1221 Washington St #8 · Middletown, CT 06457

$198,000

1 bd · 1.0 ba · 845 sqft · Condo public records · 7 Days on market

Built 1985 $441/mo HOA · 25% of rent

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.9/30.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Schools +3.0/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Run - do not walk to see this spectacular 2 bedroom loft home at Woodgate. Complex has been completely remodeled on the exterior, including new roof, new windows, new decks, new siding, new doors - the community looks brand new! This 2-level home offers large open vaulted living room, oversized galley kitchen, 1st floor laundry, full bath and guest bedroom. The upstairs offers an oversized 2nd bedroom with large windows and dramatic balcony overlook. Just move right in to this meticulously maintained abode with nothing to do but add your own personal touches. One will enjoy an oversized deck backing to privacy and woods - rare location in community. Fees include $210.55/month special assessment that runs through 2038. Back on market due to buyer financing falling through. Seller has moved highest and best to 5/16/25 at 5:00pm. No escalation clauses please.

Key facts

• Private deck
• $441 HOA
• Parking

Tags

• FULL EXTERIOR RENOVATION
• PRIVATE DECK
• OPEN BALCONY OVERLOOK
• LOW MAINTENANCE LIFESTYLE
• EASY ACCESS TO HARTFORD
• EASY ACCESS TO NEW HAVEN

Property features AI

Finance

• Financial info: Professionally managed off-site; Pets allowed (contact management for details)
• HOA & community: Monthly HOA fee; HOA covers grounds maintenance, trash pickup, snow removal, road maintenance, and insurance

Exterior

• Parking: Parking lot space (1 total)
• Utilities: Public water; Public sewer; Electric service
• Home design: Condominium; Part of the Woodgate complex; 2 levels in unit
• Construction: Frame construction
• Exterior features: Vinyl siding; Lightly wooded, level lot

Interior

• Kitchen: Electric cooktop; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric baseboard heat; Ceiling fans; Window air conditioning unit
• Interior features: Ceiling fans; Window air conditioning unit; No basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $198k.

Deal economics

• At list price, monthly cash flow is $-389 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (34.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (12.0% below list).
• Recommended offer: $129k (34.7% below list) — sets the bar for cash-flow.

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.
• Zoned schools: Snow School (math 27% / reading 52%, grade F, #298 of 553 statewide, top 56%, 332 students, 54% FRL); Beman Middle School (math 19% / reading 44%, grade F, #134 of 175 statewide, top 77%, 968 students, 49% FRL); Middletown High School (math 25% / reading 52%, grade F, #111 of 194 statewide, top 57%, 1,214 students, 49% FRL).
• Market conditions: Rents flat; 147 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• 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 $129,204 (34.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.88% ✗
• Cap rate: 3.93%
• Cash-on-cash: -8.43%
• DSCR: 0.62
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -35.3%
• Equity multiple: -0.11×
• Total profit: $-61,360
• Equity at exit: $29,522

10-year hold

• IRR: -77.2%
• Equity multiple: -0.85×
• Total profit: $-102,678
• Equity at exit: $17,119

Cash invested: $55,440 (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: 147
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,743 medium
• Mortgage (P&I): −$1,038
• Tax from tax record: −$204 /mo · $2,451/yr
• Insurance: −$82
• HOA: −$441
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-389

Break-even live

Break-even rent $2,236

Max offer price $129,204

Occupancy floor —

Sensitivity live

Price	-10% $-277	-5% $-333	+0% $-389	+5% $-445	+10% $-502
Rent	-10% $-527	-5% $-458	+0% $-389	+5% $-321	+10% $-252
Rate	-1.0pp $-290	-0.5pp $-339	base $-389	+0.5pp $-441	+1.0pp $-493

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 George St Middletown, CT	1.0–2.0	1.0–2.0	949	$2,045	$2.15	3d	23	0.09mi
1151 Washington St Middletown, CT	1.0–2.0	1.0	775	$1,645	$2.12	4d	20	0.13mi
1151 Washington St Middletown, CT	1.0–2.0	1.0	775	$1,637	$2.11	12d	18	0.13mi
20 Plaza Dr Middletown, CT	1.0–3.0	1.0–2.0	650	$1,400	$2.15	4d	8	0.79mi
38 Boston Rd Middletown, CT	2.0	1.0	704	$3,665	$5.20	4d	1	0.90mi

HOA detail condo

• Monthly dues: $441 · $5,292/yr
• ⚠ Special-assessment mentions:

  …One will enjoy an oversized deck backing to privacy and woods - rare location in community. Fees include $210.55/month special assessment that runs through 2038. Back on market due to buyer financing falling through. Seller has moved highest and best to…

Listing history 6 events

1. 2026-06-21
   days on market $198,000 Active 7 DOM
2. 2026-06-18
   days on market $198,000 Active 4 DOM
3. 2026-06-17
   days on market $198,000 Active 3 DOM
4. 2026-06-16
   days on market $198,000 Active 2 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $198,000 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: $2,451 · $204/mo
• Projected year-2 tax: $3,344 · $279/mo
• Expected delta: +$893/yr (+$74/mo · 36.4%)

ⓘ 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 ≥98°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: $20,911
• − Mortgage interest: −$11,091
• − Property taxes: −$2,451
• − Insurance: −$990
• − Repairs & maintenance: −$1,673
• − Management: −$1,673
• − HOA: −$5,292
• − Depreciation: −$5,760
• Taxable loss: −$8,019
• Est. tax savings @ 24.0%: +$1,925
• After-tax cash flow: $-2,749/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

+65.1% since first listed

9 events — show timeline

• 2026-06-14 Listed $198,000 Smart MLS
• 2025-06-13 Sold (MLS) $180,000 Smart MLS
• 2025-05-17 Pending — Smart MLS
• 2025-05-12 Relisted — Smart MLS
• 2025-04-24 Pending — Smart MLS
• 2025-04-23 Listed $169,900 Smart MLS
• 2010-04-16 Sold (Public Records) $118,000 Public Records
• 2010-04-16 Sold (MLS) $118,000 Smart MLS
• 2010-02-01 Listed $119,900 Smart MLS

Property tax history

-1.0%/yr

Latest (2022): $2,451 · +0.0% YoY. Source: county tax records.