140 Elizabeth Dr · Manchester, CT 06042

$279,000

3 bd · 1.0 ba · 1,318 sqft · SingleFamily public records · 6 Days on market

Built 1952 0.26 ac lot $212/sqft · 10% below area Est $310k · 10% under

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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 +12.1/30.0
• ARV discount +12.0/15.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• DSCR +3.6/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

Key facts

• 0.26 acre lot
• Garage
• Built 1952

Property features AI

Exterior

• Parking: Attached garage; Carport; One garage
• Utilities: Public water connected; Public sewer connected; Domestic hot water; Above-ground fuel tank
• Home design: Single family home
• Construction: Frame construction; Vinyl siding; Shingle roof; Slab foundation; Built prior to or in public records
• Exterior features: Patio; Garden area; Stone wall; Gutters; Shed; Interior lot

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water (oil-fired) heating; Programmable thermostat; Ceiling fans; Window air units; Thermopane windows
• Interior features: Auto garage door opener; Open floor plan; One fireplace; Has attic with pull-down stairs
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $279k.

Deal economics

• At list price, monthly cash flow is $-61 ($-727/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (11.1% below list).
• Recommended offer: $248k (11.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.7% in Manchester — 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 76/100 on livability (#59 in CT, #3,580 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: amenities D, commute F.
• Manchester School District (suburban): math 21% / reading 32% proficiency, ranked #130 of 153 in CT (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Buckley School (math 37% / reading 37%, grade F, #318 of 553 statewide, top 60%, 288 students, 42% FRL); Illing Middle School (math 18% / reading 35%, grade F, #151 of 175 statewide, top 87%, 846 students, 58% FRL); Manchester High School (math 26% / reading 47%, grade F, #118 of 194 statewide, top 61%, 1,673 students, 52% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents rising fast (+4.8%/yr); 58 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• This rent runs 32% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 22y 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 $177k; list at $279k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 8→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $248,158 (11.1% 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. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• GRM: 9.4

CMA / ARV

• ARV (median comp): $310,118
• List price: $279,000
• Delta: -10.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Bretton Rd	0.21mi	3/1.5	1,382 (+5%)	0mo	$333,500	$241	80
29 Constance Dr	0.19mi	4/2.0 (+1)	1,248 (-5%)	2mo	$351,000	$281	71
47 Clyde Rd	0.37mi	3/2.0	1,373 (+4%)	4mo	$347,000	$253	68
39 Alice Dr	0.41mi	2/2.0 (-1)	1,326 (+1%)	4mo	$250,000	$189	68
16 Coleman Rd	0.38mi	3/1.5	1,192 (-10%)	4mo	$250,000	$210	61
415 Woodbridge St	0.49mi	4/1.0 (+1)	1,218 (-8%)	2mo	$315,000	$259	58
85 Lydall St	0.44mi	3/1.5	1,469 (+12%)	3mo	$350,000	$238	56
74 Overlook Dr	0.53mi	3/1.0	1,152 (-13%)	3mo	$312,000	$271	51
9 Robin Rd	0.67mi	4/1.0 (+1)	1,238 (-6%)	3mo	$364,999	$295	51
257 Green Rd	0.65mi	3/1.0	1,185 (-10%)	3mo	$269,000	$227	50
9 Cook St	0.54mi	3/1.5	1,164 (-12%)	5mo	$265,000	$228	50
25 Greenwood Dr	0.60mi	3/2.0	1,140 (-14%)	3mo	$300,000	$263	43

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 · 4.8% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.43×
• Total profit: $-44,399
• Equity at exit: $41,600

10-year hold

• IRR: -4.3%
• Equity multiple: 0.70×
• Total profit: $-23,769
• Equity at exit: $24,123

Cash invested: $78,120 (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 06042

• Rents YoY: 4.8%
• Active inventory: 58
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,482 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$442 /mo · $5,300/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $-61

Break-even live

Break-even rent $2,558

Max offer price $268,299

Occupancy floor 97%

Sensitivity live

Price	-10% $97	-5% $18	+0% $-61	+5% $-140	+10% $-219
Rent	-10% $-257	-5% $-159	+0% $-61	+5% $37	+10% $135
Rate	-1.0pp $80	-0.5pp $10	base $-61	+0.5pp $-133	+1.0pp $-206

