24 Howard Ave · New Haven, CT 06519

$995,000

4 bd · 2.0 ba · 4,068 sqft · MultiFamily public records · 4 Days on market

Built 1925 9,147 sqft lot

---

Why this score? — see what drove the D 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).

• Appreciation +9.9/10.0
• Cash flow +9.6/30.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Schools +1.5/10.0

Multi-family units

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

Listing remarks

Stunning 5,000 SQ FT 3 family building in City Point, completely gut renovated with all the original details preserved. The first floor unit is a sprawling 2,000 sq ft with a private entrance, 3 bedrooms and 2 full baths. Gorgeous, brand-new kitchen with leathered granite counters, stainless appliances, tile backsplash and a butler's pantry. The dining room has a fireplace with gas insert, coffered ceilings, built in cabinetry, and leaded glass windows. The living room is located in the front of the unit and is framed by wood pillars, and flows into the dining room. With huge windows, you can see Long Island sound, and enjoy fantastic natural light. There is an en suite bath, and another fu

Key facts

• Gut renovated
• Coffered ceilings
• Private entrance

Tags

• GUT RENOVATED
• PRIVATE ENTRANCE
• BUTLER'S PANTRY
• FIREPLACE WITH GAS INSERT
• COFFERED CEILINGS
• BUILT IN CABINETRY

Property features AI

Finance

• Financial info: Assessed value: $318,150

Exterior

• Utilities: Public water connected; Public sewer connected; Hot water: Other (type not specified)
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Built before or in 2026 (year built not specified)
• Exterior features: Level lot with water view; Wood siding

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 7 total bedrooms
• Bathrooms: 6 full bathrooms
• Heating & cooling: Hot air heating fueled by natural gas
• Interior features: Central air conditioning; Full, unfinished basement; Finished walk-up attic; Total of 15 rooms; Three-unit building
• Laundry & utility: In-unit stackable laundry; Washer/Dryer provided in all units

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.3-bath units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $-669 ($-8k/yr) — negative. Per door: $-223/mo.
• To cash-flow at today's rent, offer at most $877k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $724k (27.2% below list).
• Recommended offer: $724k (27.2% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Betsy Ross Arts Magnet School (math 12% / reading 27%, grade F, #161 of 175 statewide, top 93%, 327 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 45 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $7,244/mo this rent would consume 175% of the median local household income ($50k/yr) (locally 1321% 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 $104k of equity ($7k loan paydown + $98k appreciation (9.8% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$168k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $315k; list at $995k implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $724,400 (27.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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 1925 — 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 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.73% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.81% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 2.75×
• Total profit: $488,321
• Equity at exit: $882,583

10-year hold

• IRR: 19.8%
• Equity multiple: 6.28×
• Total profit: $1,472,275
• Equity at exit: $1,888,834

Cash invested: $278,600 (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 06519

• Home prices YoY: 2.7%
• Rents YoY: 3.3%
• Active inventory: 45
• Price-to-rent: 34.3×

Monthly cashflow live

• Estimated rent: $7,244 high
• Mortgage (P&I): −$5,218
• Tax from tax record: −$760 /mo · $9,114/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,521
• Net cashflow: $-669

Break-even live

Break-even rent $8,091

Max offer price $876,781

Occupancy floor —

Sensitivity live

Price	-10% $-106	-5% $-388	+0% $-669	+5% $-951	+10% $-1,232
Rent	-10% $-1,241	-5% $-955	+0% $-669	+5% $-383	+10% $-97
Rate	-1.0pp $-168	-0.5pp $-416	base $-669	+0.5pp $-927	+1.0pp $-1,189

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2.3	$7,245
Total (3 units)			$7,244

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
161 Lamberton St #3 New Haven, CT	3.0	1.0	3435	$1,975	$0.57	5d	1	0.73mi
148 Rosette St Unit 1B New Haven, CT	3.0	1.0	4588	$1,900	$0.41	5d	1	0.82mi
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	25d	1	0.96mi

Listing history 3 events

1. 2026-06-21
   days on market $995,000 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $995,000 Active 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: $9,114 · $760/mo
• Projected year-2 tax: $15,204 · $1,267/mo
• Expected delta: +$6,090/yr (+$507/mo · 66.8%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $86,928
• − Mortgage interest: −$55,735
• − Property taxes: −$9,114
• − Insurance: −$4,975
• − Repairs & maintenance: −$6,954
• − Management: −$6,954
• − Depreciation: −$28,945
• Taxable loss: −$25,750
• Est. tax savings @ 24.0%: +$6,180
• After-tax cash flow: $-1,850/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): 15,605
• Household income: $49,619
• Rent vs Own: 73.7% rent · 26.3% own
• Severe rent burden: 1321.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 49% Black 26% White 15% Two or more races 13% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 25% Dominican 3%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 42% Other Indo-European 4% Arabic 1%

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: ▲ 9.81%
• Current HPI: 377.4885
• Rent YoY: ▲ 3.30%
• 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

+215.9% since first listed

2 events — show timeline

• 2026-06-17 Listed $995,000 Smart MLS
• 2021-04-27 Sold (Public Records) $315,000 Public Records

Property tax history

+3.3%/yr

Latest (2023): $9,114 · -6.4% YoY. Source: county tax records.