96 Franklin St · Meriden, CT 06450

$450,000

8 bd · 4.0 ba · 2,611 sqft · MultiFamily public records · 38 Days on market

Built 1880 4,791 sqft lot $172/sqft · at area comps Est $429k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +5.3/15.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• 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

Income-producing 3-family property with strong investment potential in a convenient location. 96 Franklin Street features an attractive unit mix of two 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, each with a functional layout including a dedicated living room. Ideal for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Property includes separate utilities for each unit and natural gas heating, offering efficiency and ease of management. Off-street parking adds additional tenant appeal and long-term rental stability. The building presents a solid opportunity for cash flow, value-add potential, and portfolio growth. Located in a high-demand rental area with close proximity to shopping, restaurants, public transportation, and major commuting routes. Whether you're looking for a turnkey multi-family investment or a property with upside through rental increases or improvements, this asset offers flexibility and long-term potential.

Key facts

• 4,791 sq ft lot
• 6 parking spots
• Built 1880

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $594/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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.
• Market conditions: Rents rising (+1.6%/yr); 98 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,983/mo this rent would consume 101% of the median local household income ($71k/yr) (locally 1516% 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 $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $126k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $169k; list at $450k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — 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 $436,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1880 — 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. 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: 1.33% ✓
• Cap rate: 11.04%
• Cash-on-cash: 16.96%
• DSCR: 1.75
• GRM: 6.3

CMA / ARV

• ARV (median comp): $428,960
• List price: $450,000
• Delta: 4.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
81 Myrtle St	0.46mi	8/4.0	2,734 (+5%)	4mo	$420,000	$154	67
31 Wall St	0.70mi	7/3.0 (-1)	2,510 (-4%)	8mo	$415,000	$165	45
221 Grove St	0.61mi	7/3.0 (-1)	2,898 (+11%)	4mo	$375,000	$129	41
112 Hobart St	0.51mi	9/5.0 (+1)	3,000 (+15%)	6mo	$505,000	$168	37
49 Foster St	0.57mi	7/2.5 (-1)	2,990 (+14%)	16mo	$278,000	$93	25

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 · 1.65% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.26×
• Total profit: $32,455
• Equity at exit: $67,096

10-year hold

• IRR: 14.9%
• Equity multiple: 2.13×
• Total profit: $142,221
• Equity at exit: $38,908

Cash invested: $126,000 (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 06450

• Rents YoY: 1.6%
• Active inventory: 98
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $5,983 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$399 /mo · $4,784/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,256
• Net cashflow: $1,781

Break-even live

Break-even rent $3,729

Max offer price $450,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,982
Total (3 units)			$5,983

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-12
   price $450,000 1001-char remark

   Show marketing remark (1001 chars)

   Income-producing 3-family property with strong investment potential in a convenient location. 96 Franklin Street features an attractive unit mix of two 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, each with a functional layout including a dedicated living room. Ideal for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Property includes separate utilities for each unit and natural gas heating, offering efficiency and ease of management. Off-street parking adds additional tenant appeal and long-term rental stability. The building presents a solid opportunity for cash flow, value-add potential, and portfolio growth. Located in a high-demand rental area with close proximity to shopping, restaurants, public transportation, and major commuting routes. Whether you're looking for a turnkey multi-family investment or a property with upside through rental increases or improvements, this asset offers flexibility and long-term potential.

2. 2026-05-12
   status Active 1001-char remark

   Show marketing remark (1001 chars)

   Income-producing 3-family property with strong investment potential in a convenient location. 96 Franklin Street features an attractive unit mix of two 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, each with a functional layout including a dedicated living room. Ideal for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Property includes separate utilities for each unit and natural gas heating, offering efficiency and ease of management. Off-street parking adds additional tenant appeal and long-term rental stability. The building presents a solid opportunity for cash flow, value-add potential, and portfolio growth. Located in a high-demand rental area with close proximity to shopping, restaurants, public transportation, and major commuting routes. Whether you're looking for a turnkey multi-family investment or a property with upside through rental increases or improvements, this asset offers flexibility and long-term potential.

3. 2026-04-25
   historical Under Contract - Continue to Show 1001-char remark

   Show marketing remark (1001 chars)

   Income-producing 3-family property with strong investment potential in a convenient location. 96 Franklin Street features an attractive unit mix of two 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, each with a functional layout including a dedicated living room. Ideal for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Property includes separate utilities for each unit and natural gas heating, offering efficiency and ease of management. Off-street parking adds additional tenant appeal and long-term rental stability. The building presents a solid opportunity for cash flow, value-add potential, and portfolio growth. Located in a high-demand rental area with close proximity to shopping, restaurants, public transportation, and major commuting routes. Whether you're looking for a turnkey multi-family investment or a property with upside through rental increases or improvements, this asset offers flexibility and long-term potential.

