124 W Center St · Manchester, CT 06040

$350,000

4 bd · 2.0 ba · 2,016 sqft · MultiFamily public records · 6 Days on market

Built 1947 5,227 sqft lot Est $377k · 7% under

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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 +21.4/30.0
• ARV discount +10.7/15.0
• DSCR +6.8/10.0
• 1% rule +5.9/10.0
• 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

Excellent opportunity for investors and owner-occupants alike! This well-maintained two-family home features two spacious units, each offering 2 bedrooms and 1 full bath. Separate-floor living provides privacy for occupants, while natural gas heat delivers efficient and cost-effective comfort. Live in one unit and let the rental income help offset your expenses, or maximize your investment by leasing both apartments. Ideally situated within walking distance to Manchester's vibrant and revitalized downtown, you'll enjoy convenient access to popular restaurants, shopping, entertainment, parks, and community events. With strong income potential, flexible living options, and a prime location, t

Key facts

• Natural gas heat
• Two family home
• 5,227 sq ft lot

Tags

• TWO FAMILY HOME
• SEPARATE FLOOR LIVING
• NATURAL GAS HEAT
• WALKING DISTANCE TO DOWNTOWN
• STRONG INCOME POTENTIAL
• FLEXIBLE LIVING OPTIONS

Property features AI

Finance

• Financial info: Assessed value reported

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family 2-family property
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Built living area per public records: 2016
• Exterior features: Level lot; Vinyl siding

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heat; Natural gas fuel
• Interior features: 10 total rooms; Full, unfinished basement; Attic with hatch access
• Laundry & utility: Basement laundry hookups

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive. Per door: $260/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 8.1% vs local median 3.8% 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.
• Zoned schools: Manchester High School (math 26% / reading 47%, grade F, #118 of 194 statewide, top 61%, 1,673 students, 52% FRL).
• Market conditions: Rents rising (+2.0%/yr); 99 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $3,822/mo this rent would consume 55% 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 $10k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1947 — 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 $350,000

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 1947 — 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: 1.09% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $376,992
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
142 W Center St	0.05mi	4/2.0	2,092 (+4%)	4mo	$320,000	$153	88
240 W Center St	0.31mi	4/3.0	2,058 (+2%)	2mo	$392,500	$191	76
61 Summer St	0.10mi	4/2.0	2,000 (-1%)	23mo	$373,000	$187	75
20 Roosevelt St	0.20mi	4/2.0	2,232 (+11%)	4mo	$456,100	$204	70
51 Cooper St	0.25mi	4/2.0	1,806 (-10%)	4mo	$434,000	$240	68
72 Pine St	0.51mi	4/2.0	1,960 (-3%)	5mo	$325,000	$166	68
43 Pioneer Cir	0.50mi	4/2.5	1,776 (-12%)	5mo	$338,000	$190	51
127 High St	0.32mi	4/2.0	1,784 (-12%)	20mo	$330,000	$185	49
136 Pine St	0.55mi	4/2.0	2,122 (+5%)	21mo	$387,000	$182	48

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: -7.7%
• Equity multiple: 0.72×
• Total profit: $-27,445
• Equity at exit: $52,186

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $3,380
• Equity at exit: $30,262

Cash invested: $98,000 (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: 15.3×

Monthly cashflow live

• Estimated rent: $3,822 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$519 /mo · $6,224/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$803
• Net cashflow: $519

Break-even live

Break-even rent $3,164

Max offer price $350,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,822
Total (2 units)			$3,822

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 Short St Manchester, CT	3.0	2.0	1400	$2,400	$1.71	44d	1	0.36mi
63 Ridge St Manchester, CT	3.0	1.5	1590	$2,050	$1.29	44d	1	0.37mi
10 Bank St Manchester, CT	4.0	2.0	1600	$2,299	$1.44	23d	1	0.43mi
10 Bank St Unit 10 Manchester, CT	3.0	2.0	1500	$2,399	$1.60	44d	1	0.43mi
47 Bigelow St Manchester, CT	3.0	1.0	1500	$1,925	$1.28	44d	1	1.07mi
27 Maple St Unit 27 Manchester, CT	3.0	1.0	1400	$2,000	$1.43	44d	1	1.14mi
11 Strant St Manchester, CT	3.0	1.0	1982	$2,200	$1.11	44d	1	1.21mi
184 Main St Unit D Manchester, CT	3.0	2.5	1860	$2,900	$1.56	3d	1	1.37mi
68 Westerly St Manchester, CT	3.0	1.5	1400	$2,200	$1.57	44d	1	1.43mi

Listing history 6 events

1. 2026-06-13
   statusdays on market $350,000 Under Contract 6 DOM
2. 2026-06-10
   days on market $350,000 Active 4 DOM
3. 2026-06-09
   days on market $350,000 Active 3 DOM
4. 2026-06-08
   days on market $350,000 Active 2 DOM
5. 2026-06-07
   remarks 699-char remark
6. 2026-06-07
   listed $350,000 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: $6,224 · $519/mo
• Projected year-2 tax: $6,857 · $571/mo
• Expected delta: +$633/yr (+$53/mo · 10.2%)

ⓘ 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 ≥95°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: $45,864
• − Mortgage interest: −$19,605
• − Property taxes: −$6,224
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,669
• − Management: −$3,669
• − Depreciation: −$10,182
• Taxable income: $765
• Est. tax owed @ 24.0%: −$183
• After-tax cash flow: $6,050/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

1 event — show timeline

• 2026-06-06 Listed $350,000 Smart MLS

Property tax history

+2.8%/yr

Latest (2025): $6,224 · +2.9% YoY. Source: county tax records.