246 Elm St · West Haven, CT 06516

$659,000

4 bd · 3.0 ba · 3,410 sqft · MultiFamily public records · 77 Days on market

Built 1861 9,583 sqft lot $193/sqft · 24% above area Est $533k · 24% over

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Why this score? — see what drove the D 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 +18.7/30.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

Key facts

• Own washer dryer
• Hardwood floors
• 9,583 sq ft lot

Tags

• 2-CAR DETACHED GARAGE
• OWN WASHER DRYER
• HARDWOOD FLOORS
• PLENTY OF PARKING SPACE

What this means for you Summary

Snapshot

• This is a 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $659k.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive. Per door: $217/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $659k).
• Recommended offer: $619k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.3% in West 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 83/100 on livability (#6 in CT, #915 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D+, amenities D.
• West Haven School District (suburban): math 26% / reading 38% proficiency, ranked #121 of 153 in CT (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.9%/yr); 146 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $6,593/mo this rent would consume 106% of the median local household income ($74k/yr) (locally 2671% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($619k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: built in 1861 — 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 $619,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1861 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.00% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $533,330
• List price: $659,000
• Delta: 23.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
638 Washington Ave	0.02mi	5/3.0 (+1)	3,236 (-5%)	7mo	$515,000	$159	80
634 Washington Ave	0.03mi	5/3.0 (+1)	3,052 (-10%)	10mo	$465,000	$152	68
782 Savin Ave	0.28mi	4/2.0	3,180 (-7%)	6mo	$509,000	$160	67
285 Main St	0.23mi	3/3.0 (-1)	3,738 (+10%)	3mo	$460,000	$123	66
541 Savin Ave	0.62mi	5/3.0 (+1)	3,518 (+3%)	8mo	$605,000	$172	54

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-59,145
• Equity at exit: $98,259

10-year hold

• IRR: 2.0%
• Equity multiple: 1.15×
• Total profit: $27,542
• Equity at exit: $56,978

Cash invested: $184,520 (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 06516

• Rents YoY: 3.9%
• Active inventory: 146
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $6,593 high
• Mortgage (P&I): −$3,456
• Tax from tax record: −$826 /mo · $9,914/yr
• Insurance: −$275
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,385
• Net cashflow: $652

Break-even live

Break-even rent $5,768

Max offer price $659,000

Occupancy floor 85%

Sensitivity live

Price	-10% $1,025	-5% $838	+0% $652	+5% $465	+10% $279
Rent	-10% $131	-5% $391	+0% $652	+5% $912	+10% $1,173
Rate	-1.0pp $984	-0.5pp $819	base $652	+0.5pp $481	+1.0pp $307

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,600
1× unit	2	1	$1,994
Total (3 units)			$6,593

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: $164,750
• Closing costs: $19,770
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Wood St West Haven, CT	3.0	1.0	2314	$2,400	$1.04	3d	1	0.46mi
37 Center St Unit 2 West Haven, CT	5.0	2.0	2500	$3,300	$1.32	3d	1	0.47mi
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	24d	1	0.49mi
180 Peck Ave West Haven, CT	3.0	1.0	2740	$2,400	$0.88	24d	1	0.94mi
161 Lamberton St #3 New Haven, CT	3.0	1.0	3435	$1,975	$0.57	3d	1	1.18mi
148 Rosette St Unit 1B New Haven, CT	3.0	1.0	4588	$1,900	$0.41	3d	1	1.34mi
69 Adeline St Unit D New Haven, CT	3.0	1.5	2600	$2,250	$0.87	24d	1	1.40mi

Listing history 24 events

1. 2026-05-18
   status Under Contract 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

2. 2026-05-08
   historical Under Contract - Continue to Show 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

3. 2026-04-16
   status Active 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

4. 2026-04-14
   historical Under Contract - Continue to Show 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

5. 2026-04-14
   status Active 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

6. 2026-03-24
   historical Under Contract - Continue to Show 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

7. 2026-03-02
   listed $659,000 Active 541-char remark

   Show marketing remark (541 chars)

   Fabulous Investment Opportunity. Own this well-maintained fully-rented 3-Family home. The home has 2- 3 Bedroom units with current market rents between $2200-$2400 and 1 - 2 Bedroom unit with current market rents around $1800-$2000. The home also has a 2-car detached garage which generates additional income. Excellent tenants in place and they enjoy the peace and quiet of the neighborhood. Each unit has its own washer/dryer, beautiful hardwood floors and plenty of parking space. Worry-free investment - don't wait; bring in your offers.

