19 Portland St · Middletown, CT 06457

$315,000

4 bd · 2.0 ba · 1,760 sqft · MultiFamily public records · 10 Days on market

Built 1900 3,484 sqft lot Est $320k · at est.

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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 +24.4/30.0
• ARV discount +8.2/15.0
• DSCR +7.9/10.0
• 1% rule +5.9/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Both units fully renovated! You're not going to want to miss this highly affordable, completely renovated 2-family ready for your tenants! Whether this is your first investment or an addition to your growing portfolio, the work has been done for you on this one. Easy to show. Come see today!

Key facts

• Private backyard
• Full basement
• Main sewer replaced

Tags

• UPDATED FRONT AND BACK PORCH
• PRIVATE BACKYARD
• FULL BASEMENT
• UPDATED WATER HEATERS
• MAIN SEWER REPLACED
• CLOSE TO PUBLIC TRANSPORTATION

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; 40-gallon hot water tank; Electric and natural gas heat fuel
• Home design: Multi-family property (2-family)
• Construction: Stone and concrete construction; Concrete and stone foundation; Gray exterior color
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: Five bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard and wall unit heating; Window unit cooling
• Interior features: Nine total rooms; Full, unfinished basement with hatchway and interior access and concrete floor; Window unit cooling

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $639 ($8k/yr) — positive. Per door: $320/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $315k).
• Cap rate 8.7% vs local median 3.6% in Middletown — 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 81/100 on livability (#17 in CT, #1,390 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Middletown School District (urban): math 24% / reading 44% proficiency, ranked #113 of 153 in CT (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Macdonough School (math 32% / reading 42%, grade F, #318 of 553 statewide, top 60%, 227 students, 66% FRL); Middletown High School (math 25% / reading 52%, grade F, #111 of 194 statewide, top 57%, 1,214 students, 49% FRL) — zoned schools average 58% FRL vs 38% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 147 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• At $3,423/mo this rent would consume 52% of the median local household income ($79k/yr) (locally 2196% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 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 $198k; list at $315k implies a 59% 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,000

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. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.69%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $320,320
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Portland St	0.03mi	4/2.0	1,540 (-12%)	18mo	$348,000	$226	62
410 High St	0.43mi	4/2.0	1,924 (+9%)	6mo	$350,000	$182	59
87 Woodward Ave	0.47mi	3/2.0 (-1)	1,712 (-3%)	18mo	$280,000	$164	54
62 Grand St	0.26mi	4/3.0	2,016 (+14%)	8mo	$400,000	$198	52
2 Pomeroy Pl	0.41mi	5/2.0 (+1)	1,992 (+13%)	13mo	$307,000	$154	43

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 · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.78×
• Total profit: $-19,677
• Equity at exit: $46,968

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-955
• Equity at exit: $27,235

Cash invested: $88,200 (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 06457

• Rents YoY: 0.2%
• Active inventory: 147
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $3,423 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$282 /mo · $3,384/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$719
• Net cashflow: $639

Break-even live

Break-even rent $2,614

Max offer price $315,000

Occupancy floor 76%

Sensitivity live

Price	-10% $817	-5% $728	+0% $639	+5% $550	+10% $461
Rent	-10% $369	-5% $504	+0% $639	+5% $774	+10% $909
Rate	-1.0pp $798	-0.5pp $719	base $639	+0.5pp $557	+1.0pp $474

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,422
Total (2 units)			$3,423

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 Ferry St Unit 1 Middletown, CT	3.0	1.5	1500	$2,000	$1.33	11d	1	0.23mi
505 Main St Middletown, CT	3.0	2.0	1263	$2,000	$1.58	3d	1	0.29mi
103 Spring St Middletown, CT	4.0	1.0	1602	$2,500	$1.56	45d	1	0.31mi
580 High St Middletown, CT	3.0	1.0	1466	$1,900	$1.30	3d	1	0.34mi
200 Main St Unit 1 Portland, CT	3.0	2.0	1300	$2,227	$1.71	3d	1	0.70mi
200 Main St Unit 1 Portland, CT	3.0	2.0	1300	$2,227	$1.71	11d	1	0.70mi
184 Rose Cir Middletown, CT	1.0–3.0	1.0–1.5	1220	$2,000	$1.64	3d	6	0.85mi
27 Woodside Cir Unit 37 Middletown, CT	3.0	2.0	1600	$2,300	$1.44	45d	1	1.30mi
32 Wall St Unit 2 Middletown, CT	3.0	1.0	2081	$2,400	$1.15	45d	1	1.34mi
73 Silver St Middletown, CT	4.0	2.0	1322	$2,500	$1.89	25d	1	1.37mi

Listing history 25 events

1. 2026-05-17
   listed $315,000 Active
2. 2022-07-21
   soldstatus $197,500
3. 2022-07-19
   soldstatus $197,500 Closed 292-char remark

   Show marketing remark (292 chars)

   Both units fully renovated! You're not going to want to miss this highly affordable, completely renovated 2-family ready for your tenants! Whether this is your first investment or an addition to your growing portfolio, the work has been done for you on this one. Easy to show. Come see today!

