64 Connecticut Ave · New London, CT 06320

$525,000

6 bd · 3.0 ba · 3,389 sqft · MultiFamily public records · 48 Days on market

Built 1900 4,791 sqft lot Est $542k · 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 +24.9/30.0
• ARV discount +8.9/15.0
• DSCR +8.1/10.0
• 1% rule +5.7/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 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

Exceptionally clean, well-maintained, and rarely available, this 3-family property stands out from the rest! Pride of ownership is evident throughout, making this one of the nicest multi-family homes you'll find in the county! The building features three well-sized units: Unit 1 offers 3 bedrooms, 1 bath, and approximately 1,232 Sq/Ft; Unit 2 includes 2 bedrooms, 1 bath, also approximately 1,232 Sq/Ft; and Unit 3 features 2 bedrooms, 1 bath with 925 Sq/Ft. All utilities are separately metered for ease of management and added value. Heating and hot water are primarily fueled by low-maintenance natural gas, with the first floor unit utilizing oil. The exterior is equally well cared for, featu

Key facts

• 4,791 sq ft lot
• 4 parking spots
• Built 1900

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: Paved driveway (private, paved, gravel); Off-street parking; Driveway; 4 total parking spaces
• Security:
• Utilities: Public water connected; Public sewer connected; Hot water: natural gas and oil; includes 50 and 40 gallon tanks; Fuel tank located in basement; Energy features: extra insulation, thermopane windows
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Concrete and stone foundation; Peach exterior color
• Exterior features: Sidewalk; Garden area; Covered deck; City views; Level lot

Interior

• Kitchen:
• Bedrooms: 7 bedrooms
• Flooring:
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard and hot water heat; Heating fueled by natural gas and oil
• Interior features: Thermostat(s); Ceiling fans; Full basement with walk-out and concrete floor; Basement has hookups
• Laundry & utility: Laundry in basement with basement hook-ups

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $376/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Recommended offer: $509k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.3% in New London — 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 74/100 on livability (#66 in CT, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-, crime B+; Watch: employment D+, schools F, amenities F.
• New London School District (urban): math 11% / reading 21% proficiency, ranked #149 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 69 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $5,598/mo this rent would consume 114% of the median local household income ($59k/yr) (locally 2014% 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 $16k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y 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 $118k; list at $525k implies a 345% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $509,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — 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 F-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: 1.07% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.20%
• DSCR: 1.41
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $542,240
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
64 Connecticut Ave	0.00mi	7/3.0 (+1)	3,389 (0%)	0mo	$550,000	$162	95
59 Connecticut Ave	0.03mi	6/3.0	3,318 (-2%)	6mo	$225,000	$68	90
118 Connecticut Ave	0.15mi	6/4.0	3,096 (-9%)	7mo	$480,000	$155	69
35 Denison Ave	0.63mi	6/3.0	3,354 (-1%)	1mo	$510,000	$152	68
142 Montauk Ave	0.60mi	5/4.0 (-1)	3,495 (+3%)	6mo	$479,000	$137	52
44 Franklin St	0.30mi	5/5.0 (-1)	3,179 (-6%)	12mo	$525,000	$165	52
16 Tilley St	0.51mi	5/3.0 (-1)	3,110 (-8%)	7mo	$495,000	$159	52
58 Colman St	0.31mi	7/3.0 (+1)	3,005 (-11%)	15mo	$491,000	$163	49
65 Shaw St	0.42mi	7/5.0 (+1)	3,557 (+5%)	13mo	$595,000	$167	48
32 Moore Ave	0.53mi	5/2.5 (-1)	2,932 (-14%)	5mo	$470,000	$160	41

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 · 0.7% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-26,088
• Equity at exit: $78,279

10-year hold

• IRR: 2.1%
• Equity multiple: 1.13×
• Total profit: $19,585
• Equity at exit: $45,392

Cash invested: $147,000 (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 06320

