37 Plaza Ave · Waterbury, CT 06710

$429,900

8 bd · 3.0 ba · 3,401 sqft · MultiFamily public records · 35 Days on market

Built 1907 4,356 sqft lot $126/sqft · 25% above area Est $343k · 25% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.5/10.0
• ARV discount +0.0/15.0
• 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

Owner-Occupants and Investors Take Notice! Excellent opportunity in the desirable Hillside neighborhood. This three-family property offers strong cash flow potential with two 3/4-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. All utilities are separate and tenant-paid, including gas heat and hot water. Electrical has been updated to circuit breakers and is also tenant-paid. Exterior features include vinyl siding, replacement windows, and off-street parking for three vehicles. Great value-add opportunity for investors or owner-occupants looking to build equity and generate rental income. 8.5+% CAP at full occupancy.

Key facts

• Separate utilities
• Vinyl siding
• Off-street parking

Tags

• THREE-FAMILY PROPERTY
• SEPARATE UTILITIES
• VINYL SIDING
• REPLACEMENT WINDOWS
• OFF-STREET PARKING

Property features AI

Exterior

• Parking: Paved off-street parking; 3 parking spaces
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Vinyl siding; Masonry and stone foundation; Asphalt shingle roof; Tan exterior color
• Exterior features: Sidewalk; Porch; Gutters; Exterior lighting; Level lot

Interior

• Bedrooms: 10 total bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heating; Natural gas hot water; Natural gas heat fuel
• Interior features: 16 total rooms; Full unfinished basement; Window air conditioning units

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $430k).
• Recommended offer: $417k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 3.6% in Waterbury — 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 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.4%/yr); 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $5,543/mo this rent would consume 179% of the median local household income ($37k/yr) (locally 856% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y ago; this cycle's ask is 23% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $18k; list at $430k implies a 2275% 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, 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 $417,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1907 — 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 D 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: 1.29% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.13%
• DSCR: 1.72
• GRM: 6.5

CMA / ARV

• ARV (median comp): $343,468
• List price: $429,900
• Delta: 25.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Plaza Ave	0.04mi	8/3.0	3,178 (-7%)	1mo	$455,000	$143	86
16 Arch St	0.14mi	9/3.0 (+1)	3,282 (-4%)	2mo	$495,000	$151	80
50 Elmwood Ave	0.11mi	8/3.0	3,563 (+5%)	10mo	$170,000	$48	78
70 Elmwood Ave	0.15mi	8/3.0	3,175 (-7%)	10mo	$452,000	$142	74
35 Frederick St	0.25mi	8/3.0	3,088 (-9%)	3mo	$255,000	$83	70
156 Waterville St	0.17mi	8/3.0	3,732 (+10%)	11mo	$540,000	$145	67
50 Manhan St	0.29mi	8/3.0	3,100 (-9%)	10mo	$400,000	$129	63
127 Pearl St	0.59mi	9/3.0 (+1)	3,636 (+7%)	4mo	$397,800	$109	53
6 Grove Ct	0.51mi	9/5.0 (+1)	3,454 (+2%)	12mo	$410,000	$119	51
53 Hillside Ave	0.52mi	8/3.0	2,952 (-13%)	5mo	$279,900	$95	50
10 Pearl St	0.73mi	9/— (+1)	3,211 (-6%)	11mo	$380,000	$118	43
32 Hawkins St	0.74mi	8/3.0	3,114 (-8%)	12mo	$379,000	$122	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.14×
• Total profit: $17,093
• Equity at exit: $64,099

10-year hold

• IRR: 10.4%
• Equity multiple: 1.70×
• Total profit: $84,609
• Equity at exit: $37,170

Cash invested: $120,372 (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 06710

• Home prices YoY: -8.1%
• Rents YoY: -0.4%
• Active inventory: 32
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $5,543 high
• Mortgage (P&I): −$2,254
• Tax from tax record: −$328 /mo · $3,930/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,164
• Net cashflow: $1,618

Break-even live

Break-even rent $3,495

Max offer price $429,900

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,544
Total (3 units)			$5,543

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Coe St Waterbury, CT	9.0	3.0	3240	$1,800	$0.56	3d	1	1.12mi

