106-108 Chestnut St · Manchester, CT 06040

$359,000

7 bd · 2.0 ba · 3,805 sqft · MultiFamily public records · 18 Days on market

Built 1905 0.28 ac lot Est $498k · 28% under

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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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +7.2/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• 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

Attention investors! Opportunity awaits a 2-family property located in a desirable neighborhood, ready for your vision and in need of significant improvement. This multi-family offers a functional layout with identical floor plans in both units. One unit is oil, and the other is gas. As it Sale

Key facts

• 0.28 acre lot
• Built 1905
• Listed 18 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $780 ($9k/yr) — positive. Per door: $390/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• Recommended offer: $354k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.7% in Manchester — 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 (#59 in CT, #3,580 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: amenities D, commute F.
• Manchester School District (suburban): math 21% / reading 32% proficiency, ranked #130 of 153 in CT (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.0%/yr); 99 active listings in the ZIP; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,390/mo this rent would consume 63% of the median local household income ($83k/yr) (locally 1839% 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 $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 3 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 $226k; list at $359k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $353,615 (1.5% below list)

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 1905 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.22% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.31%
• DSCR: 1.41
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $498,455
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 Church St	0.25mi	8/4.0 (+1)	4,032 (+6%)	1mo	$560,000	$139	65
39 Chestnut St	0.16mi	8/4.0 (+1)	3,882 (+2%)	21mo	$550,000	$142	59
140 Bissell St	0.59mi	7/3.0	3,703 (-3%)	9mo	$435,000	$117	57
203 Center St	0.23mi	8/5.0 (+1)	4,104 (+8%)	4mo	$710,000	$173	56
106 Birch St	0.51mi	7/7.0	3,772 (-1%)	7mo	$565,000	$150	49
52 Arch St	0.38mi	6/4.5 (-1)	4,000 (+5%)	12mo	$489,000	$122	49
15 Foster St	0.54mi	7/4.0	3,902 (+2%)	20mo	$465,000	$119	46
17 Lilac St	0.52mi	6/2.5 (-1)	3,365 (-12%)	7mo	$300,000	$89	43
28 Lilley St	0.59mi	8/4.0 (+1)	3,600 (-5%)	15mo	$415,000	$115	38
86 School St	0.56mi	7/4.0	3,437 (-10%)	23mo	$450,000	$131	30
149 Bissell St	0.64mi	8/4.0 (+1)	3,520 (-8%)	21mo	$580,000	$165	27

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 · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-12,791
• Equity at exit: $53,528

10-year hold

• IRR: 5.0%
• Equity multiple: 1.35×
• Total profit: $35,533
• Equity at exit: $31,040

Cash invested: $100,520 (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 06040

• Rents YoY: 2.0%
• Active inventory: 99
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $4,390 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$656 /mo · $7,868/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$922
• Net cashflow: $780

Break-even live

Break-even rent $3,402

Max offer price $359,000

Occupancy floor 77%

Sensitivity live

Price	-10% $983	-5% $882	+0% $780	+5% $679	+10% $577
Rent	-10% $433	-5% $607	+0% $780	+5% $954	+10% $1,127
Rate	-1.0pp $961	-0.5pp $872	base $780	+0.5pp $687	+1.0pp $593

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,390
Total (2 units)			$4,390

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-21
   status Under Contract
2. 2026-04-03
   status Active
3. 2026-04-02
   historical
4. 2026-04-01
   listed $359,000 Active
5. 2004-12-06
   soldstatus $226,000
6. 2004-12-03
   soldstatus $226,000
7. 2004-09-28
   listed $225,000

ⓘ 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: $7,868 · $656/mo
• Projected year-2 tax: $7,868 · $656/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 17 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: $52,680
• − Mortgage interest: −$20,110
• − Property taxes: −$7,868
• − Insurance: −$1,795
• − Repairs & maintenance: −$4,214
• − Management: −$4,214
• − Depreciation: −$10,444
• Taxable income: $4,035
• Est. tax owed @ 24.0%: −$968
• After-tax cash flow: $8,394/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: Manchester School District
• NCES district ID: 0902310
• Math proficiency: 21% ▼ -8.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $63,391
• Composite: 24.54/100
• National rank: #7643
• State rank: #130 of 153 in CT

Livability — Manchester

• Score: 76/100
• State rank: #59
• US rank: #3580

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, CT
• County: Hartford County · 754,208 people
• City population: 59,635
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 35,813
• Household income: $83,422
• Rent vs Own: 45.8% rent · 54.2% own
• Severe rent burden: 1839.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 53% Hispanic / Latino 18% Black 15% Asian 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 14%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

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: ▼ -197.69%
• Current HPI: 190.4204
• Rent YoY: ▲ 1.97%
• 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

+59.6% since first listed

7 events — show timeline

• 2026-04-21 Pending — Smart MLS
• 2026-04-03 Relisted — Smart MLS
• 2026-04-02 Listing Removed — Smart MLS
• 2026-04-01 Listed $359,000 Smart MLS
• 2004-12-06 Sold (Public Records) $226,000 Public Records
• 2004-12-03 Sold (MLS) $226,000 Smart MLS
• 2004-09-28 Listed $225,000 Smart MLS

Property tax history

+3.6%/yr

Latest (2025): $7,868 · +2.9% YoY. Source: county tax records.