40 Stevens St · New Haven, CT 06519

$365,000

4 bd · 2.0 ba · 2,646 sqft · MultiFamily public records · 12 Days on market

Built 1905 3,049 sqft lot Est $370k · at est.

---

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 +27.3/30.0
• Appreciation +9.9/10.0
• DSCR +9.5/10.0
• ARV discount +8.2/15.0
• 1% rule +7.5/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Tranquil West River Neighborhood. Replacement windows. Both units fully occupied with lease. 1st floor unit features 3 bedrooms. 2nd Unit is fully occupied and is combined with the the 3rd floor to make a 5 bedroom apartment. Rents are good and are below market. All good mechanics. 3 blocks from YNHH, Rt. 10, and Rt. 34. Minutes to downtown New Haven and many local parks. West River Park is walking distance. Walk to bus line. Good tenants happy to stay.

Key facts

• Local parks
• Replacement windows
• 3,049 sq ft lot

Tags

• REPLACEMENT WINDOWS
• SOLID MECHANICAL SYSTEMS
• SPACIOUS 3 BEDROOM LAYOUT
• FINISHED ROOMS IN ATTIC
• QUICK ACCESS TO DOWNTOWN
• LOCAL PARKS

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Stone foundation; Blue exterior color
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: Four bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot air heating; Natural gas fuel; 30-gallon hot water tank
• Interior features: Ten total rooms; Full unfinished basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $528/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $365k).
• Cap rate 9.8% vs local median 4.8% 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.
• 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.
• Market conditions: Rents rising (+3.3%/yr); 46 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,579/mo this rent would consume 111% 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 $38k of equity ($3k loan paydown + $36k appreciation (9.8% local appreciation)).
• At projected returns (9.8% appreciation + 3.3% rent growth), your $102k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 22y 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 $171k; list at $365k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 55% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $365,000

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 1905 — 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: 1.25% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $370,440
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Auburn St	0.22mi	5/3.0 (+1)	2,547 (-4%)	12mo	$470,000	$185	65
203 West St	0.19mi	4/3.0	2,288 (-14%)	11mo	$435,000	$190	55
866 Congress Ave	0.30mi	5/3.0 (+1)	2,341 (-12%)	23mo	$255,000	$109	39
201 Winthrop Ave	0.44mi	5/3.0 (+1)	3,008 (+14%)	12mo	$330,000	$110	37
189 Putnam St	0.66mi	5/3.0 (+1)	2,450 (-7%)	15mo	$320,000	$131	35
800 George St	0.64mi	5/3.0 (+1)	2,282 (-14%)	4mo	$320,000	$140	34
173 Rosette St	0.73mi	5/2.0 (+1)	2,312 (-13%)	13mo	$212,625	$92	29
706 George St	0.52mi	5/3.0 (+1)	2,318 (-12%)	23mo	$520,000	$224	27

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

Projected returns pro-forma

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

5-year hold

• IRR: 33.2%
• Equity multiple: 3.57×
• Total profit: $262,715
• Equity at exit: $323,762

10-year hold

• IRR: 28.8%
• Equity multiple: 8.07×
• Total profit: $722,593
• Equity at exit: $692,889

Cash invested: $102,200 (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: 46
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $4,579 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$496 /mo · $5,953/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$962
• Net cashflow: $1,055

Break-even live

Break-even rent $3,243

Max offer price $365,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,210
1× unit	3	1	$2,369
Total (2 units)			$4,579