4. 2026-04-17
   listed $424,990 Active 1001-char remark

   Show marketing remark (1001 chars)

   Income-producing 3-family property with strong investment potential in a convenient location. 96 Franklin Street features an attractive unit mix of two 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, each with a functional layout including a dedicated living room. Ideal for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Property includes separate utilities for each unit and natural gas heating, offering efficiency and ease of management. Off-street parking adds additional tenant appeal and long-term rental stability. The building presents a solid opportunity for cash flow, value-add potential, and portfolio growth. Located in a high-demand rental area with close proximity to shopping, restaurants, public transportation, and major commuting routes. Whether you're looking for a turnkey multi-family investment or a property with upside through rental increases or improvements, this asset offers flexibility and long-term potential.

5. 2022-01-18
   soldstatus $169,000 Closed 624-char remark

   Show marketing remark (624 chars)

   Fantastic addition to your investment portfolio. 3 unit conveniently located. Fully rented, comes with tenants in place. No units will be vacated for any sale. Please request income and expense sheet from agent (tell them it's in the agent document download section) and please do drive by before requesting a showing time. 24 hour notice, no same day showings, do not to approach tenants without confirmed appointment with an agent. Cash, conventional, commercial or hard money loans only, cash 15 day close, all other 30 day close. Absolutely no FHA loans. Property sold separate and apart, no package or portfolio offers.

6. 2022-01-18
   soldstatus $165,000

   Show marketing remark (624 chars)

   Fantastic addition to your investment portfolio. 3 unit conveniently located. Fully rented, comes with tenants in place. No units will be vacated for any sale. Please request income and expense sheet from agent (tell them it's in the agent document download section) and please do drive by before requesting a showing time. 24 hour notice, no same day showings, do not to approach tenants without confirmed appointment with an agent. Cash, conventional, commercial or hard money loans only, cash 15 day close, all other 30 day close. Absolutely no FHA loans. Property sold separate and apart, no package or portfolio offers.

7. 2021-10-11
   listed $169,000 Active 624-char remark

   Show marketing remark (624 chars)

   Fantastic addition to your investment portfolio. 3 unit conveniently located. Fully rented, comes with tenants in place. No units will be vacated for any sale. Please request income and expense sheet from agent (tell them it's in the agent document download section) and please do drive by before requesting a showing time. 24 hour notice, no same day showings, do not to approach tenants without confirmed appointment with an agent. Cash, conventional, commercial or hard money loans only, cash 15 day close, all other 30 day close. Absolutely no FHA loans. Property sold separate and apart, no package or portfolio offers.

8. 2010-12-10
   soldstatus $41,500
9. 2010-10-19
   listed $44,900
10. 2010-05-25
    historical
11. 2007-10-14
    listed $199,900
12. 2007-04-16
    historical
13. 2006-10-19
    listed $220,000
14. 2004-04-29
    soldstatus $119,000
15. 2003-03-03
    soldstatus $68,000
16. 2003-02-28
    soldstatus $68,000
17. 2003-01-18
    listed $72,900
18. 1987-09-02
    soldstatus $144,000

ⓘ 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: $4,784 · $399/mo
• Projected year-2 tax: $7,207 · $601/mo
• Expected delta: +$2,423/yr (+$202/mo · 50.6%)

ⓘ 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 5/10 Major 7 d/yr ≥98°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: $71,796
• − Mortgage interest: −$25,207
• − Property taxes: −$4,784
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,744
• − Management: −$5,744
• − Depreciation: −$13,091
• Taxable income: $14,977
• Est. tax owed @ 24.0%: −$3,594
• After-tax cash flow: $17,772/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): 35,694
• Household income: $71,250
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1516.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 51% Hispanic / Latino 36% Two or more races 16% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 23% Dominican 3%
• Common ancestry: Romanian 8% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 70% English-only · Spanish 25% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -154.37%
• Current HPI: 263.7288
• Rent YoY: ▲ 1.65%
• 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

+212.5% since first listed

18 events — show timeline

• 2026-05-12 Price Changed $450,000 Smart MLS
• 2026-05-12 Relisted — Smart MLS
• 2026-04-25 Contingent — Smart MLS
• 2026-04-17 Listed $424,990 Smart MLS
• 2022-01-18 Sold (Public Records) $165,000 Public Records
• 2022-01-18 Sold (MLS) $169,000 Smart MLS
• 2021-10-11 Listed $169,000 Smart MLS
• 2010-12-10 Sold (MLS) $41,500 Smart MLS
• 2010-10-19 Listed $44,900 Smart MLS
• 2010-05-25 Listing Removed — Smart MLS
• 2007-10-14 Listed $199,900 Smart MLS
• 2007-04-16 Listing Removed — Smart MLS
• 2006-10-19 Listed $220,000 Smart MLS
• 2004-04-29 Sold (Public Records) $119,000 Public Records
• 2003-03-03 Sold (Public Records) $68,000 Public Records
• 2003-02-28 Sold (MLS) $68,000 Smart MLS
• 2003-01-18 Listed $72,900 Smart MLS
• 1987-09-02 Sold (Public Records) $144,000 Public Records

Property tax history

+0.0%/yr

Latest (2023): $4,784 · +6.0% YoY. Source: county tax records.