehab needs, offering potential for increased value through exterior updates and maintenance.

Repairs flagged

• Major siding — Significant weathering and discoloration
• Major exterior paint — Visible wear and tear
• Major interior paint — Significant wear and tear

Value-add opportunities

• Both exterior paint — Enhances curb appeal and value
• Both HVAC maintenance — Improves comfort and energy efficiency
• Both landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant weathering and discoloration	Major	$15,000–50,000
exterior paint · Visible wear and tear	Major	$15,000–50,000
interior paint · Significant wear and tear	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior paint — Enhances curb appeal and value ↑
• Both HVAC maintenance — Improves comfort and energy efficiency ↑
• Both landscaping — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 26,458
• Household income: $52,110
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 1897.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% White 19% Black 19% Two or more races 10% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 36% Dominican 6%
• Common ancestry: American 6% Romanian 1% Lithuanian 1%
• Foreign-born: 31% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 49% Russian/Polish/Slavic 8% Other Indo-European 4%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.02%
• Current HPI: 356.5892
• Rent YoY: ▲ 1.47%
• Metro: Hartford-East Hartford-Middletown, 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

2 events — show timeline

• 2026-04-29 Pending — Smart MLS
• 2026-04-20 Listed $399,900 Smart MLS