18 Addison St · Putnam, CT 06260

$275,000

4 bd · 2.0 ba · 2,120 sqft · MultiFamily public records · 5 Days on market

Built 1907 0.26 ac lot Est $280k · at est.

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +8.3/15.0
• 1% rule +7.2/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Tucked away on the outskirts of Putnam, this stately two-family home offers the perfect mix of classic charm and space. Each apartment features 2 bedrooms, 1 full bath, laundry hookups, and its own covered porch - the perfect spot to relax and enjoy the peaceful surroundings. Bright and comfortable living spaces, a spacious yard, and a quiet setting give this property a warm and welcoming feel, all while being just minutes from local shops and restaurants. multiple offers. Please submit highest and best offers by 6/1/26 at 1:00.

Key facts

• 0.26 acre lot
• 3 parking spots
• Built 1907

Property features AI

Exterior

• Parking: Off-street parking and driveway (3 total parking spaces)
• Utilities: Public water connected; Public sewer connected; Natural gas hot water (domestic, 40 gallon tank); Gas available in street
• Home design: Multi-family (2-family) property
• Construction: Frame construction with vinyl siding; Brick and stone foundation; Asphalt shingle roof; White exterior color
• Exterior features: Enclosed porch and open porch; Balcony; Sidewalk; Shed; Gutters; French doors; Level lot; Private paved asphalt driveway

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Window unit air conditioning
• Interior features: 10 total rooms; Full unfinished basement with interior access, dirt floor and storage; Attic with floored storage and pull-down stairs; Window unit cooling
• Laundry & utility: Laundry hookups in all units (in-unit hookups for Unit 1 and Unit 2)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $797 ($10k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 9.8% vs local median 3.5% in Putnam — 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 66/100 on livability (#117 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety D+, amenities F, commute F.
• Putnam School District (suburban): math 25% / reading 34% proficiency, ranked #126 of 153 in CT (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Putnam Elementary School (math 31% / reading 33%, grade F, #361 of 553 statewide, top 68%, 571 students, 57% FRL); Putnam High School (math 34% / reading 54%, grade F, #94 of 194 statewide, top 49%, 253 students, 48% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 58 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $35k; list at $275k implies a 686% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 53% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,000

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 1907 — 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. 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: 1.22% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.42%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $279,840
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41-43 Mill St	0.34mi	4/2.0	2,128 (+0%)	1mo	$250,000	$117	83
126 Powhattan St	0.23mi	4/3.0	2,116 (-0%)	15mo	$253,500	$120	72
19 Bolles St	0.47mi	4/2.0	1,820 (-14%)	1mo	$297,500	$163	53
203 School St	0.52mi	5/3.0 (+1)	1,887 (-11%)	1mo	$367,150	$195	48
68 Battey St	0.25mi	5/2.0 (+1)	1,824 (-14%)	15mo	$240,000	$132	48

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: 2.1%
• Equity multiple: 1.08×
• Total profit: $6,206
• Equity at exit: $41,003

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $70,822
• Equity at exit: $23,777

Cash invested: $77,000 (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 06260

• Home prices YoY: -4.3%
• Active inventory: 58
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $3,345 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$289 /mo · $3,468/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$702
• Net cashflow: $797

Break-even live

Break-even rent $2,336

Max offer price $275,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,344
Total (2 units)			$3,345

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-03
   status $275,000 Under Contract 5 DOM
2. 2026-06-02
   days on market $275,000 Active 5 DOM
3. 2026-06-01
   remarks 534-char remark
4. 2026-06-01
   days on market $275,000 Active 4 DOM
5. 2026-05-31
   days on market $275,000 Active 3 DOM
6. 2026-05-31
   days on market $275,000 Active 2 DOM
7. 2026-05-25
   historical $275,000
8. 1981-04-24
   soldstatus $35,000

ⓘ 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: $3,468 · $289/mo
• Projected year-2 tax: $4,676 · $390/mo
• Expected delta: +$1,208/yr (+$101/mo · 34.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 53% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,140
• − Mortgage interest: −$15,404
• − Property taxes: −$3,468
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,211
• − Management: −$3,211
• − Depreciation: −$8,000
• Taxable income: $5,470
• Est. tax owed @ 24.0%: −$1,313
• After-tax cash flow: $8,249/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: Putnam School District
• NCES district ID: 0903480
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 34% ▼ -19.00%
• Median HH income: $51,031
• Composite: 25.85/100
• National rank: #7349
• State rank: #126 of 153 in CT

Livability — Putnam

• Score: 66/100
• State rank: #117
• US rank: #11486

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Putnam, CT
• Population (ZIP): 9,227

Population outlook (Northeastern Connecticut County) Hauer SSP2

• By 2040: 104,160

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 18% Romanian 5% Scotch-Irish 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Northeastern Connecticut

• 2024 margin: R (+15.4) · D 41.5% · R 57.0% · Other 1.5%
• All cycles: 2024: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.95%
• Current HPI: 332.9661
• Rent YoY: —
• Metro: —
• 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

+685.7% since first listed

2 events — show timeline

• 2026-05-25 Coming Soon $275,000 Smart MLS
• 1981-04-24 Sold (Public Records) $35,000 Public Records

Property tax history

+1.9%/yr

Latest (2023): $3,468 · +3.6% YoY. Source: county tax records.