121 Saybrook Rd · Middletown, CT 06457

$364,900

4 bd · 2.0 ba · 2,243 sqft · MultiFamily public records · 43 Days on market

Built 1936 0.30 ac lot Est $345k · 6% over

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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).

• Cash flow +20.1/30.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• ARV discount +5.0/15.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.6/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Aluminum sided 2 family. 2 car garage. Great location. Missing copper. Cash only sale. Sold-As-Is. Where-Is. Agents review Agent remarks.

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 1936

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water connected; Public sewer connected; Natural gas service
• Home design: Multi-family 2-family property; 2 total dwelling units
• Construction: Frame construction; Concrete foundation; Built living area about 2243 (per public record)
• Exterior features: Level lot; Aluminum siding; Asphalt shingle roof

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Natural gas hot water and tankless hot water system
• Interior features: 9 total rooms; Full unfinished basement with hatchway; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive. Per door: $228/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $354k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.7% in Middletown — 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 81/100 on livability (#17 in CT, #1,390 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Middletown School District (urban): math 24% / reading 44% proficiency, ranked #113 of 153 in CT (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 143 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• At $3,676/mo this rent would consume 56% of the median local household income ($79k/yr) (locally 2196% 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 $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $115k; list at $365k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — 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 $353,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.34%
• DSCR: 1.24
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $345,422
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Saybrook Rd	0.07mi	4/2.5	2,315 (+3%)	15mo	$425,000	$184	77
100 Saybrook Rd	0.05mi	5/4.0 (+1)	2,136 (-5%)	10mo	$440,000	$206	68
23 Silver St	0.41mi	5/2.0 (+1)	2,262 (+1%)	12mo	$455,000	$201	64
14 Walnut St	0.47mi	4/2.0	2,292 (+2%)	12mo	$217,740	$95	64
132 Front St	0.29mi	4/2.0	2,016 (-10%)	11mo	$310,000	$154	60
5 Maple Pl	0.57mi	5/2.0 (+1)	2,116 (-6%)	9mo	$245,000	$116	52
2 Walnut St	0.39mi	5/2.0 (+1)	2,016 (-10%)	15mo	$260,000	$129	48
13-15 Maple Pl	0.54mi	5/2.0 (+1)	2,425 (+8%)	17mo	$353,000	$146	42

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 · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.61×
• Total profit: $-40,138
• Equity at exit: $54,408

10-year hold

• IRR: -6.3%
• Equity multiple: 0.64×
• Total profit: $-36,417
• Equity at exit: $31,550

Cash invested: $102,172 (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 06457

• Rents YoY: 0.2%
• Active inventory: 143
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $3,676 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$383 /mo · $4,600/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $455

Break-even live

Break-even rent $3,100

Max offer price $364,900

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,676
Total (2 units)			$3,676

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: $91,225
• Closing costs: $10,947
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 Wall St Unit 2 Middletown, CT	3.0	1.0	2081	$2,400	$1.15	43d	1	0.28mi
177 Russell St Unit 2 Middletown, CT	3.0	3.0	2000	$2,200	$1.10	23d	1	0.54mi
27 Woodside Cir Unit 37 Middletown, CT	3.0	2.0	1600	$2,300	$1.44	43d	1	0.62mi
1 Alicia Ln Unit B Middletown, CT	3.0	2.0	2842	$2,800	$0.99	23d	1	1.18mi
57 Ferry St Unit 1 Middletown, CT	3.0	1.5	1500	$2,000	$1.33	10d	1	1.38mi

Listing history 7 events

1. 2026-05-19
   status Under Contract
2. 2026-04-21
   historical Under Contract - Continue to Show
3. 2026-04-16
   price $364,900
4. 2026-04-06
   listed $375,000 Active
5. 2020-11-30
   soldstatus $115,000
6. 2016-05-12
   soldstatus $82,799 137-char remark

   Show marketing remark (137 chars)

   Aluminum sided 2 family. 2 car garage. Great location. Missing copper. Cash only sale. Sold-As-Is. Where-Is. Agents review Agent remarks.

7. 2016-04-01
   listed $53,000 137-char remark

   Show marketing remark (137 chars)

   Aluminum sided 2 family. 2 car garage. Great location. Missing copper. Cash only sale. Sold-As-Is. Where-Is. Agents review Agent remarks.

ⓘ 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: $4,600 · $383/mo
• Projected year-2 tax: $6,204 · $517/mo
• Expected delta: +$1,604/yr (+$134/mo · 34.9%)

ⓘ 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 6/10 Major 7 d/yr ≥96°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: $44,112
• − Mortgage interest: −$20,440
• − Property taxes: −$4,600
• − Insurance: −$1,824
• − Repairs & maintenance: −$3,529
• − Management: −$3,529
• − Depreciation: −$10,615
• Taxable loss: −$426
• Est. tax savings @ 24.0%: +$102
• After-tax cash flow: $5,563/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: Middletown School District
• NCES district ID: 0902490
• Math proficiency: 24% ▼ -15.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $60,733
• Composite: 30.47/100
• National rank: #6224
• State rank: #113 of 153 in CT

Livability — Middletown

• Score: 81/100
• State rank: #17
• US rank: #1390

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, CT
• County: Middlesex County · 63,941 people
• City population: 46,720
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 46,720
• Household income: $79,463
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 2196.0

Population outlook (Lower Connecticut River Valley County) Hauer SSP2

• By 2040: 188,651

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 13% Hispanic / Latino 12% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7%
• Common ancestry: Romanian 9% Lithuanian 5% Slovak 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 4% Russian/Polish/Slavic 2%

Political lean MEDSL · Lower Connecticut River Valley

• 2024 margin: D (+13.4) · D 55.9% · R 42.4% · Other 1.7%
• All cycles: 2024: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -470.20%
• Current HPI: 255.1597
• Rent YoY: ▲ 0.22%
• 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

+588.5% since first listed

7 events — show timeline

• 2026-05-19 Pending — Smart MLS
• 2026-04-21 Contingent — Smart MLS
• 2026-04-16 Price Changed $364,900 Smart MLS
• 2026-04-06 Listed $375,000 Smart MLS
• 2020-11-30 Sold (Public Records) $115,000 Public Records
• 2016-05-12 Sold (MLS) $82,799 Smart MLS
• 2016-04-01 Listed $53,000 Smart MLS

Property tax history

-0.3%/yr

Latest (2022): $4,600 · +0.4% YoY. Source: county tax records.