176 Leete St · West Haven, CT 06516

$399,000

2 bd · 2.0 ba · 2,149 sqft · MultiFamily public records · 3 Days on market

Built 1920 4,791 sqft lot Est $436k · 9% under

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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 +28.1/30.0
• ARV discount +11.3/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Adorable 2 family home close to beach. 2Nd floor apt has two additional rooms and 1 full bath in finished attic. Cute 2nd floor balcony, lg. Back yard, 2 asphalt parking spaces in front of home. All separate utilities. Close to busline and shopping.

Key facts

• 4,791 sq ft lot
• 2 parking spots
• Built 1920

Property features AI

Exterior

• Parking: Private driveway; Off-street parking; 2 parking spaces
• Utilities: Public water connected; Public sewer connected; Natural gas
• Home design: Multi-family property (2-family)
• Construction: Concrete and stone foundation; Concrete construction; Vinyl siding; Shingle roof; Built as a multi-family dwelling
• Exterior features: Level lot; Walk to water

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heat; Natural gas hot water
• Interior features: 11 total rooms; Full basement; Finished walk-up attic
• Laundry & utility: Each unit has a laundry room off the kitchen; All units have washer/dryer hook-ups; Basement hook-ups

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $418/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Cap rate 10.1% vs local median 4.3% in West Haven — 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 83/100 on livability (#6 in CT, #915 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D+, amenities D.
• West Haven School District (suburban): math 26% / reading 38% proficiency, ranked #121 of 153 in CT (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.9%/yr); 146 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,178/mo this rent would consume 84% of the median local household income ($74k/yr) (locally 2671% 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 $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $112k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $138k; list at $399k implies a 189% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% 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 $399,000

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 1920 — 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: 1.30% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.49%
• DSCR: 1.60
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $436,247
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
353 Savin Ave	0.14mi	2/2.0	2,308 (+7%)	11mo	$460,000	$199	72
209 Campbell Ave	0.14mi	3/2.5 (+1)	2,058 (-4%)	15mo	$350,000	$170	66
149 William St	0.23mi	2/2.0	1,826 (-15%)	10mo	$370,000	$203	56
404 Center St	0.57mi	3/2.0 (+1)	1,978 (-8%)	10mo	$454,000	$230	47
112 Union Ave	0.61mi	3/2.0 (+1)	1,844 (-14%)	5mo	$450,000	$244	39

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.18×
• Total profit: $20,163
• Equity at exit: $59,492

10-year hold

• IRR: 14.9%
• Equity multiple: 2.26×
• Total profit: $140,804
• Equity at exit: $34,498

Cash invested: $111,720 (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 06516

• Rents YoY: 3.9%
• Active inventory: 146
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $5,178 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$576 /mo · $6,918/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,087
• Net cashflow: $1,255

Break-even live

Break-even rent $3,589

Max offer price $399,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,178
Total (3 units)			$5,178

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
180 Peck Ave West Haven, CT	3.0	1.0	2740	$2,400	$0.88	23d	1	0.40mi
343 Beach St #501 West Haven, CT	2.0	2.0	1629	$3,400	$2.09	14d	1	0.57mi
433 3rd Ave Unit 2 West Haven, CT	2.0	1.0	1722	$1,700	$0.99	43d	1	0.76mi
69 Center St West Haven, CT	3.0	2.0	1530	$2,000	$1.31	14d	1	0.98mi
1010 Ocean Ave West Haven, CT	3.0	3.0	2330	$4,500	$1.93	43d	1	1.17mi
837 Washington Ave West Haven, CT	2.0	1.0	2050	$1,800	$0.88	23d	1	1.24mi
50 Wood St West Haven, CT	3.0	1.0	2314	$2,400	$1.04	2d	1	1.25mi
106 Dawson Ave Unit NA West Haven, CT	3.0	1.5	1464	$3,250	$2.22	2d	1	1.40mi

Listing history 6 events

1. 2026-06-08
   status $399,000 Under Contract 3 DOM
2. 2026-06-07
   days on market $399,000 Active 3 DOM
3. 2026-06-05
   statusdays on market $399,000 Active 1 DOM
4. 2026-06-03
   days on market $399,000 Coming Soon 2 DOM
5. 2026-06-01
   remarks 699-char remark
6. 2026-06-01
   listed $399,000 Coming Soon 1 DOM

ⓘ 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: $6,918 · $576/mo
• Projected year-2 tax: $7,728 · $644/mo
• Expected delta: +$810/yr (+$68/mo · 11.7%)

ⓘ 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 6/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,136
• − Mortgage interest: −$22,350
• − Property taxes: −$6,918
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,971
• − Management: −$4,971
• − Depreciation: −$11,607
• Taxable income: $9,324
• Est. tax owed @ 24.0%: −$2,238
• After-tax cash flow: $12,828/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: West Haven School District
• NCES district ID: 0904950
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $52,405
• Composite: 28.05/100
• National rank: #6840
• State rank: #121 of 153 in CT

Livability — West Haven

• Score: 83/100
• State rank: #6
• US rank: #915

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Haven, CT
• County: New Haven County · 688,236 people
• City population: 55,351
• Metro: New Haven-Milford, CT
• Population (ZIP): 55,351
• Household income: $74,382
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2671.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Hispanic / Latino 26% Black 18% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Russian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 5% Arabic 3%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.86%
• Current HPI: 307.0655
• Rent YoY: ▲ 3.90%
• 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

+200.0% since first listed

5 events — show timeline

• 2026-06-01 Coming Soon $399,000 Smart MLS
• 2012-08-20 Sold (Public Records) $138,000 Public Records
• 2012-08-17 Sold (MLS) $138,000 Smart MLS
• 2012-06-05 Listed $159,900 Smart MLS
• 2002-03-15 Sold (Public Records) $133,000 Public Records

Property tax history

+2.5%/yr

Latest (2023): $6,918 · +2.0% YoY. Source: county tax records.