82 Spring St · Meriden, CT 06451

$495,000

6 bd · 3.0 ba · 4,246 sqft · MultiFamily public records · 3 Days on market

Built 1924 4,791 sqft lot Est $471k · 5% over

---

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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +7.0/10.0
• ARV discount +5.2/15.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Vinyl sided 3 family in good condition with replacement windows. First floor done over. All separate utilities. Let the tenants pay your mortgage. Good rentalincome for investor.

Key facts

• Quiet street
• Separate utilities
• Natural gas heat

Tags

• QUIET STREET
• UPDATED KITCHENS
• HARDWOOD FLOORS
• IN UNIT LAUNDRY
• SEPARATE UTILITIES
• NATURAL GAS HEAT

Property features AI

Exterior

• Parking: Off-street parking; Three total parking spaces
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Concrete foundation; Shingle roof
• Exterior features: Level lot; Porch; Vinyl siding; White exterior

Interior

• Bedrooms: Nine total bedrooms
• Bathrooms: Three full bathrooms
• Heating & cooling: Hot water heating; Natural gas fuel
• Interior features: Total of 15 rooms; Full, unfinished basement; Has attic with access via hatch
• Laundry & utility: In-unit laundry hook-ups in Unit 1 and Unit 2

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $456/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $495k).
• Cap rate 9.6% vs local median 4.2% in Meriden — 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 85/100 on livability (#4 in CT, #505 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+.
• Meriden School District (suburban): math 27% / reading 41% proficiency, ranked #116 of 153 in CT (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Casimir Pulaski School (math 24% / reading 33%, grade F, #396 of 553 statewide, top 72%, 576 students, 87% FRL); Orville H. Platt High School (math 12% / reading 32%, grade F, #156 of 194 statewide, top 82%, 1,108 students, 80% FRL) — zoned schools average 84% FRL vs 61% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 70 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,922/mo this rent would consume 100% of the median local household income ($71k/yr) (locally 973% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $139k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 27y 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 $185k; list at $495k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $495,000

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 1924 — 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: 1.20% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.83%
• DSCR: 1.53
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $471,306
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Randolph Ave	0.48mi	5/3.0 (-1)	3,694 (-13%)	1mo	$409,000	$111	50
43 Akron St	0.69mi	5/5.0 (-1)	4,261 (+0%)	19mo	$450,000	$106	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $6,847
• Equity at exit: $73,806

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $118,126
• Equity at exit: $42,799

Cash invested: $138,600 (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 06451

• Home prices YoY: -14.2%
• Active inventory: 70
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $5,922 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$510 /mo · $6,117/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,244
• Net cashflow: $1,367

Break-even live

Break-even rent $4,192

Max offer price $495,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,922
Total (3 units)			$5,922

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-07
   statusdays on market $495,000 Under Contract 3 DOM
2. 2026-06-05
   remarks 699-char remark
3. 2026-06-05
   listed $495,000 Active 1 DOM

ⓘ 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: $6,117 · $510/mo
• Projected year-2 tax: $8,355 · $696/mo
• Expected delta: +$2,238/yr (+$186/mo · 36.6%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,064
• − Mortgage interest: −$27,728
• − Property taxes: −$6,117
• − Insurance: −$2,475
• − Repairs & maintenance: −$5,685
• − Management: −$5,685
• − Depreciation: −$14,400
• Taxable income: $8,974
• Est. tax owed @ 24.0%: −$2,154
• After-tax cash flow: $14,245/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: Meriden School District
• NCES district ID: 0902400
• Math proficiency: 27% ▼ -8.00%
• Reading proficiency: 41% ▼ -6.00%
• Median HH income: $53,883
• Composite: 29.84/100
• National rank: #6413
• State rank: #116 of 153 in CT

Livability — Meriden

• Score: 85/100
• State rank: #4
• US rank: #505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meriden, CT
• County: New Haven County · 688,236 people
• City population: 60,545
• Metro: New Haven-Milford, CT
• Population (ZIP): 24,851
• Household income: $71,255
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 973.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 46% Hispanic / Latino 40% Two or more races 26% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 24% Cuban 2% Dominican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Subsaharan African 1%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 65% English-only · Spanish 31% Chinese 1% French/Haitian/Cajun 1%

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: ▼ -45.38%
• Current HPI: 274.0567
• Rent YoY: —
• 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

+476.3% since first listed

7 events — show timeline

• 2026-06-03 Listed $495,000 Smart MLS
• 2005-03-29 Sold (MLS) $185,000 Smart MLS
• 2005-02-25 Sold (Public Records) $194,000 Public Records
• 2005-01-11 Listed $192,500 Smart MLS
• 2001-02-09 Sold (Public Records) $80,000 Public Records
• 2001-02-08 Sold (MLS) $80,000 Smart MLS
• 1999-09-13 Listed $85,900 Smart MLS

Property tax history

-1.1%/yr

Latest (2023): $6,117 · +6.0% YoY. Source: county tax records.