56 N First St · Meriden, CT 06451

$475,000

6 bd · 3.0 ba · 2,990 sqft · MultiFamily public records · 400 Days on market

Built 1890 4,356 sqft lot $159/sqft · 17% above area Est $407k · 17% 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This property has been extensively renovated: new roof, plumbing from Head to Toe, HVAC from head to toe, flooring, electrical, etc. 8 bedrooms which makes this property a cash cow. THIS PROPERTY IS PART OF 37 UNIT PORTFOLIO FOR SALE, can be purchased seperately.

Key facts

• Nearby amenities
• 4,356 sq ft lot
• Built 1890

Tags

• SPACIOUS LIVING AREAS
• WELL-APPOINTED KITCHEN
• NEARBY AMENITIES

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $52k ($627k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($70k rent vs $475k).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Cap rate 138.3% 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: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $70,102/mo this rent would consume 1181% 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 $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $133k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 400 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $110k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $112k; list at $475k implies a 324% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $418,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 400 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 14.76% ✓
• Cap rate: 138.34%
• Cash-on-cash: 471.60%
• DSCR: 21.98
• GRM: 0.6

CMA / ARV

• ARV (median comp): $407,139
• List price: $475,000
• Delta: 16.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42 Maple St	0.23mi	6/3.0	3,126 (+4%)	11mo	$367,500	$118	72
85 Goodwill Ave	0.30mi	6/3.0	2,705 (-10%)	6mo	$500,000	$185	65
221 Grove St	0.53mi	7/3.0 (+1)	2,898 (-3%)	4mo	$375,000	$129	62
27 Windsor Ave	0.21mi	6/2.0	2,578 (-14%)	2mo	$385,000	$149	62
70 Summer St	0.50mi	6/3.0	3,075 (+3%)	15mo	$412,050	$134	60
52 Cherry St	0.38mi	6/4.0	2,728 (-9%)	10mo	$420,000	$154	56
31 Winthrop St	0.53mi	5/3.0 (-1)	2,738 (-8%)	1mo	$430,000	$157	55
49 Foster St	0.54mi	7/2.5 (+1)	2,990 (0%)	16mo	$278,000	$93	54
126 Pleasant St	0.64mi	7/2.0 (+1)	2,986 (-0%)	11mo	$397,000	$133	52
122 Willow St	0.57mi	6/6.0	3,162 (+6%)	2mo	$670,000	$212	50
2 Springdale Ave	0.43mi	6/4.0	2,604 (-13%)	6mo	$295,000	$113	50
23 Akron St	0.69mi	7/2.0 (+1)	2,877 (-4%)	16mo	$280,000	$97	40

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: —
• Equity multiple: 25.46×
• Total profit: $3,252,999
• Equity at exit: $70,824

10-year hold

• IRR: —
• Equity multiple: 54.56×
• Total profit: $7,123,166
• Equity at exit: $41,069

Cash invested: $133,000 (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 06451

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

Monthly cashflow live

• Estimated rent: $70,102 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$423 /mo · $5,077/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$14,721
• Net cashflow: $52,269

Break-even live

Break-even rent $3,939

Max offer price $475,000

Occupancy floor 20%

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

Units	Beds	Baths	Est. rent
▸ 37× units	12	3	$70,115
Total (37 units)			$70,102

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
55 Liberty St Meriden, CT	5.0	3.0	2215	$2,900	$1.31	3d	1	0.77mi

Listing history 27 events

1. 2026-06-18
   days on market $475,000 Active 400 DOM
2. 2026-06-17
   days on market $475,000 Active 399 DOM
3. 2026-06-16
   days on market $475,000 Active 398 DOM
4. 2026-06-15
   days on market $475,000 Active 397 DOM
5. 2026-06-14
   days on market $475,000 Active 395 DOM
6. 2026-06-10
   days on market $475,000 Active 392 DOM
7. 2026-06-09
   days on market $475,000 Active 391 DOM
8. 2026-06-08
   days on market $475,000 Active 390 DOM
9. 2026-06-07
   days on market $475,000 Active 389 DOM
10. 2026-06-05
    days on market $475,000 Active 386 DOM
11. 2026-06-03
    days on market $475,000 Active 385 DOM
12. 2026-06-03
    days on market $475,000 Active 384 DOM
13. 2026-06-01
    days on market $475,000 Active 383 DOM
14. 2026-05-31
    days on market $475,000 Active 382 DOM
15. 2025-08-06
    price $475,000 263-char remark

    Show marketing remark (263 chars)

    This property has been extensively renovated: new roof, plumbing from Head to Toe, HVAC from head to toe, flooring, electrical, etc. 8 bedrooms which makes this property a cash cow. THIS PROPERTY IS PART OF 37 UNIT PORTFOLIO FOR SALE, can be purchased seperately.

16. 2025-06-27
    price $525,000 263-char remark

    Show marketing remark (263 chars)

    This property has been extensively renovated: new roof, plumbing from Head to Toe, HVAC from head to toe, flooring, electrical, etc. 8 bedrooms which makes this property a cash cow. THIS PROPERTY IS PART OF 37 UNIT PORTFOLIO FOR SALE, can be purchased seperately.

