247 Franklin Ave · Hartford, CT 06114

$459,000

9 bd · 3.9 ba · 4,202 sqft · MultiFamily · 77 Days on market

Built 1900 Good condition 7,405 sqft lot $109/sqft · 19% below area Est $567k · 19% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.8/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Mixed-use property, consisting of three residential 3-bedroom apartments and one street-level commercial storefront. The property offers parking for approximately six vehicles; Long-term leases are in place. Recent improvements completed in 2024 include a new roof, new siding on the rear porch, new gas hot water heaters, storm and porch windows, and motion-sensor lighting in the stairwell. Tenants are responsible for their own heat and electric, while the owner covers water/sewer, trash, snow removal, and lawn care. Appliances included are stove and refrigerator. Located on bus line with shopping and many restaurants nearby.

Key facts

• New siding
• New roof
• 7,405 sq ft lot

Tags

• THREE RESIDENTIAL APARTMENTS
• PARKING FOR SIX VEHICLES
• NEW ROOF
• NEW SIDING
• NEW GAS HOT WATER HEATERS
• MOTION-SENSOR LIGHTING

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1-bath units multifamily listed at $459k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $607/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $459k).
• Recommended offer: $431k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.5%/yr); 54 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $6,321/mo this rent would consume 146% of the median local household income ($52k/yr) (locally 1897% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $49k of equity ($3k loan paydown + $46k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 1.5% rent growth), your $129k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$79k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($431k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $431,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
9. 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.
10. 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.
11. 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: 1.38% ✓
• Cap rate: 11.06%
• Cash-on-cash: 17.01%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

• ARV (median comp): $566,641
• List price: $459,000
• Delta: -19.00%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: 36.1%
• Equity multiple: 3.77×
• Total profit: $356,509
• Equity at exit: $413,504

10-year hold

• IRR: 30.6%
• Equity multiple: 8.32×
• Total profit: $940,556
• Equity at exit: $891,736

Cash invested: $128,520 (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 06114

• Home prices YoY: 4.7%
• Rents YoY: 1.5%
• Active inventory: 54
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $6,321 high
• Mortgage (P&I): −$2,407
• Tax est. 1.5%: −$574 /mo · $6,885/yr
• Insurance: −$191
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,327
• Net cashflow: $1,822

Break-even live

Break-even rent $4,015

Max offer price $459,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,139	-5% $1,980	+0% $1,822	+5% $1,663	+10% $1,504
Rent	-10% $1,322	-5% $1,572	+0% $1,822	+5% $2,071	+10% $2,321
Rate	-1.0pp $2,053	-0.5pp $1,938	base $1,822	+0.5pp $1,703	+1.0pp $1,582

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,321
Total (3 units)			$6,321

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: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $459,000 Active 77 DOM
2. 2026-06-17
   days on market $459,000 Active 76 DOM
3. 2026-06-16
   days on market $459,000 Active 75 DOM
4. 2026-06-15
   days on market $459,000 Active 74 DOM
5. 2026-06-13
   days on market $459,000 Active 72 DOM
6. 2026-06-13
   days on market $459,000 Active 71 DOM
7. 2026-06-10
   days on market $459,000 Active 69 DOM
8. 2026-06-09
   days on market $459,000 Active 68 DOM
9. 2026-06-08
   days on market $459,000 Active 67 DOM
10. 2026-06-07
    days on market $459,000 Active 66 DOM
11. 2026-06-05
    days on market $459,000 Active 63 DOM
12. 2026-06-03
    days on market $459,000 Active 62 DOM
13. 2026-06-02
    days on market $459,000 Active 61 DOM
14. 2026-06-01
    days on market $459,000 Active 60 DOM
15. 2026-05-31
    days on market $459,000 Active 59 DOM
16. 2026-05-10
    price $459,000 632-char remark

    Show marketing remark (632 chars)

    Mixed-use property, consisting of three residential 3-bedroom apartments and one street-level commercial storefront. The property offers parking for approximately six vehicles; Long-term leases are in place. Recent improvements completed in 2024 include a new roof, new siding on the rear porch, new gas hot water heaters, storm and porch windows, and motion-sensor lighting in the stairwell. Tenants are responsible for their own heat and electric, while the owner covers water/sewer, trash, snow removal, and lawn care. Appliances included are stove and refrigerator. Located on bus line with shopping and many restaurants nearby.

