51 Mead St · New Haven, CT 06511

$499,900

6 bd · 3.0 ba · 3,324 sqft · MultiFamily public records · 21 Days on market

Built 1900 6,098 sqft lot Est $495k · 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.1/15.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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

Well-maintained and freshly updated 3-family property in New Haven's West River neighborhood. Offering over 3,300 sq ft, this turnkey investment features 3 units with a total of 6 bedrooms and 3 full bathrooms. All units have been freshly painted and are move-in ready, with hardwood flooring, spacious layouts, and abundant natural light. Separate utilities and off-street parking add to the property's appeal for both investors and owner-occupants. Situated on a level lot, the property provides a low-maintenance outdoor space while maintaining strong rental potential. Conveniently located just minutes from downtown New Haven, Yale, hospitals, shopping, dining, and public transportation, with

Key facts

• Separate utilities
• Off street parking
• Level lot

Tags

• TURNKEY INVESTMENT
• SEPARATE UTILITIES
• OFF STREET PARKING
• LEVEL LOT
• LOW MAINTENANCE OUTDOOR SPACE
• STRONG RENTAL POTENTIAL

Property features AI

Finance

• Other: Total of 3 dwelling units; 15 total rooms
• Financial info: Assessed value listed

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Brick and stone foundation
• Exterior features: Level lot; Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: 8 bedrooms total
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Hot air heating; Natural gas hot water (40 gallon tank)
• Interior features: Full basement
• Laundry & utility: Laundry located in basement with basement hookups

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $551/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $492k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 4.8% in New 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 79/100 on livability (#31 in CT, #2,190 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, employment D, crime F.
• New Haven School District (urban): math 12% / reading 25% proficiency, ranked #147 of 153 in CT (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 140 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $6,410/mo this rent would consume 128% of the median local household income ($60k/yr) (locally 4999% 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 $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $140k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• 2 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 flood risk; major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $492,401 (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. 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?
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: 1.28% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.18%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $495,276
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Gilbert Ave	0.22mi	6/3.0	3,662 (+10%)	5mo	$430,000	$117	69
907 Elm St	0.60mi	6/2.5	3,253 (-2%)	0mo	$498,500	$153	66
23-25 Mead St	0.06mi	7/4.0 (+1)	3,656 (+10%)	10mo	$660,000	$181	63
178 Sherman Ave	0.36mi	5/3.5 (-1)	3,222 (-3%)	13mo	$555,000	$172	60
201 Winthrop Ave	0.20mi	5/3.0 (-1)	3,008 (-10%)	12mo	$330,000	$110	60
356 Winthrop Ave	0.41mi	6/3.0	3,763 (+13%)	0mo	$649,000	$172	59
621 Elm St	0.59mi	7/3.0 (+1)	3,320 (-0%)	16mo	$450,000	$136	54
868 Elm St	0.53mi	7/3.0 (+1)	3,657 (+10%)	4mo	$545,000	$149	50
110 Hobart St	0.66mi	7/3.0 (+1)	3,309 (-0%)	18mo	$475,000	$144	48
73 Hubinger St	0.69mi	6/3.0	3,642 (+10%)	9mo	$517,000	$142	44
46 Platt St	0.53mi	6/3.0	3,675 (+11%)	18mo	$400,000	$109	42
21 Hinman St	0.71mi	6/4.0	2,946 (-11%)	2mo	$580,000	$197	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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $21,870
• Equity at exit: $74,537

10-year hold

• IRR: 13.2%
• Equity multiple: 2.03×
• Total profit: $144,552
• Equity at exit: $43,222

Cash invested: $139,972 (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 06511

• Home prices YoY: -20.8%
• Rents YoY: 2.6%
• Active inventory: 140
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $6,410 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$580 /mo · $6,955/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,346
• Net cashflow: $1,654

Break-even live

Break-even rent $4,316

Max offer price $499,900

Occupancy floor 69%

Sensitivity live

Price	-10% $1,937	-5% $1,796	+0% $1,654	+5% $1,513	+10% $1,372
Rent	-10% $1,148	-5% $1,401	+0% $1,654	+5% $1,908	+10% $2,161
Rate	-1.0pp $1,906	-0.5pp $1,782	base $1,654	+0.5pp $1,525	+1.0pp $1,393

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,411
Total (3 units)			$6,410

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
131 Dwight St Unit 1 New Haven, CT	6.0	3.0	3097	$6,250	$2.02	24d	1	0.73mi
131 Dwight St Unit 1 New Haven, CT	6.0	3.0	3000	$6,250	$2.08	15d	1	0.73mi
1519 Ella T Grasso Blvd Unit N/A New Haven, CT	5.0	2.0	2750	$4,450	$1.62	24d	1	0.74mi
347 Sherman Ave New Haven, CT	5.0	3.0	3153	$2,300	$0.73	44d	1	0.75mi
355 Norton St Unit 1 New Haven, CT	5.0	2.5	2500	$3,300	$1.32	22d	1	0.82mi
229 Dwight St New Haven, CT	6.0	2.0	2400	$4,995	$2.08	3d	1	0.83mi
395 Crown St New Haven, CT	6.0	3.5	2889	$7,195	$2.49	44d	1	0.84mi
432 Norton Pkwy New Haven, CT	5.0	3.0	2493	$4,195	$1.68	44d	1	0.98mi

Listing history 6 events

1. 2026-04-28
   status Under Contract
2. 2026-04-27
   historical Under Contract - Continue to Show
3. 2026-04-24
   status Active
4. 2026-04-16
   historical Under Contract - Continue to Show
5. 2026-04-07
   listed $499,900 Active
6. 2022-02-11
   price $1,450

ⓘ 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: $6,955 · $580/mo
• Projected year-2 tax: $8,826 · $736/mo
• Expected delta: +$1,871/yr (+$156/mo · 26.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,920
• − Mortgage interest: −$28,002
• − Property taxes: −$6,955
• − Insurance: −$2,500
• − Repairs & maintenance: −$6,154
• − Management: −$6,154
• − Depreciation: −$14,543
• Taxable income: $12,614
• Est. tax owed @ 24.0%: −$3,027
• After-tax cash flow: $16,827/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 Haven School District
• NCES district ID: 0902790
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $38,058
• Composite: 15.48/100
• National rank: #9308
• State rank: #147 of 153 in CT

Livability — New Haven

• Score: 79/100
• State rank: #31
• US rank: #2190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Haven, CT
• County: New Haven County · 688,236 people
• City population: 132,813
• Metro: New Haven-Milford, CT
• Population (ZIP): 54,730
• Household income: $59,969
• Rent vs Own: 80.3% rent · 19.7% own
• Severe rent burden: 4999.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 34% White 32% Hispanic / Latino 21% Two or more races 8% Asian 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 15% Chinese 3% Other Indo-European 2%

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: ▼ -86.05%
• Current HPI: 328.1353
• Rent YoY: ▲ 2.60%
• 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

+34375.9% since first listed

6 events — show timeline

• 2026-04-28 Pending — Smart MLS
• 2026-04-27 Contingent — Smart MLS
• 2026-04-24 Relisted — Smart MLS
• 2026-04-16 Contingent — Smart MLS
• 2026-04-07 Listed $499,900 Smart MLS
• 2022-02-11 Price Changed $1,450 RENT.

Property tax history

+5.5%/yr

Latest (2023): $6,955 · -6.4% YoY. Source: county tax records.