616 Migeon Ave #9 · Torrington, CT 06790

$119,900

1 bd · 1.0 ba · 540 sqft · Condo public records · 37 Days on market

Built 1987 $222/sqft · 6% below area Est $128k · 6% under $426/mo HOA · 30% of rent

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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).

• ARV discount +10.4/15.0
• Cash flow +10.3/30.0
• 1% rule +6.7/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.0/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

First floor unit. Storage in basement

Key facts

• Stack washer dryer
• Refrigerator
• Well maintained

Tags

• FIRST FLOOR RANCH FLAT STYLE
• WELL MAINTAINED
• OVEN RANGE W HOOD
• REFRIGERATOR
• STACK WASHER DRYER
• BUILT IN AIR CONDITIONER

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Homeowners association with monthly fee; Monthly HOA fee of $426; HOA covers grounds maintenance, trash pickup, snow removal, and property management

Exterior

• Utilities: Public water in street; Public sewer in street; Electric hot water
• Home design: Condominium (Condo/Co-Op for sale); One-story unit; Part of Migeon Court complex
• Construction: Frame construction
• Exterior features: Vinyl siding; Brick exterior; Outdoor lighting

Interior

• Kitchen: Oven/Range; Range hood; Refrigerator
• Bedrooms: 1 bedroom (unit on first floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heat (electric); Wall cooling unit
• Interior features: Full basement
• Laundry & utility: Washer; Dryer; Electric hot water

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-66 ($-789/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (9.7% below list).
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $108k (9.7% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.0% in Torrington — 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 76/100 on livability (#53 in CT, #3,449 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Torrington School District (town): math 22% / reading 39% proficiency, ranked #125 of 153 in CT (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forbes School (math 23% / reading 43%, grade F, #354 of 553 statewide, top 64%, 310 students, 61% FRL); Torrington Middle School (math 18% / reading 39%, grade F, #146 of 175 statewide, top 84%, 975 students, 61% FRL); Torrington High School (math 22% / reading 47%, grade F, #121 of 194 statewide, top 64%, 1,010 students, 57% FRL) — zoned schools average 60% FRL vs 40% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 189 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 154 units permitted in Northwest Hills Planning Region in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $30k; list at $120k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $108,280 (9.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 7.1

CMA / ARV

• ARV (median comp): $128,127
• List price: $119,900
• Delta: -6.42%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.43×
• Total profit: $-19,176
• Equity at exit: $17,877

10-year hold

• IRR: -1.0%
• Equity multiple: 0.92×
• Total profit: $-2,819
• Equity at exit: $10,367

Cash invested: $33,572 (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 06790

• Rents YoY: 5.9%
• Active inventory: 189
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,406 high
• Mortgage (P&I): −$629
• Tax from tax record: −$72 /mo · $863/yr
• Insurance: −$50
• HOA: −$426
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $-66

Break-even live

Break-even rent $1,489

Max offer price $108,280

Occupancy floor 100%

Sensitivity live

Price	-10% $2	-5% $-32	+0% $-66	+5% $-100	+10% $-134
Rent	-10% $-177	-5% $-121	+0% $-66	+5% $-10	+10% $45
Rate	-1.0pp $-5	-0.5pp $-35	base $-66	+0.5pp $-97	+1.0pp $-128

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Maiden Ln #7 Torrington, CT	1.0	1.0	700	$1,300	$1.86	45d	1	1.07mi
68 Main St Unit Front Torrington, CT	1.0	1.0	750	$1,600	$2.13	45d	1	1.11mi
11 Main St Unit 301 Torrington, CT	1.0	1.0	710	$1,900	$2.68	45d	1	1.16mi
120 E Main St Unit 2 Torrington, CT	1.0	1.0	547	$1,400	$2.56	45d	1	1.19mi
23 Farnham Ave Fl Rear Torrington, CT	1.0	1.0	600	$1,100	$1.83	45d	1	1.25mi

HOA detail condo

• Monthly dues: $426 · $5,112/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-07
   statusdays on market $119,900 Under Contract 37 DOM
2. 2026-06-05
   days on market $119,900 Active 35 DOM
3. 2026-06-03
   remarks 505-char remark
4. 2026-06-03
   days on market $119,900 Active 34 DOM
5. 2026-06-02
   days on market $119,900 Active 33 DOM
6. 2026-06-01
   days on market $119,900 Active 32 DOM
7. 2026-05-31
   days on market $119,900 Active 31 DOM
8. 2026-05-30
   days on market $119,900 Active 30 DOM
9. 2026-04-28
   listed $119,900 Active 508-char remark
10. 2000-08-16
    soldstatus $30,000 37-char remark

    Show marketing remark (37 chars)

    First floor unit. Storage in basement

11. 2000-08-14
    soldstatus $30,000
12. 2000-07-29
    listed $32,000 37-char remark

    Show marketing remark (37 chars)

    First floor unit. Storage in basement

ⓘ 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: $863 · $72/mo
• Projected year-2 tax: $1,714 · $143/mo
• Expected delta: +$851/yr (+$71/mo · 98.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,874
• − Mortgage interest: −$6,716
• − Property taxes: −$863
• − Insurance: −$600
• − Repairs & maintenance: −$1,350
• − Management: −$1,350
• − HOA: −$5,112
• − Depreciation: −$3,488
• Taxable loss: −$2,605
• Est. tax savings @ 24.0%: +$625
• After-tax cash flow: $-164/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: Torrington School District
• NCES district ID: 0904590
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $53,647
• Composite: 26.9/100
• National rank: #7087
• State rank: #125 of 153 in CT

Livability — Torrington

• Score: 76/100
• State rank: #53
• US rank: #3449

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Torrington, CT
• County: Litchfield County · 81,203 people
• City population: 35,566
• Metro: Torrington, CT
• Population (ZIP): 35,566
• Household income: $70,912
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1401.0

Population outlook (Northwest Hills County) Hauer SSP2

• By 2040: 118,998

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 8% Black 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 8% Lithuanian 5% Slovak 2%
• Foreign-born: 12% · Canada, South Korea, Jamaica
• Languages at home: 86% English-only · Spanish 8% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Northwest Hills

• 2024 margin: Toss-up / Even · D 48.6% · R 49.9% · Other 1.6%
• All cycles: 2024: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.78%
• Current HPI: 208.4818
• Rent YoY: ▲ 5.89%
• Metro: Torrington, 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

+274.7% since first listed

5 events — show timeline

• 2026-06-06 Pending — Smart MLS
• 2026-04-28 Listed $119,900 Smart MLS
• 2000-08-16 Sold (MLS) $30,000 Smart MLS
• 2000-08-14 Sold (Public Records) $30,000 Public Records
• 2000-07-29 Listed $32,000 Smart MLS

Property tax history

-3.8%/yr

Latest (2023): $863 · +1.8% YoY. Source: county tax records.