8. 2026-01-28
   historical
9. 2026-01-03
   historical Under Contract - Continue to Show
10. 2025-12-01
    status Under Contract
11. 2025-12-01
    historical Under Contract - Continue to Show
12. 2025-11-12
    status Under Contract
13. 2025-09-29
    historical Under Contract - Continue to Show
14. 2025-09-19
    status Active
15. 2025-09-18
    historical Under Contract - Continue to Show
16. 2025-09-03
    listed $649,500 Active
17. 2025-08-24
    historical
18. 2025-01-14
    soldstatus $594,500 Closed
19. 2024-10-21
    status Under Contract
20. 2024-10-14
    listed $599,000 Active
21. 2013-06-12
    soldstatus $120,000
22. 2009-08-21
    soldstatus $220,000
23. 2009-07-21
    soldstatus $220,000
24. 2009-04-26
    listed $249,900

ⓘ 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: $9,914 · $826/mo
• Projected year-2 tax: $12,008 · $1,001/mo
• Expected delta: +$2,094/yr (+$175/mo · 21.1%)

ⓘ 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 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $79,116
• − Mortgage interest: −$36,914
• − Property taxes: −$9,914
• − Insurance: −$3,295
• − Repairs & maintenance: −$6,329
• − Management: −$6,329
• − Depreciation: −$19,171
• Taxable loss: −$2,837
• Est. tax savings @ 24.0%: +$681
• After-tax cash flow: $8,503/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: West Haven School District
• NCES district ID: 0904950
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $52,405
• Composite: 28.05/100
• National rank: #6840
• State rank: #121 of 153 in CT

Livability — West Haven

• Score: 83/100
• State rank: #6
• US rank: #915

Category grades

Amenities D Commute A+ Cost of living B Crime A Employment B Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Haven, CT
• County: New Haven County · 688,236 people
• City population: 55,351
• Metro: New Haven-Milford, CT
• Population (ZIP): 55,351
• Household income: $74,382
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2671.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Hispanic / Latino 26% Black 18% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Russian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 5% Arabic 3%

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: ▼ -312.86%
• Current HPI: 307.0655
• Rent YoY: ▲ 3.90%
• 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

+163.7% since first listed

24 events — show timeline

• 2026-05-18 Pending — Smart MLS
• 2026-05-08 Contingent — Smart MLS
• 2026-04-16 Relisted — Smart MLS
• 2026-04-14 Contingent — Smart MLS
• 2026-04-14 Relisted — Smart MLS
• 2026-03-24 Contingent — Smart MLS
• 2026-03-02 Listed $659,000 Smart MLS
• 2026-01-28 Listing Removed — Smart MLS
• 2026-01-03 Contingent — Smart MLS
• 2025-12-01 Pending — Smart MLS
• 2025-12-01 Contingent — Smart MLS
• 2025-11-12 Pending — Smart MLS
• 2025-09-29 Contingent — Smart MLS
• 2025-09-19 Relisted — Smart MLS
• 2025-09-18 Contingent — Smart MLS
• 2025-09-03 Listed $649,500 Smart MLS
• 2025-08-24 Coming Soon — Smart MLS
• 2025-01-14 Sold (MLS) $594,500 Smart MLS
• 2024-10-21 Pending — Smart MLS
• 2024-10-14 Listed $599,000 Smart MLS
• 2013-06-12 Sold (Public Records) $120,000 Public Records
• 2009-08-21 Sold (Public Records) $220,000 Public Records
• 2009-07-21 Sold (MLS) $220,000 Smart MLS
• 2009-04-26 Listed $249,900 Smart MLS

Property tax history

+1.9%/yr

Latest (2023): $9,914 · +2.0% YoY. Source: county tax records.