4. 2022-03-30
   historical Under Contract - Continue to Show 292-char remark

   Show marketing remark (292 chars)

   Both units fully renovated! You're not going to want to miss this highly affordable, completely renovated 2-family ready for your tenants! Whether this is your first investment or an addition to your growing portfolio, the work has been done for you on this one. Easy to show. Come see today!

5. 2022-03-16
   listed $184,900 Active 292-char remark

   Show marketing remark (292 chars)

   Both units fully renovated! You're not going to want to miss this highly affordable, completely renovated 2-family ready for your tenants! Whether this is your first investment or an addition to your growing portfolio, the work has been done for you on this one. Easy to show. Come see today!

6. 2021-12-01
   soldstatus $85,000
7. 2021-08-12
   historical
8. 2021-08-02
   price $124,900
9. 2021-08-02
   status Active
10. 2021-07-18
    historical
11. 2021-06-07
    price $116,900
12. 2021-05-21
    price $122,900
13. 2021-05-04
    price $129,900
14. 2021-05-04
    status Active
15. 2021-04-28
    historical Under Contract - Continue to Show
16. 2021-04-06
    listed $134,900 Active
17. 2008-03-31
    historical
18. 2007-10-03
    listed $109,900
19. 2007-09-18
    historical
20. 2007-03-18
    listed $115,000
21. 2006-08-31
    historical
22. 2006-03-06
    listed $129,900
23. 2004-10-06
    soldstatus $73,000
24. 2004-09-30
    soldstatus $73,000
25. 2004-08-16
    listed $75,000

ⓘ 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: $3,384 · $282/mo
• Projected year-2 tax: $5,062 · $422/mo
• Expected delta: +$1,678/yr (+$140/mo · 49.6%)

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 16 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: $41,076
• − Mortgage interest: −$17,645
• − Property taxes: −$3,384
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,286
• − Management: −$3,286
• − Depreciation: −$9,164
• Taxable income: $2,736
• Est. tax owed @ 24.0%: −$657
• After-tax cash flow: $7,012/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: Middletown School District
• NCES district ID: 0902490
• Math proficiency: 24% ▼ -15.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $60,733
• Composite: 30.47/100
• National rank: #6224
• State rank: #113 of 153 in CT

Livability — Middletown

• Score: 81/100
• State rank: #17
• US rank: #1390

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, CT
• County: Middlesex County · 63,941 people
• City population: 46,720
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 46,720
• Household income: $79,463
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 2196.0

Population outlook (Lower Connecticut River Valley County) Hauer SSP2

• By 2040: 188,651

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 13% Hispanic / Latino 12% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7%
• Common ancestry: Romanian 9% Lithuanian 5% Slovak 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 4% Russian/Polish/Slavic 2%

Political lean MEDSL · Lower Connecticut River Valley

• 2024 margin: D (+13.4) · D 55.9% · R 42.4% · Other 1.7%
• All cycles: 2024: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -470.20%
• Current HPI: 255.1597
• Rent YoY: ▲ 0.22%
• Metro: Hartford-East Hartford-Middletown, 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

+320.0% since first listed

25 events — show timeline

• 2026-05-17 Listed $315,000 Smart MLS
• 2022-07-21 Sold (Public Records) $197,500 Public Records
• 2022-07-19 Sold (MLS) $197,500 Smart MLS
• 2022-03-30 Contingent — Smart MLS
• 2022-03-16 Listed $184,900 Smart MLS
• 2021-12-01 Sold (Public Records) $85,000 Public Records
• 2021-08-12 Listing Removed — Smart MLS
• 2021-08-02 Price Changed $124,900 Smart MLS
• 2021-08-02 Relisted — Smart MLS
• 2021-07-18 Listing Removed — Smart MLS
• 2021-06-07 Price Changed $116,900 Smart MLS
• 2021-05-21 Price Changed $122,900 Smart MLS
• 2021-05-04 Price Changed $129,900 Smart MLS
• 2021-05-04 Relisted — Smart MLS
• 2021-04-28 Contingent — Smart MLS
• 2021-04-06 Listed $134,900 Smart MLS
• 2008-03-31 Listing Removed — Smart MLS
• 2007-10-03 Listed $109,900 Smart MLS
• 2007-09-18 Listing Removed — Smart MLS
• 2007-03-18 Listed $115,000 Smart MLS
• 2006-08-31 Listing Removed — Smart MLS
• 2006-03-06 Listed $129,900 Smart MLS
• 2004-10-06 Sold (Public Records) $73,000 Public Records
• 2004-09-30 Sold (MLS) $73,000 Smart MLS
• 2004-08-16 Listed $75,000 Smart MLS

Property tax history

+1.6%/yr

Latest (2022): $3,384 · +0.0% YoY. Source: county tax records.