23 Plaza Ave · Waterbury, CT 06710

$450,000

9 bd · 3.0 ba · 3,245 sqft · MultiFamily public records · 6 Days on market

Built 1900 4,356 sqft lot Est $412k · 9% over

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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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• ARV discount +3.4/15.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 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 MLS

Great investment opportunity | Separate electric & Gas services to each unit | Tenants pay their own utilities | This is a must see | Income /Expense data available on request | The 3rd floor is currently available for showing and for owner occupancy. 3rd Floor & basement available for showing on log & go basis

Key facts

• On-street parking
• New roof
• 4,356 sq ft lot

Tags

• NEW ROOF
• SEPARATELY METERED UTILITIES
• WILLOW PLAZA NEIGHBORHOOD
• ON-STREET PARKING

Property features AI

Exterior

• Parking: Paved off-street parking; Unassigned parking spaces; 3 parking spaces
• Utilities: Public water connected; Public sewer connected; Natural gas service
• Home design: Multi-family property (3-family); Multi-story building
• Construction: Frame construction; Stone foundation; Asphalt shingle roof; Vinyl siding
• Exterior features: Porch; City views; Sloping lot

Interior

• Bedrooms: 9 bedrooms total
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heating (natural gas); Window unit cooling
• Interior features: Thermostat(s); Window unit cooling; Full basement with walk-out; Access to attic via hatch; Thermopane windows
• Laundry & utility: 40-gallon natural gas hot water tank

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $432/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Cap rate 9.7% vs local median 3.6% 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: schools D+, 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.
• Market conditions: Rents soft (-0.4%/yr); 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $5,482/mo this rent would consume 177% of the median local household income ($37k/yr) (locally 856% 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 $14k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 24y 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 $225k; list at $450k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $450,000

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 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 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?
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: 1.22% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.34%
• DSCR: 1.55
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $412,115
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Arch St	0.13mi	9/3.0	3,282 (+1%)	2mo	$495,000	$151	90
16 Plaza Ave	0.02mi	8/3.0 (-1)	3,178 (-2%)	1mo	$455,000	$143	89
70 Elmwood Ave	0.14mi	8/3.0 (-1)	3,175 (-2%)	10mo	$452,000	$142	77
35 Frederick St	0.24mi	8/3.0 (-1)	3,088 (-5%)	3mo	$255,000	$83	73
215 Woodlawn Ter	0.18mi	10/3.0 (+1)	3,410 (+5%)	7mo	$473,000	$139	73
50 Elmwood Ave	0.10mi	8/3.0 (-1)	3,563 (+10%)	10mo	$170,000	$48	65
50 Manhan St	0.31mi	8/3.0 (-1)	3,100 (-4%)	11mo	$400,000	$129	64
26 Ridgewood St	0.20mi	10/5.5 (+1)	3,415 (+5%)	7mo	$435,000	$127	62
10 Pearl St	0.72mi	9/—	3,211 (-1%)	11mo	$380,000	$118	56
53 Hillside Ave	0.51mi	8/3.0 (-1)	2,952 (-9%)	5mo	$279,900	$95	52
127 Pearl St	0.57mi	9/3.0	3,636 (+12%)	4mo	$397,800	$109	50
32 Hawkins St	0.73mi	8/3.0 (-1)	3,114 (-4%)	12mo	$379,000	$122	45

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-6,404
• Equity at exit: $67,096

10-year hold

• IRR: 4.8%
• Equity multiple: 1.31×
• Total profit: $38,773
• Equity at exit: $38,908

Cash invested: $126,000 (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 06710

• Home prices YoY: -8.1%
• Rents YoY: -0.4%
• Active inventory: 32
• Price-to-rent: 20.5×

Monthly cashflow live

• Estimated rent: $5,482 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$487 /mo · $5,849/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,151
• Net cashflow: $1,296

Break-even live

Break-even rent $3,841

Max offer price $450,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,551	-5% $1,423	+0% $1,296	+5% $1,169	+10% $1,041
Rent	-10% $863	-5% $1,079	+0% $1,296	+5% $1,513	+10% $1,729
Rate	-1.0pp $1,523	-0.5pp $1,410	base $1,296	+0.5pp $1,179	+1.0pp $1,061

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,481
Total (3 units)			$5,482

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Coe St Waterbury, CT	9.0	3.0	3240	$1,800	$0.56	4d	1	1.08mi

Listing history 6 events

1. 2026-06-18
   days on market $450,000 Active 6 DOM
2. 2026-06-17
   days on market $450,000 Active 5 DOM
3. 2026-06-16
   days on market $450,000 Active 4 DOM
4. 2026-06-15
   days on market $450,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $450,000 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: $5,849 · $487/mo
• Projected year-2 tax: $7,740 · $645/mo
• Expected delta: +$1,890/yr (+$158/mo · 32.3%)

ⓘ 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 · 15 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: $65,784
• − Mortgage interest: −$25,207
• − Property taxes: −$5,849
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,263
• − Management: −$5,263
• − Depreciation: −$13,091
• Taxable income: $8,862
• Est. tax owed @ 24.0%: −$2,127
• After-tax cash flow: $13,425/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): 9,942
• Household income: $37,191
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 856.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Hispanic / Latino 33% Black 29% White 26% Two or more races 16% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 17% Cuban 2% Dominican 9%
• Common ancestry: Romanian 2% Italian 2% Estonian 2%
• Foreign-born: 16% · Canada, Mexico
• Languages at home: 67% English-only · Spanish 27% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -26.17%
• Current HPI: 296.1252
• Rent YoY: ▼ -0.39%
• 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

+1405.0% since first listed

18 events — show timeline

• 2026-06-12 Listed $450,000 Smart MLS
• 2021-12-15 Sold (Public Records) $225,000 Public Records
• 2021-12-14 Sold (MLS) $225,000 Smart MLS
• 2021-08-06 Listed $224,900 Smart MLS
• 2008-12-16 Listing Removed — Smart MLS
• 2008-06-16 Listed $239,900 Smart MLS
• 2008-05-29 Listing Removed — Smart MLS
• 2007-05-29 Listed $249,000 Smart MLS
• 2007-04-27 Listing Removed — Smart MLS
• 2007-04-27 Listed $249,000 Smart MLS
• 2006-11-03 Sold (Public Records) $154,760 Public Records
• 2006-06-11 Listing Removed — Smart MLS
• 2006-04-11 Listed $164,900 Smart MLS
• 2004-09-14 Sold (Public Records) $124,000 Public Records
• 2004-09-13 Sold (MLS) $124,000 Smart MLS
• 2004-05-28 Listed $128,500 Smart MLS
• 2002-08-02 Sold (MLS) $26,000 Smart MLS
• 2002-05-21 Listed $29,900 Smart MLS

Property tax history

+12.4%/yr

Latest (2023): $5,849 · +288.6% YoY. Source: county tax records.