What Areas New Haven Multifamilies Get Appreciation + Cash Flow

Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes

I am now leaning towards finding multifamilies where I can get both appreciation and cash flow in connecticut towards the center of connecticut, waterbury, new haven areas, what areas should i look at for appreciation and cash flow, any tools resources that can help me find areas to invest in connecticut that is reasonable for a new investor that will offer both cashflow/appreciation

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Joseph SalzilloPro Member

Real Estate Broker · CT · Member since 2019 · 59 posts · 53 votes

Hi Edwin,

I personally invest in central CT and try to avoid Waterbury because of the high crime rate. There are many surrounding towns that have good cashflow if you can find a deal (Bristol, New Britain, Meriden, Middletown). The A/B class areas are starting to get squeezed for cashflow because of higher purchase prices and relatively the same rents.

For New Haven, the city itself is tough on Landlords. You could have the same house as an owner occupant across the street but the town will make you fix everything over the owner occupant. Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.

Hope this helps,

Joe

[email protected]860-637-1379

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Joseph SalzilloPro Member
Real Estate Broker · CT · Member since 2019 · 59 posts · 53 votes
3y
Hi Edwin,
I personally invest in central CT and try to avoid Waterbury because of the high crime rate. There are many surrounding towns that have good cashflow if you can find a deal (Bristol, New Britain, Meriden, Middletown). The A/B class areas are starting to get squeezed for cashflow because of higher purchase prices and relatively the same rents.
For New Haven, the city itself is tough on Landlords. You could have the same house as an owner occupant across the street but the town will make you fix everything over the owner occupant. Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.
Hope this helps,
Joe
[email protected]860-637-1379
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Rick BassettBusiness Member
Property Manager · Greater New Haven, CT · Member since 2010 · 377 posts · 434 votes
3y
We've been managing 24 doors in the Hil section of New Haven (06519), and it's gone surprisingly well. It's an affordable area that seems to be rebounding (walking distance to Yale Hospital) as many out-of-state investors are buying there and a large project (194 apartments) has just been approved.
475-900-3100
Bassett Property Management5108 Reviews
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Edwin De leon
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Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes
3y
Quote from @Rick Bassett:

We've been managing 24 doors in the Hil section of New Haven (06519), and it's gone surprisingly well. It's an affordable area that seems to be rebounding (walking distance to Yale Hospital) as many out-of-state investors are buying there and a large project (194 apartments) has just been approved.

Rick thank you, what do you think is the reason why out of state investors are buying in New Haven, especially since property taxes are heavy in CT not sure what tax rate is in New Haven, good question what is the property tax rate in new haven. The 194 apartment building, are these condos, coops, regular apt and what demographic are they targeting lower / middle / upper income folks.
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Edwin De leon
OP
Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes
3y
Quote from @Joseph Salzillo:

Hi Edwin,
I personally invest in central CT and try to avoid Waterbury because of the high crime rate. There are many surrounding towns that have good cashflow if you can find a deal (Bristol, New Britain, Meriden, Middletown). The A/B class areas are starting to get squeezed for cashflow because of higher purchase prices and relatively the same rents.
For New Haven, the city itself is tough on Landlords. You could have the same house as an owner occupant across the street but the town will make you fix everything over the owner occupant. Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.
Hope this helps,
Joe
Hey Joseph, thank you, need clarification on what you stated below, do not wish to assume I understand what are you are saying, yes it is clear and not clear at the same time for me, help me out here, with at the expense of one of the worse areas of New Haven.

Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.

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Rick BassettBusiness Member
Property Manager · Greater New Haven, CT · Member since 2010 · 377 posts · 434 votes
3y
Quote from @Edwin De leon:

Rick thank you, what do you think is the reason why out of state investors are buying in New Haven, especially since property taxes are heavy in CT not sure what tax rate is in New Haven, good question what is the property tax rate in new haven. The 194 apartment building, are these condos, coops, regular apt and what demographic are they targeting lower / middle / upper income folks.
It's my understanding that this project will be aimed at working professionals. It is very close to Yale hospital in what is known as the Hill section of New Haven. It's one of the last few affordable areas of New Haven and probably has the best location of those given its proximity to Yale, the University of New Haven, downtown New Haven, train station…
475-900-3100
Bassett Property Management5108 Reviews
Website View Page
1 Reply
Joseph SalzilloPro Member
Real Estate Broker · CT · Member since 2019 · 59 posts · 53 votes
3y
Quote from @Edwin De leon:

Quote from @Joseph Salzillo:

Hi Edwin,
I personally invest in central CT and try to avoid Waterbury because of the high crime rate. There are many surrounding towns that have good cashflow if you can find a deal (Bristol, New Britain, Meriden, Middletown). The A/B class areas are starting to get squeezed for cashflow because of higher purchase prices and relatively the same rents.
For New Haven, the city itself is tough on Landlords. You could have the same house as an owner occupant across the street but the town will make you fix everything over the owner occupant. Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.
Hope this helps,
Joe
Hey Joseph, thank you, need clarification on what you stated below, do not wish to assume I understand what are you are saying, yes it is clear and not clear at the same time for me, help me out here, with at the expense of one of the worse areas of New Haven.

Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.

@Edwin De leon Of course - the Fairhaven neighborhood in New Haven generally has the highest cashflow because they have some of the lowest purchase prices for property in the town where rents are relatively the same across the city. The reason those purchase prices are lower are because it's not a desirable area / higher crime / etc.
[email protected]860-637-1379
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Edwin De leon
OP
Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes
3y
Quote from @Joseph Salzillo:

Quote from @Edwin De leon:

Quote from @Joseph Salzillo:

Hi Edwin,
I personally invest in central CT and try to avoid Waterbury because of the high crime rate. There are many surrounding towns that have good cashflow if you can find a deal (Bristol, New Britain, Meriden, Middletown). The A/B class areas are starting to get squeezed for cashflow because of higher purchase prices and relatively the same rents.
For New Haven, the city itself is tough on Landlords. You could have the same house as an owner occupant across the street but the town will make you fix everything over the owner occupant. Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.
Hope this helps,
Joe
Hey Joseph, thank you, need clarification on what you stated below, do not wish to assume I understand what are you are saying, yes it is clear and not clear at the same time for me, help me out here, with at the expense of one of the worse areas of New Haven.

Fairhaven neighborhood will probably yield the highest cashflow at the expense of one of the worse areas of New Haven.

@Edwin De leon Of course - the Fairhaven neighborhood in New Haven generally has the highest cashflow because they have some of the lowest purchase prices for property in the town where rents are relatively the same across the city. The reason those purchase prices are lower are because it's not a desirable area / higher crime / etc.

Thanks ... interesting is all of Fairhaven pretty undesirable are there any areas that are nice areas with good school districts and lower crime, can you get a little more specific on why they cash flow better, such as typical rents for 2-3-4 BR apts and what about property taxes in that area.
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