236 Church St · Putnam, CT 06260

$275,000

6 bd · 2.0 ba · 2,074 sqft · MultiFamily public records · 18 Days on market

Built 1900 6,969 sqft lot $133/sqft · 12% below area Est $313k · 12% under

---

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 +29.3/30.0
• ARV discount +13.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

Investment opportunity!! This 2 family is just outside of the thriving Downtown Putnam, where so many work, eat and play. This cozy side by side duplex has so much to offer. A shared basement, all utilities are separate, starting with their separate 100 amp electrical services, and both units have Weil-McLain boilers, a premium, American-made hydronic heating system known for high reliability, durability, and a 20-30 year lifespan. Each unit also has its own, newer, 275 gallon oil tank. A partially fenced in yard and off street parking. The large unit, is exactly that, a large spacious unit, with what have been good, long term tenants. The tenant in the smaller unit plans to move out by Jun

Key facts

• 6,969 sq ft lot
• Built 1900
• Listed 18 days

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Domestic hot water (oil) with fuel tank in basement
• Home design: Multi-family 2-unit property; Gray exterior
• Construction: Frame construction; Stone foundation; Asphalt shingle roof; Vinyl siding
• Exterior features: Corner lot; Sidewalk; Gutters; Covered deck

Interior

• Bedrooms: 6 bedrooms
• Heating & cooling: Hot water heat (oil-fired); Split system cooling
• Interior features: 12 total rooms; Ceiling fans; Shared, unfinished full basement with dirt floor

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $968 ($12k/yr) — positive. Per door: $484/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.4% 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+, schools D-, amenities 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.
• Market conditions: 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 wind risk, 58% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,875 (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 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. 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: 1.28% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.09%
• DSCR: 1.67
• GRM: 6.5

CMA / ARV

• ARV (median comp): $313,107
• List price: $275,000
• Delta: -12.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
68-70 Smith St	0.23mi	6/3.5	2,100 (+1%)	14mo	$225,000	$107	70
9-11 Battey St	0.16mi	7/3.0 (+1)	1,857 (-10%)	1mo	$315,000	$170	65
203 School St	0.39mi	5/3.0 (-1)	1,887 (-9%)	1mo	$367,150	$195	57
24-26 High St	0.59mi	6/2.0	2,022 (-2%)	16mo	$360,000	$178	54
13 Mohegan St	0.22mi	7/3.5 (+1)	2,354 (+14%)	2mo	$355,000	$151	54
68 Battey St	0.20mi	5/2.0 (-1)	1,824 (-12%)	15mo	$240,000	$132	53
54 Farrows St	0.69mi	5/2.0 (-1)	1,938 (-7%)	12mo	$330,000	$170	42

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $17,119
• Equity at exit: $41,003

10-year hold

• IRR: 15.1%
• Equity multiple: 2.23×
• Total profit: $94,326
• 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: 59
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $3,519 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$255 /mo · $3,058/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$739
• Net cashflow: $968

Break-even live

Break-even rent $2,293

Max offer price $275,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,124	-5% $1,046	+0% $968	+5% $891	+10% $813
Rent	-10% $690	-5% $829	+0% $968	+5% $1,107	+10% $1,246
Rate	-1.0pp $1,107	-0.5pp $1,038	base $968	+0.5pp $897	+1.0pp $825

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,518
Total (2 units)			$3,519

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: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 School St Putnam, CT	7.0	3.0	2074	$1,500	$0.72	45d	1	0.69mi

Listing history 16 events

1. 2026-06-21
   days on market $275,000 Active 18 DOM
2. 2026-06-18
   days on market $275,000 Active 16 DOM
3. 2026-06-17
   days on market $275,000 Active 15 DOM
4. 2026-06-16
   days on market $275,000 Active 14 DOM
5. 2026-06-15
   days on market $275,000 Active 13 DOM
6. 2026-06-13
   days on market $275,000 Active 11 DOM
7. 2026-06-12
   status $275,000 Active 10 DOM
8. 2026-06-08
   status $275,000 Under Contract 10 DOM
9. 2026-06-07
   days on market $275,000 Active 10 DOM
10. 2026-06-07
    days on market $275,000 Active 9 DOM
11. 2026-06-04
    days on market $275,000 Active 6 DOM
12. 2026-06-02
    days on market $275,000 Active 5 DOM
13. 2026-06-01
    days on market $275,000 Active 4 DOM
14. 2026-05-31
    status $275,000 Active 3 DOM
15. 2026-05-17
    listed $275,000 Active 1038-char remark
16. 2026-05-13
    historical $275,000 1038-char remark

ⓘ 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: $3,058 · $255/mo
• Projected year-2 tax: $4,472 · $373/mo
• Expected delta: +$1,414/yr (+$118/mo · 46.2%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% 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: $42,228
• − Mortgage interest: −$15,404
• − Property taxes: −$3,058
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,378
• − Management: −$3,378
• − Depreciation: −$8,000
• Taxable income: $7,634
• Est. tax owed @ 24.0%: −$1,832
• After-tax cash flow: $9,789/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

+0.0% since first listed

6 events — show timeline

• 2026-06-12 Relisted — Smart MLS
• 2026-06-07 Pending — Smart MLS
• 2026-05-31 Relisted — Smart MLS
• 2026-05-19 Pending — Smart MLS
• 2026-05-17 Listed $275,000 Smart MLS
• 2026-05-13 Coming Soon $275,000 Smart MLS

Property tax history

+3.3%/yr

Latest (2023): $3,058 · +3.6% YoY. Source: county tax records.