47 Wilkinson St

Putnam, CT 06260

$435,000C+

7 bd · 4.0 ba · 3,244 sqft · Built 1900 · MultiFamily · Under Contract · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,446/mo
• Mortgage (P&I): −$2,281
• Tax + insurance: −$527
• HOA: −$0
• Vac / Maint / Mgmt: −$1,564
• Net cashflow: $3,074/mo
• Annual: $36,890/yr
• Cap rate: 14.77%
• Cash-on-cash: 30.29%
• DSCR: 2.35
• 1% rule: 1.71%
• Cash to close: $121,800

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $435k.
• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $769/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $435k).
• It's been on market 59 days — a 3% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $422k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#117 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety D+, schools D-, amenities F.
• Putnam School District (suburban): math 25% / reading 34% proficiency, ranked #126 of 153 in CT (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 59 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• 13 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 $345k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $122k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.8% vs local median 3.4% in Putnam — 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.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.