251 Collins St

Hartford, CT 06105

$289,900B-

7 bd · 2.5 ba · 2,636 sqft · Built 1900 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,410/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$330
• HOA: −$0
• Vac / Maint / Mgmt: −$926
• Net cashflow: $1,633/mo
• Annual: $19,600/yr
• Cap rate: 13.05%
• Cash-on-cash: 24.15%
• DSCR: 2.07
• 1% rule: 1.52%
• Cash to close: $81,172

Investor read

• This is a 7-bed/2.5-bath multifamily listed at $290k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: Webster Micro Society Magnet School (math 22% / reading 29%, grade F, #418 of 553 statewide, top 76%, 615 students, 62% FRL); Renzulli Gifted And Talented Academy (math 52% / reading 72%, grade B+, #38 of 175 statewide, top 21%, 119 students, 72% FRL); Hartford Public High School (math 2% / reading 12%, grade F, #188 of 194 statewide, top 98%, 709 students, 82% FRL).
• Zoned-school proficiency averages 32% at this address vs 17% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Hartford School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 46 active listings in the ZIP; lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 5 sale attempts since 19y 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.
• Current owner paid $172k; list at $290k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $81k cash investment doubles in ~5 years — after that, you're playing with house money.
• 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.
• At $4,410/mo this rent would consume 126% of the median local household income ($42k/yr) (locally 2389% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.