17. 2026-05-10
    status Active 632-char remark

    Show marketing remark (632 chars)

    Mixed-use property, consisting of three residential 3-bedroom apartments and one street-level commercial storefront. The property offers parking for approximately six vehicles; Long-term leases are in place. Recent improvements completed in 2024 include a new roof, new siding on the rear porch, new gas hot water heaters, storm and porch windows, and motion-sensor lighting in the stairwell. Tenants are responsible for their own heat and electric, while the owner covers water/sewer, trash, snow removal, and lawn care. Appliances included are stove and refrigerator. Located on bus line with shopping and many restaurants nearby.

18. 2026-03-14
    status Under Contract 632-char remark

    Show marketing remark (632 chars)

    Mixed-use property, consisting of three residential 3-bedroom apartments and one street-level commercial storefront. The property offers parking for approximately six vehicles; Long-term leases are in place. Recent improvements completed in 2024 include a new roof, new siding on the rear porch, new gas hot water heaters, storm and porch windows, and motion-sensor lighting in the stairwell. Tenants are responsible for their own heat and electric, while the owner covers water/sewer, trash, snow removal, and lawn care. Appliances included are stove and refrigerator. Located on bus line with shopping and many restaurants nearby.

19. 2026-02-22
    historical Under Contract - Continue to Show 632-char remark

    Show marketing remark (632 chars)

    Mixed-use property, consisting of three residential 3-bedroom apartments and one street-level commercial storefront. The property offers parking for approximately six vehicles; Long-term leases are in place. Recent improvements completed in 2024 include a new roof, new siding on the rear porch, new gas hot water heaters, storm and porch windows, and motion-sensor lighting in the stairwell. Tenants are responsible for their own heat and electric, while the owner covers water/sewer, trash, snow removal, and lawn care. Appliances included are stove and refrigerator. Located on bus line with shopping and many restaurants nearby.

20. 2026-02-04
    listed $449,000 Active 632-char remark

    Show marketing remark (632 chars)

    Mixed-use property, consisting of three residential 3-bedroom apartments and one street-level commercial storefront. The property offers parking for approximately six vehicles; Long-term leases are in place. Recent improvements completed in 2024 include a new roof, new siding on the rear porch, new gas hot water heaters, storm and porch windows, and motion-sensor lighting in the stairwell. Tenants are responsible for their own heat and electric, while the owner covers water/sewer, trash, snow removal, and lawn care. Appliances included are stove and refrigerator. Located on bus line with shopping and many restaurants nearby.

21. 2007-07-14
    historical
22. 2007-05-09
    listed $260,000
23. 2006-09-09
    historical
24. 2006-03-09
    listed $274,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $75,852
• − Mortgage interest: −$25,711
• − Property taxes: −$6,885
• − Insurance: −$2,295
• − Repairs & maintenance: −$6,068
• − Management: −$6,068
• − Depreciation: −$13,353
• Taxable income: $15,472
• Est. tax owed @ 24.0%: −$3,713
• After-tax cash flow: $18,145/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property offers three 3-bedroom apartments and a commercial storefront. Recent improvements include a new roof and storm windows, but the kitchen and bathroom require updates for a more modern and attractive appearance.

Repairs flagged

• Minor kitchen cabinets — dated and could be replaced
• Major bathroom fixtures — dated and in poor condition

Value-add opportunities

• Both update kitchen cabinets — modernizes space and increases appeal
• Both replace bathroom fixtures — improves functionality and aesthetics
• Both landscaping improvements — enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and could be replaced	Minor	$500–3,000
bathroom fixtures · dated and in poor condition	Major	$15,000–50,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both update kitchen cabinets — modernizes space and increases appeal ↑
• Both replace bathroom fixtures — improves functionality and aesthetics ↑
• Both landscaping improvements — enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 26,458
• Household income: $52,110
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 1897.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% White 19% Black 19% Two or more races 10% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 36% Dominican 6%
• Common ancestry: American 6% Romanian 1% Lithuanian 1%
• Foreign-born: 31% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 49% Russian/Polish/Slavic 8% Other Indo-European 4%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.02%
• Current HPI: 356.5892
• Rent YoY: ▲ 1.47%
• Metro: Hartford-East Hartford-Middletown, 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

+67.5% since first listed

9 events — show timeline

• 2026-05-10 Price Changed $459,000 Smart MLS
• 2026-05-10 Relisted — Smart MLS
• 2026-03-14 Pending — Smart MLS
• 2026-02-22 Contingent — Smart MLS
• 2026-02-04 Listed $449,000 Smart MLS
• 2007-07-14 Listing Removed — Smart MLS
• 2007-05-09 Listed $260,000 Smart MLS
• 2006-09-09 Listing Removed — Smart MLS
• 2006-03-09 Listed $274,000 Smart MLS