1857 State St · New Haven, CT 06517

$485,000

6 bd · 3.0 ba · 3,038 sqft · MultiFamily public records · 3 Days on market

Built 1928 0.29 ac lot Est $535k · 9% under

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Why this score? — see what drove the B- 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 +26.7/30.0
• ARV discount +11.7/15.0
• DSCR +9.1/10.0
• 1% rule +8.1/10.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 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

Rare opportunity!!! Welcome to 1857 State St. , Hamden, CT. This well-maintained 3-unit multi-family has been lovingly cared for by the same family since it was built, showcasing true pride of ownership throughout. Situated on a double corner lot, the property offers a unique sense of privacy while remaining just moments from shopping, dining, and everyday conveniences. Each unit features 2 bedrooms, 1 full bath, a living room, dining room, and kitchen-ideal for both owner-occupants and investors alike. Additional highlights include a detached 3-car garage, ample street parking, and a fenced-in area-perfect for pet owners. Properties like this are rarely available. Schedule your showing to

Key facts

• 0.29 acre lot
• 3 garage spots
• Built 1928

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $485k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $436/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $485k).
• Cap rate 9.5% vs local median 4.9% 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.
• Hamden School District (suburban): math 30% / reading 43% proficiency, ranked #106 of 153 in CT (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $6,354/mo this rent would consume 73% of the median local household income ($105k/yr) (locally 531% 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $49k; list at $485k implies a 887% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $485,000

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 1928 — 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: 1.31% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.56%
• DSCR: 1.51
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $534,688
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1857 State St	0.00mi	6/3.0	2,813 (-7%)	1mo	$510,000	$181	87
1835 State St	0.04mi	5/3.0 (-1)	3,087 (+2%)	17mo	$469,900	$152	76
214 Welton St	0.24mi	5/3.0 (-1)	3,388 (+12%)	16mo	$525,000	$155	52
50 Hubbard Pl	0.62mi	6/3.0	2,904 (-4%)	15mo	$512,500	$176	51

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 · 0.21% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-12,303
• Equity at exit: $72,315

10-year hold

• IRR: 3.6%
• Equity multiple: 1.22×
• Total profit: $30,525
• Equity at exit: $41,934

Cash invested: $135,800 (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 06517

• Rents YoY: 0.2%
• Active inventory: 83
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $6,354 high
• Mortgage (P&I): −$2,543
• Tax from tax record: −$966 /mo · $11,591/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,334
• Net cashflow: $1,308

Break-even live

Break-even rent $4,698

Max offer price $485,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,583	-5% $1,446	+0% $1,308	+5% $1,171	+10% $1,034
Rent	-10% $806	-5% $1,057	+0% $1,308	+5% $1,559	+10% $1,810
Rate	-1.0pp $1,553	-0.5pp $1,432	base $1,308	+0.5pp $1,183	+1.0pp $1,055

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,354
Total (3 units)			$6,354

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
589 Winchester Ave Unit 3 New Haven, CT	5.0	1.0	3936	$2,650	$0.67	45d	1	1.43mi

Listing history 4 events

1. 2026-04-15
   status Under Contract
2. 2026-04-13
   listed $485,000 Active
3. 2026-04-12
   historical $485,000
4. 2008-09-22
   soldstatus $49,160

ⓘ 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: $11,591 · $966/mo
• Projected year-2 tax: $11,591 · $966/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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $76,248
• − Mortgage interest: −$27,168
• − Property taxes: −$11,591
• − Insurance: −$2,425
• − Repairs & maintenance: −$6,100
• − Management: −$6,100
• − Depreciation: −$14,109
• Taxable income: $8,756
• Est. tax owed @ 24.0%: −$2,101
• After-tax cash flow: $13,598/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: Hamden School District
• NCES district ID: 0901860
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $68,821
• Composite: 33.34/100
• National rank: #5490
• State rank: #106 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

• County: New Haven County · 688,236 people
• City population: 61,150
• Metro: New Haven-Milford, CT
• Population (ZIP): 14,221
• Household income: $104,550
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 531.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 19% Hispanic / Latino 17% Two or more races 7% Asian 2%
• Hispanic origin (detail): Puerto Rican 11% Dominican 2%
• Common ancestry: Romanian 5% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 12% · Canada, Jamaica, United Kingdom
• Languages at home: 80% English-only · Spanish 12% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -204.00%
• Current HPI: 255.2756
• Rent YoY: ▲ 0.21%
• 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

+886.6% since first listed

4 events — show timeline

• 2026-04-15 Pending — Smart MLS
• 2026-04-13 Listed $485,000 Smart MLS
• 2026-04-12 Coming Soon $485,000 Smart MLS
• 2008-09-22 Sold (Public Records) $49,160 Public Records

Property tax history

+6.0%/yr

Latest (2023): $11,591 · +1.6% YoY. Source: county tax records.