• Home prices YoY: -20.7%
• Rents YoY: 0.7%
• Active inventory: 69
• Price-to-rent: 23.4×

Monthly cashflow live

• Estimated rent: $5,598 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$324 /mo · $3,884/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,176
• Net cashflow: $1,127

Break-even live

Break-even rent $4,172

Max offer price $525,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,598
Total (3 units)			$5,598

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-09
   status $525,000 Under Contract 48 DOM
2. 2026-06-08
   days on market $525,000 Under Contract - Continue to Show 48 DOM
3. 2026-06-07
   days on market $525,000 Under Contract - Continue to Show 47 DOM
4. 2026-06-05
   days on market $525,000 Under Contract - Continue to Show 44 DOM
5. 2026-06-03
   days on market $525,000 Under Contract - Continue to Show 43 DOM
6. 2026-06-02
   days on market $525,000 Under Contract - Continue to Show 42 DOM
7. 2026-06-01
   days on market $525,000 Under Contract - Continue to Show 41 DOM
8. 2026-05-31
   days on market $525,000 Under Contract - Continue to Show 40 DOM
9. 2026-05-30
   days on market $525,000 Under Contract - Continue to Show 39 DOM
10. 2026-04-24
    historical Under Contract - Continue to Show
11. 2026-04-22
    listed $525,000 Active
12. 2026-04-15
    historical $525,000
13. 2008-06-10
    historical
14. 2008-01-28
    listed $329,900
15. 2008-01-10
    historical
16. 2007-07-10
    listed $329,900
17. 2002-01-28
    soldstatus $118,000
18. 2002-01-28
    soldstatus $118,000
19. 2001-08-11
    listed $117,995
20. 1987-06-26
    soldstatus $121,000

ⓘ 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: $3,884 · $324/mo
• Projected year-2 tax: $7,560 · $630/mo
• Expected delta: +$3,676/yr (+$306/mo · 94.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $67,176
• − Mortgage interest: −$29,408
• − Property taxes: −$3,884
• − Insurance: −$2,625
• − Repairs & maintenance: −$5,374
• − Management: −$5,374
• − Depreciation: −$15,273
• Taxable income: $5,238
• Est. tax owed @ 24.0%: −$1,257
• After-tax cash flow: $12,265/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 London School District
• NCES district ID: 0902820
• Math proficiency: 11% ▼ -11.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $40,640
• Composite: 13.66/100
• National rank: #9502
• State rank: #149 of 153 in CT

Livability — New London

• Score: 74/100
• State rank: #66
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, CT
• County: New London County · 147,197 people
• City population: 27,703
• Metro: Norwich-New London, CT
• Population (ZIP): 27,703
• Household income: $59,170
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 2014.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 45% Hispanic / Latino 34% Black 13% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 17% Dominican 7%
• Common ancestry: Romanian 3% Hispanic 3% Lithuanian 1%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.39%
• Current HPI: 273.3024
• Rent YoY: ▲ 0.70%
• Metro: Norwich-New London, 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

+333.9% since first listed

11 events — show timeline

• 2026-04-24 Contingent — Smart MLS
• 2026-04-22 Listed $525,000 Smart MLS
• 2026-04-15 Coming Soon $525,000 Smart MLS
• 2008-06-10 Listing Removed — Smart MLS
• 2008-01-28 Listed $329,900 Smart MLS
• 2008-01-10 Listing Removed — Smart MLS
• 2007-07-10 Listed $329,900 Smart MLS
• 2002-01-28 Sold (Public Records) $118,000 Public Records
• 2002-01-28 Sold (MLS) $118,000 Smart MLS
• 2001-08-11 Listed $117,995 Smart MLS
• 1987-06-26 Sold (Public Records) $121,000 Public Records

Property tax history

+0.8%/yr

Latest (2023): $3,884 · -0.2% YoY. Source: county tax records.