17. 2025-05-14
    listed $585,000 Active 263-char remark

    Show marketing remark (263 chars)

    This property has been extensively renovated: new roof, plumbing from Head to Toe, HVAC from head to toe, flooring, electrical, etc. 8 bedrooms which makes this property a cash cow. THIS PROPERTY IS PART OF 37 UNIT PORTFOLIO FOR SALE, can be purchased seperately.

18. 2020-06-22
    soldstatus $112,000 Closed 547-char remark

    Show marketing remark (547 chars)

    Opportunity is here! Don't let it pass! Triplex - 3 family unit. Each unit is 2 bed, 1 bath and approximately 1000 sq feet each. Large room including bedroom sizes with many walk-in closets. Enclosed porch on 1st and 2nd floor. Small deck/balcony off second floor back. Basement with mechanicals. Spacious backyard. This property is a perfect starter for owner occupant and investor! Bring your ideas and contractors and schedule a viewing today! Located off W. Main Street near food, shopping and more! Finance Terms: Cash, Conventional, FHA 203K

19. 2020-05-18
    status Under Contract 547-char remark

    Show marketing remark (547 chars)

    Opportunity is here! Don't let it pass! Triplex - 3 family unit. Each unit is 2 bed, 1 bath and approximately 1000 sq feet each. Large room including bedroom sizes with many walk-in closets. Enclosed porch on 1st and 2nd floor. Small deck/balcony off second floor back. Basement with mechanicals. Spacious backyard. This property is a perfect starter for owner occupant and investor! Bring your ideas and contractors and schedule a viewing today! Located off W. Main Street near food, shopping and more! Finance Terms: Cash, Conventional, FHA 203K

20. 2020-05-15
    status Active 547-char remark

    Show marketing remark (547 chars)

    Opportunity is here! Don't let it pass! Triplex - 3 family unit. Each unit is 2 bed, 1 bath and approximately 1000 sq feet each. Large room including bedroom sizes with many walk-in closets. Enclosed porch on 1st and 2nd floor. Small deck/balcony off second floor back. Basement with mechanicals. Spacious backyard. This property is a perfect starter for owner occupant and investor! Bring your ideas and contractors and schedule a viewing today! Located off W. Main Street near food, shopping and more! Finance Terms: Cash, Conventional, FHA 203K

21. 2020-03-03
    status Under Contract 547-char remark

    Show marketing remark (547 chars)

    Opportunity is here! Don't let it pass! Triplex - 3 family unit. Each unit is 2 bed, 1 bath and approximately 1000 sq feet each. Large room including bedroom sizes with many walk-in closets. Enclosed porch on 1st and 2nd floor. Small deck/balcony off second floor back. Basement with mechanicals. Spacious backyard. This property is a perfect starter for owner occupant and investor! Bring your ideas and contractors and schedule a viewing today! Located off W. Main Street near food, shopping and more! Finance Terms: Cash, Conventional, FHA 203K

22. 2020-02-27
    listed $120,000 Active 547-char remark

    Show marketing remark (547 chars)

    Opportunity is here! Don't let it pass! Triplex - 3 family unit. Each unit is 2 bed, 1 bath and approximately 1000 sq feet each. Large room including bedroom sizes with many walk-in closets. Enclosed porch on 1st and 2nd floor. Small deck/balcony off second floor back. Basement with mechanicals. Spacious backyard. This property is a perfect starter for owner occupant and investor! Bring your ideas and contractors and schedule a viewing today! Located off W. Main Street near food, shopping and more! Finance Terms: Cash, Conventional, FHA 203K

23. 2010-08-31
    historical
24. 2009-09-11
    listed $229,900
25. 2009-07-13
    historical
26. 2009-01-14
    listed $240,000
27. 1997-12-30
    soldstatus $77,000

ⓘ 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: $5,077 · $423/mo
• Projected year-2 tax: $7,621 · $635/mo
• Expected delta: +$2,544/yr (+$212/mo · 50.1%)

ⓘ 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 ≥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: $841,224
• − Mortgage interest: −$26,607
• − Property taxes: −$5,077
• − Insurance: −$2,375
• − Repairs & maintenance: −$67,298
• − Management: −$67,298
• − Depreciation: −$13,818
• Taxable income: $658,751
• Est. tax owed @ 24.0%: −$158,100
• After-tax cash flow: $469,123/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

+516.9% since first listed

13 events — show timeline

• 2025-08-06 Price Changed $475,000 Smart MLS
• 2025-06-27 Price Changed $525,000 Smart MLS
• 2025-05-14 Listed $585,000 Smart MLS
• 2020-06-22 Sold (MLS) $112,000 Smart MLS
• 2020-05-18 Pending — Smart MLS
• 2020-05-15 Relisted — Smart MLS
• 2020-03-03 Pending — Smart MLS
• 2020-02-27 Listed $120,000 Smart MLS
• 2010-08-31 Listing Removed — Smart MLS
• 2009-09-11 Listed $229,900 Smart MLS
• 2009-07-13 Listing Removed — Smart MLS
• 2009-01-14 Listed $240,000 Smart MLS
• 1997-12-30 Sold (Public Records) $77,000 Public Records

Property tax history

-0.9%/yr

Latest (2023): $5,077 · +6.0% YoY. Source: county tax records.