24 Merrill St Apt B3 · Hartford, CT 06106

$85,000

1 bd · 1.0 ba · 672 sqft · Condo public records · 72 Days on market

Built 1965 $307/mo HOA · 19% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Welcome to Unit B3 at 24 Merrill Street in Hartford, a well-maintained condominium offering a great opportunity for investors or owner-occupants seeking an affordable entry point into homeownership or rental property ownership. This unit features a functional layout with spacious living areas, comfortable bedroom accommodations, and abundant natural light throughout. Ideally located on the border of West Hartford, this property offers the convenience of enjoying nearby shopping, restaurants, parks, and entertainment without the higher West Hartford price point. Its central location also provides easy access to public transportation, major highways, and downtown Hartford, making it an attractive option for long-term occupancy or rental use. With its affordable price point and desirable location, this unit presents a strong opportunity for those looking to expand their investment portfolio or secure a well-located property with long-term potential.

Key facts

• Functional layout
• Conveniently located
• $307 HOA

Tags

• WELL MAINTAINED CONDOMINIUM
• FUNCTIONAL LAYOUT
• SPACIOUS LIVING AREAS
• ABUNDANT NATURAL LIGHT
• CONVENIENTLY LOCATED
• EASY ACCESS TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 62 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• This rent runs 41% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $2k of equity ($588 loan paydown + $1k appreciation (1.4% local appreciation)).
• At projected returns (1.4% appreciation + 2.4% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $85k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $79,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
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: 1.88% ✓
• Cap rate: 11.65%
• Cash-on-cash: 19.13%
• DSCR: 1.85
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.38% appreciation · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 2.11×
• Total profit: $26,531
• Equity at exit: $30,690

10-year hold

• IRR: 23.7%
• Equity multiple: 3.90×
• Total profit: $68,913
• Equity at exit: $42,110

Cash invested: $23,800 (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 06106

• Home prices YoY: 0.4%
• Rents YoY: 2.4%
• Active inventory: 62
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,594 high
• Mortgage (P&I): −$446
• Tax from tax record: −$91 /mo · $1,097/yr
• Insurance: −$35
• HOA: −$307
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $379

Break-even live

Break-even rent $1,113

Max offer price $85,000

Occupancy floor 71%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
43 Caya Ave West Hartford, CT	1.0–2.0	1.0	775	$1,635	$2.11	12d	6	0.20mi
90 Kane St Unit A4 West Hartford, CT	1.0	1.0	750	$1,600	$2.13	44d	1	0.37mi
136 Kane St Unit C5 West Hartford, CT	1.0	1.0	750	$1,700	$2.27	16d	1	0.47mi
1 Park Rd West Hartford, CT	2.0	1.0–2.0	913	$2,720	$2.98	3d	18	0.59mi
366 Park Rd Unit C3 West Hartford, CT	1.0	1.0	750	$1,495	$1.99	3d	1	1.01mi
843 Farmington Ave Unit 839-C2 West Hartford, CT	1.0	1.0	750	$1,731	$2.31	44d	1	1.44mi
843 Farmington Ave Unit 577-11 West Hartford, CT	1.0	1.0	580	$1,562	$2.69	24d	1	1.44mi
843 Farmington Ave West Hartford, CT	1.0–2.0	1.0	842	$1,791	$2.13	2d	8	1.44mi

HOA detail condo

• Monthly dues: $307 · $3,684/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-12
   status Under Contract 962-char remark

   Show marketing remark (962 chars)

   Welcome to Unit B3 at 24 Merrill Street in Hartford, a well-maintained condominium offering a great opportunity for investors or owner-occupants seeking an affordable entry point into homeownership or rental property ownership. This unit features a functional layout with spacious living areas, comfortable bedroom accommodations, and abundant natural light throughout. Ideally located on the border of West Hartford, this property offers the convenience of enjoying nearby shopping, restaurants, parks, and entertainment without the higher West Hartford price point. Its central location also provides easy access to public transportation, major highways, and downtown Hartford, making it an attractive option for long-term occupancy or rental use. With its affordable price point and desirable location, this unit presents a strong opportunity for those looking to expand their investment portfolio or secure a well-located property with long-term potential.

2. 2026-03-31
   price $85,000 962-char remark

   Show marketing remark (962 chars)

   Welcome to Unit B3 at 24 Merrill Street in Hartford, a well-maintained condominium offering a great opportunity for investors or owner-occupants seeking an affordable entry point into homeownership or rental property ownership. This unit features a functional layout with spacious living areas, comfortable bedroom accommodations, and abundant natural light throughout. Ideally located on the border of West Hartford, this property offers the convenience of enjoying nearby shopping, restaurants, parks, and entertainment without the higher West Hartford price point. Its central location also provides easy access to public transportation, major highways, and downtown Hartford, making it an attractive option for long-term occupancy or rental use. With its affordable price point and desirable location, this unit presents a strong opportunity for those looking to expand their investment portfolio or secure a well-located property with long-term potential.

3. 2026-02-26
   listed $89,000 Active 962-char remark

   Show marketing remark (962 chars)

   Welcome to Unit B3 at 24 Merrill Street in Hartford, a well-maintained condominium offering a great opportunity for investors or owner-occupants seeking an affordable entry point into homeownership or rental property ownership. This unit features a functional layout with spacious living areas, comfortable bedroom accommodations, and abundant natural light throughout. Ideally located on the border of West Hartford, this property offers the convenience of enjoying nearby shopping, restaurants, parks, and entertainment without the higher West Hartford price point. Its central location also provides easy access to public transportation, major highways, and downtown Hartford, making it an attractive option for long-term occupancy or rental use. With its affordable price point and desirable location, this unit presents a strong opportunity for those looking to expand their investment portfolio or secure a well-located property with long-term potential.

4. 2022-04-01
   soldstatus $40,000
5. 2008-04-10
   soldstatus $40,000

ⓘ 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: $1,097 · $91/mo
• Projected year-2 tax: $1,458 · $122/mo
• Expected delta: +$361/yr (+$30/mo · 32.9%)

ⓘ 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 5/10 Major 7 d/yr ≥97°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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,125
• − Mortgage interest: −$4,761
• − Property taxes: −$1,097
• − Insurance: −$425
• − Repairs & maintenance: −$1,530
• − Management: −$1,530
• − HOA: −$3,684
• − Depreciation: −$2,473
• Taxable income: $3,625
• Est. tax owed @ 24.0%: −$870
• After-tax cash flow: $3,684/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: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 36,322
• Household income: $46,304
• Rent vs Own: 76.7% rent · 23.3% own
• Severe rent burden: 3400.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 25% Black 18% White 15% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 42% Dominican 6%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 46% English-only · Spanish 47% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.38%
• Current HPI: 314.0899
• Rent YoY: ▲ 2.37%
• 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

+112.5% since first listed

5 events — show timeline

• 2026-05-12 Pending — Smart MLS
• 2026-03-31 Price Changed $85,000 Smart MLS
• 2026-02-26 Listed $89,000 Smart MLS
• 2022-04-01 Sold (Public Records) $40,000 Public Records
• 2008-04-10 Sold (Public Records) $40,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $1,097 · +0.0% YoY. Source: county tax records.