987 Baldwin St · Waterbury, CT 06706

$280,000

7 bd · 3.0 ba · 3,566 sqft · MultiFamily public records · 1 Days on market

Built 1908 6,534 sqft lot Est $417k · 33% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Unlock instant equity potential with this spacious 3 family property ready for renovation. The home features a large four-car garage with a walk-up loft- ideal for storage, a workshop, or future expansion possibilities. A few major exterior updates are already complete, including newer vinyl siding and a newer roof. The interior requires full rehab, making this a perfect opportunity for investors seeking a value-add project. CASH BUYERS ONLY. Property is being sold "As Is", including existing tenants and any remaining contents at the time of closing. A rare chance for seasoned investors to secure a high-potential multi-family project with major upside!

Key facts

• 6,534 sq ft lot
• 4 garage spots
• Built 1908

Property features AI

Finance

• Financial info: Multi-family for sale (3 units)

Exterior

• Parking: Detached garage with 4 garage spaces
• Utilities: Public water connected; Public sewer connected; Natural gas hot water
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Concrete and stone foundation; Blue exterior color
• Exterior features: Enclosed porch and open porch; Gutters and exterior lighting; Corner lot

Interior

• Bedrooms: 7 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot water heating; Natural gas heating
• Interior features: 16 total rooms; Full unfinished basement; Attic with access via hatch

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $561/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $280k).
• Cap rate 13.5% vs local median 3.5% 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: 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.
• Zoned schools: Washington School (math 2% / reading 8%, grade F, #545 of 553 statewide, top 99%, 296 students, 79% FRL); West Side Middle School (math 8% / reading 23%, grade F, #165 of 175 statewide, top 94%, 817 students, 81% FRL); Crosby High School (math 2% / reading 17%, grade F, #187 of 194 statewide, top 96%, 1,400 students, 84% FRL).
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $4,972/mo this rent would consume 114% of the median local household income ($52k/yr) (locally 801% 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 $6k of equity ($2k loan paydown + $4k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $280,000

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 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.78% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.78%
• DSCR: 2.15
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $417,222
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
895 Baldwin St	0.08mi	6/3.0 (-1)	3,645 (+2%)	2mo	$360,000	$99	86
127 Lounsbury St	0.12mi	7/3.0	3,204 (-10%)	1mo	$420,000	$131	77
73 South St	0.18mi	6/3.0 (-1)	3,240 (-9%)	2mo	$399,900	$123	69
98 Sylvan Ave	0.37mi	8/3.0 (+1)	3,468 (-3%)	16mo	$400,000	$115	60
1599 S Main St	0.38mi	7/3.0	3,936 (+10%)	12mo	$300,000	$76	55
73 Lounsbury St	0.16mi	6/3.0 (-1)	3,096 (-13%)	20mo	$350,000	$113	49
144 Washington St	0.30mi	6/3.0 (-1)	3,108 (-13%)	17mo	$400,000	$129	46
48 South St	0.23mi	8/3.0 (+1)	3,082 (-14%)	20mo	$360,000	$117	45
20 Stiles St	0.45mi	6/3.0 (-1)	4,095 (+15%)	8mo	$415,000	$101	42
73 E Dover St	0.66mi	8/4.0 (+1)	3,320 (-7%)	11mo	$415,000	$125	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 2.51×
• Total profit: $118,219
• Equity at exit: $101,370

10-year hold

• IRR: 31.0%
• Equity multiple: 4.85×
• Total profit: $301,547
• Equity at exit: $139,301

Cash invested: $78,400 (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 06706

• Home prices YoY: 0.5%
• Active inventory: 43
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $4,972 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$658 /mo · $7,901/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,044
• Net cashflow: $1,684

Break-even live

Break-even rent $2,840

Max offer price $280,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,843	-5% $1,764	+0% $1,684	+5% $1,605	+10% $1,526
Rent	-10% $1,292	-5% $1,488	+0% $1,684	+5% $1,881	+10% $2,077
Rate	-1.0pp $1,825	-0.5pp $1,756	base $1,684	+0.5pp $1,612	+1.0pp $1,538

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,971
Total (3 units)			$4,972

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Niagara St Waterbury, CT	6.0	3.0	3156	$1,700	$0.54	5d	1	0.96mi

Listing history 2 events

1. 2026-05-12
   status Under Contract
2. 2026-05-12
   listed $280,000 Active

ⓘ 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: $7,901 · $658/mo
• Projected year-2 tax: $7,901 · $658/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 16 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: $59,664
• − Mortgage interest: −$15,684
• − Property taxes: −$7,901
• − Insurance: −$1,400
• − Repairs & maintenance: −$4,773
• − Management: −$4,773
• − Depreciation: −$8,145
• Taxable income: $16,987
• Est. tax owed @ 24.0%: −$4,077
• After-tax cash flow: $16,136/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): 15,551
• Household income: $52,242
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 801.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 35% White 31% Black 25% Two or more races 12% Asian 3%
• Hispanic origin (detail): Puerto Rican 25% Dominican 4%
• Common ancestry: Lithuanian 3% Estonian 2% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica
• Languages at home: 60% English-only · Spanish 27% Other Indo-European 11% Other Asian/Pacific 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: ▲ 1.39%
• Current HPI: 309.8467
• Rent YoY: —
• 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

2 events — show timeline

• 2026-05-12 Pending — Smart MLS
• 2026-05-12 Listed $280,000 Smart MLS

Property tax history

+4.7%/yr

Latest (2023): $7,901 · +66.9% YoY. Source: county tax records.