Listing history 38 events

1. 2026-06-18
   days on market $429,900 Active 35 DOM
2. 2026-06-17
   days on market $429,900 Active 34 DOM
3. 2026-06-16
   days on market $429,900 Active 33 DOM
4. 2026-06-15
   days on market $429,900 Active 32 DOM
5. 2026-06-14
   days on market $429,900 Active 30 DOM
6. 2026-06-13
   days on market $429,900 Active 29 DOM
7. 2026-06-10
   days on market $429,900 Active 27 DOM
8. 2026-06-09
   days on market $429,900 Active 26 DOM
9. 2026-06-08
   days on market $429,900 Active 25 DOM
10. 2026-06-07
    days on market $429,900 Active 24 DOM
11. 2026-06-05
    pricedays on market $429,900 Active 21 DOM
12. 2026-06-03
    days on market $449,900 Active 20 DOM
13. 2026-06-03
    days on market $449,900 Active 19 DOM
14. 2026-06-01
    days on market $449,900 Active 18 DOM
15. 2026-05-31
    days on market $449,900 Active 17 DOM
16. 2026-05-15
    price $449,900 629-char remark
17. 2026-05-14
    listed $349,900 Active 629-char remark
18. 2026-04-10
    historical
19. 2026-03-06
    status Under Contract
20. 2026-02-09
    historical Under Contract - Continue to Show
21. 2026-02-09
    status Under Contract
22. 2026-02-09
    status Active
23. 2026-02-08
    historical
24. 2026-01-14
    price $399,900
25. 2026-01-02
    listed $419,900 Active
26. 2026-01-01
    historical
27. 2025-12-17
    price $425,000
28. 2025-12-02
    price $449,900
29. 2025-10-31
    listed $459,900 Active
30. 2021-01-09
    historical
31. 2021-01-01
    listed $130,000 Active
32. 2012-07-26
    soldstatus $18,100
33. 2012-06-08
    listed $15,000
34. 2011-05-10
    historical
35. 2010-05-10
    listed $110,900
36. 2006-03-08
    soldstatus $215,000
37. 2006-01-20
    soldstatus $215,000
38. 2005-08-19
    listed $219,900

ⓘ 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: $3,930 · $328/mo
• Projected year-2 tax: $6,565 · $547/mo
• Expected delta: +$2,635/yr (+$220/mo · 67.0%)

ⓘ 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 5/10 Major 7 d/yr ≥96°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,516
• − Mortgage interest: −$24,081
• − Property taxes: −$3,930
• − Insurance: −$2,150
• − Repairs & maintenance: −$5,321
• − Management: −$5,321
• − Depreciation: −$12,506
• Taxable income: $13,207
• Est. tax owed @ 24.0%: −$3,170
• After-tax cash flow: $16,245/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: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 9,942
• Household income: $37,191
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 856.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Hispanic / Latino 33% Black 29% White 26% Two or more races 16% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 17% Cuban 2% Dominican 9%
• Common ancestry: Romanian 2% Italian 2% Estonian 2%
• Foreign-born: 16% · Canada, Mexico
• Languages at home: 67% English-only · Spanish 27% Other Indo-European 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.17%
• Current HPI: 296.1252
• Rent YoY: ▼ -0.39%
• Metro: New Haven-Milford, 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

+95.5% since first listed

26 events — show timeline

• 2026-06-03 Price Changed $429,900 Smart MLS
• 2026-05-27 Relisted — Smart MLS
• 2026-05-26 Contingent — Smart MLS
• 2026-05-15 Price Changed $449,900 Smart MLS
• 2026-05-14 Listed $349,900 Smart MLS
• 2026-04-10 Listing Removed — Smart MLS
• 2026-03-06 Pending — Smart MLS
• 2026-02-09 Contingent — Smart MLS
• 2026-02-09 Pending — Smart MLS
• 2026-02-09 Relisted — Smart MLS
• 2026-02-08 Listing Removed — Smart MLS
• 2026-01-14 Price Changed $399,900 Smart MLS
• 2026-01-02 Listed $419,900 Smart MLS
• 2026-01-01 Listing Removed — Smart MLS
• 2025-12-17 Price Changed $425,000 Smart MLS
• 2025-12-02 Price Changed $449,900 Smart MLS
• 2025-10-31 Listed $459,900 Smart MLS
• 2021-01-09 Listing Removed — Smart MLS
• 2021-01-01 Listed $130,000 Smart MLS
• 2012-07-26 Sold (MLS) $18,100 Smart MLS
• 2012-06-08 Listed $15,000 Smart MLS
• 2011-05-10 Listing Removed — Smart MLS
• 2010-05-10 Listed $110,900 Smart MLS
• 2006-03-08 Sold (Public Records) $215,000 Public Records
• 2006-01-20 Sold (MLS) $215,000 Smart MLS
• 2005-08-19 Listed $219,900 Smart MLS

Property tax history

+5.0%/yr

Latest (2023): $3,930 · +72.5% YoY. Source: county tax records.