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Adeline St Unit D New Haven, CT	3.0	1.5	2600	$2,250	$0.87	23d	1	0.46mi
41 Howe St New Haven, CT	4.0	2.0	1795	$3,750	$2.09	43d	1	0.56mi
41 Howe St Apt 2 New Haven, CT	3.0	1.0	1795	$3,200	$1.78	23d	1	0.56mi
41 Howe St Apt 2 New Haven, CT	3.0	1.0	1795	$3,200	$1.78	43d	1	0.56mi
120 Dwight St New Haven, CT	3.0	2.0	1750	$3,175	$1.81	21d	2	0.57mi
43 Howe St New Haven, CT	4.0	2.0	1995	$4,995	$2.50	14d	1	0.58mi
1494 Chapel St Unit 1R New Haven, CT	3.0	1.0	1800	$2,000	$1.11	3d	1	0.67mi
5 Oak Pl West Haven, CT	3.0	1.0	2300	$1,900	$0.83	2d	1	0.69mi
66 Kensington St Unit 2 New Haven, CT	3.0	2.0	1800	$2,100	$1.17	23d	1	0.73mi
82 Gilbert St West Haven, CT	3.0	1.0	2641	$2,400	$0.91	43d	1	0.75mi
83 Norton St Unit 2 New Haven, CT	3.0	1.0	2869	$1,695	$0.59	14d	1	0.81mi
161 Lamberton St #3 New Haven, CT	3.0	1.0	3435	$1,975	$0.57	3d	1	0.82mi
36 Cassius St New Haven, CT	4.0	1.5	1872	$2,300	$1.23	43d	1	0.90mi
34 Cassius St Unit 36 New Haven, CT	5.0	2.0	1872	$2,300	$1.23	43d	1	0.90mi
52 Goffe St New Haven, CT	3.0	2.0	1935	$2,600	$1.34	23d	1	0.95mi
117 Maple St New Haven, CT	3.0	1.5	2421	$3,995	$1.65	3d	1	0.99mi
47 Dickerman St Unit 1 New Haven, CT	3.0	1.0	3729	$2,100	$0.56	43d	1	1.01mi
347 Sherman Ave New Haven, CT	5.0	3.0	3153	$2,300	$0.73	43d	1	1.11mi
119 Carmel St Unit 3 New Haven, CT	3.0	1.0	3282	$1,900	$0.58	43d	1	1.26mi
355 Norton St Unit 1 New Haven, CT	5.0	2.5	2500	$3,300	$1.32	21d	1	1.29mi
49 Hubinger St New Haven, CT	4.0	1.5	2000	$2,950	$1.48	2d	1	1.31mi
1519 Ella T Grasso Blvd Unit N/A New Haven, CT	5.0	2.0	2750	$4,450	$1.62	23d	1	1.32mi
56 Mansfield St Unit 1 New Haven, CT	3.0	1.0	2759	$2,800	$1.01	43d	1	1.34mi
50 Admiral St New Haven, CT	5.0	2.0	2157	$2,700	$1.25	19d	1	1.35mi
54 Trumbull St Unit 54-1 New Haven, CT	5.0	2.5	2250	$6,695	$2.98	14d	1	1.36mi
55 Admiral St Unit 2 New Haven, CT	5.0	3.0	2000	$3,295	$1.65	23d	1	1.38mi
50 Wood St West Haven, CT	3.0	1.0	2314	$2,400	$1.04	2d	1	1.40mi
30 Trumbull St New Haven, CT	5.0	4.0	2668	$5,000	$1.87	3d	1	1.42mi
432 Norton Pkwy New Haven, CT	5.0	3.0	2493	$4,195	$1.68	43d	1	1.45mi
134 Mansfield St New Haven, CT	5.0	2.0	1960	$5,500	$2.81	23d	1	1.45mi
239 Bradley St Unit 1 New Haven, CT	3.0	1.0	1982	$3,650	$1.84	43d	1	1.46mi

Listing history 11 events

1. 2026-06-17
   status $365,000 Under Contract 12 DOM
2. 2026-06-17
   days on market $365,000 Active 12 DOM
3. 2026-06-16
   days on market $365,000 Active 11 DOM
4. 2026-06-15
   days on market $365,000 Active 10 DOM
5. 2026-06-14
   days on market $365,000 Active 8 DOM
6. 2026-06-13
   days on market $365,000 Active 7 DOM
7. 2026-06-10
   days on market $365,000 Active 5 DOM
8. 2026-06-09
   days on market $365,000 Active 4 DOM
9. 2026-06-08
   days on market $365,000 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $365,000 Active 2 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: $5,953 · $496/mo
• Projected year-2 tax: $6,882 · $574/mo
• Expected delta: +$929/yr (+$77/mo · 15.6%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 55% 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: $54,948
• − Mortgage interest: −$20,446
• − Property taxes: −$5,953
• − Insurance: −$1,825
• − Repairs & maintenance: −$4,396
• − Management: −$4,396
• − Depreciation: −$10,618
• Taxable income: $7,314
• Est. tax owed @ 24.0%: −$1,755
• After-tax cash flow: $10,906/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

+284.6% since first listed

15 events — show timeline

• 2026-06-05 Listed $365,000 Smart MLS
• 2020-03-05 Sold (MLS) $171,000 Smart MLS
• 2020-01-06 Sold (Public Records) $171,000 Public Records
• 2019-11-27 Pending — Smart MLS
• 2019-10-08 Contingent — Smart MLS
• 2019-09-27 Relisted — Smart MLS
• 2019-09-16 Contingent — Smart MLS
• 2019-09-05 Listed $167,000 Smart MLS
• 2018-04-03 Sold (MLS) $135,750 Smart MLS
• 2018-02-12 Pending — Smart MLS
• 2018-01-25 Contingent — Smart MLS
• 2017-09-05 Listed $139,000 Smart MLS
• 2004-07-06 Sold (Public Records) $117,000 Public Records
• 2004-05-05 Sold (MLS) $115,000 Smart MLS
• 2004-03-04 Listed $94,900 Smart MLS

Property tax history

+6.7%/yr

Latest (2023): $5,953 · -6.4% YoY. Source: county tax records.