18 Bates Rd · Mansfield Center, CT 06235

$539,000

5 bd · 3.5 ba · 3,615 sqft · MultiFamily public records · 5 Days on market

Built 1785 1.60 ac lot

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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 +17.7/30.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• DSCR +5.5/10.0
• 1% rule +5.0/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Step into history with this beautifully updated antique Colonial, originally built in 1785, offering timeless charm with modern updates throughout. A standout feature is the fully equipped in-law suite, complete with its own kitchen, living room, bedroom, full bathroom, and washer/dryer- perfect for multigenerational living, guests, or potential rental income. The property also features a new detached 2 car garage, an insulated barn with electricity, and an additional large barn with newer roof ready for your finishing touches. Enjoy the peaceful setting surrounded by non-buildable land and scenic river views from your back porch.

Key facts

• 1.6 acre lot
• 2 garage spots
• Built 1785

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath multifamily listed at $539k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $538k (0.2% below list).
• Recommended offer: $538k (0.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#54 in CT, #3,465 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D+, amenities F.
• Regional School District 11 (rural): math 40% / reading 65% proficiency, ranked #118 of 192 in CT (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Parish Hill High School (math 47% / reading 62%, grade C-, #63 of 194 statewide, top 39%, 220 students, 38% FRL) — zoned schools average 38% FRL vs 22% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 13 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($4k loan paydown + $21k appreciation (3.9% local appreciation)).
• At projected returns (3.9% appreciation + 3.0% rent growth), your $151k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1785 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 50% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $537,800 (0.2% below list)

Questions for the listing agent

1. Built in 1785 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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.
5. 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.
6. 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: 1.00% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.78×
• Total profit: $118,101
• Equity at exit: $269,513

10-year hold

• IRR: 14.5%
• Equity multiple: 3.33×
• Total profit: $351,751
• Equity at exit: $437,832

Cash invested: $150,920 (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 06235

• Home prices YoY: 1.4%
• Active inventory: 13
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $5,378 medium
• Mortgage (P&I): −$2,827
• Tax from tax record: −$766 /mo · $9,187/yr
• Insurance: −$225
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,129
• Net cashflow: $432

Break-even live

Break-even rent $4,831

Max offer price $539,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,379
Total (3 units)			$5,378

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: $134,750
• Closing costs: $16,170
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-28
   status Under Contract
2. 2026-04-24
   listed $539,000 Active
3. 2026-04-21
   historical $539,000

ⓘ 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: $9,187 · $766/mo
• Projected year-2 tax: $10,361 · $863/mo
• Expected delta: +$1,174/yr (+$98/mo · 12.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% 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: $64,536
• − Mortgage interest: −$30,192
• − Property taxes: −$9,187
• − Insurance: −$2,695
• − Repairs & maintenance: −$5,163
• − Management: −$5,163
• − Depreciation: −$15,680
• Taxable loss: −$3,544
• Est. tax savings @ 24.0%: +$851
• After-tax cash flow: $6,033/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: Regional School District 11
• NCES district ID: 0903570
• Math proficiency: 40% ▲ 5.00%
• Reading proficiency: 65% ▲ 5.00%
• Median HH income: $68,240
• Composite: 48.47/100
• National rank: #4638
• State rank: #118 of 192 in CT

Livability — Mansfield Center

• Score: 76/100
• State rank: #54
• US rank: #3465

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 4,780
• Population (ZIP): 2,116

Population outlook (Northeastern Connecticut County) Hauer SSP2

• By 2040: 104,160

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 18% Romanian 9% German 4%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Northeastern Connecticut

• 2024 margin: R (+15.4) · D 41.5% · R 57.0% · Other 1.5%
• All cycles: 2024: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.88%
• Current HPI: 289.1609
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-28 Pending — Smart MLS
• 2026-04-24 Listed $539,000 Smart MLS
• 2026-04-21 Coming Soon $539,000 Smart MLS

Property tax history

+0.6%/yr

Latest (2023): $9,187 · +2.9% YoY. Source: county tax records.