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
91 Green Manor Rd Manchester, CT	3.0	1.0	1206	$2,700	$2.24	3d	1	0.25mi
489 Middle Tpke E Unit 2-E Manchester, CT	3.0	1.0	1380	$2,100	$1.52	12d	1	0.51mi
49 Cliffside Dr Unit B Manchester, CT	3.0	2.5	1669	$2,650	$1.59	45d	1	0.56mi
81 Cliffside Dr Unit A Manchester, CT	3.0	3.5	1669	$2,700	$1.62	3d	1	0.57mi
Woodbridge St Unit 425 Manchester, CT	3.0	1.0	950	$1,900	$2.00	45d	1	0.62mi
334 Summit St Unit 334 Manchester, CT	2.0	1.5	946	$1,800	$1.90	25d	1	1.26mi
167 E Center St Manchester, CT	1.0–2.0	1.0–1.5	800	$2,199	$2.75	3d	2	1.38mi

Listing history 22 events

1. 2026-05-18
   status Under Contract 930-char remark
2. 2026-05-13
   listed $279,000 Active 930-char remark
3. 2026-05-11
   historical $279,000 930-char remark
4. 2019-04-11
   soldstatus $176,900 Closed 930-char remark

   Show marketing remark (930 chars)

   Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

5. 2019-03-21
   historical 930-char remark

   Show marketing remark (930 chars)

   Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

6. 2019-03-01
   historical Under Contract - Continue to Show 930-char remark

   Show marketing remark (930 chars)

   Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

7. 2019-02-27
   status Active 930-char remark

   Show marketing remark (930 chars)

   Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

8. 2019-02-12
   historical Under Contract - Continue to Show 930-char remark

   Show marketing remark (930 chars)

   Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

9. 2019-01-25
   price $174,900 930-char remark

   Show marketing remark (930 chars)

   Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

10. 2018-12-26
    listed $179,900 Active 930-char remark

    Show marketing remark (930 chars)

    Sunny and Inviting!! Ready-to-Enjoy Ranch in quiet neighborhood setting with so much to love! Open layout with sunny and spacious living room that opens to a dining area perfect for intimate dinners, or expandable for large gatherings. The newly remodeled kitchen is perfect for any level cook with new countertops and tasteful backsplash that's easy enjoy meal prep or a quiet cup of coffee. Enjoy 3 sunny bedrooms, ample closet space and a newly remodeled bath too. When the weather warms up, you'll find your sanctuary in the fully fenced back yard with new stone wall, mature perennials, and perfect-sized shed for your toys and tools. With thermal windows, vinyl siding, and newer roof and furnace, your move will be seamless and ready for you to begin your new life! If you missed this home when it was first listed, now is your chance! The previous buyer decided that this was not the home for her, but now it can be yours!

11. 2015-10-19
    soldstatus $146,000
12. 2015-10-16
    soldstatus $146,000

    Show marketing remark (534 chars)

    Adorable ranch offering easy one floor living. Open floor plan with nice flow. Updated kitchen and bath. Living room offers brick fireplace and is open to the dining room area. 3 season porch in knotty pine 12 x 7. Newer Buderus furnace and hot water heater. 1 car garage and 1 carport. Beautiful backyard , not too big not too small offers stone walls, terraced yard with beautiful perennial gardens and storage shed. Home sits in a neighborhood setting.* Lots of storage in the large attic with pulldown stairs * agent/owner related

13. 2015-07-14
    listed $149,900

    Show marketing remark (534 chars)

    Adorable ranch offering easy one floor living. Open floor plan with nice flow. Updated kitchen and bath. Living room offers brick fireplace and is open to the dining room area. 3 season porch in knotty pine 12 x 7. Newer Buderus furnace and hot water heater. 1 car garage and 1 carport. Beautiful backyard , not too big not too small offers stone walls, terraced yard with beautiful perennial gardens and storage shed. Home sits in a neighborhood setting.* Lots of storage in the large attic with pulldown stairs * agent/owner related

14. 2015-07-13
    historical
15. 2015-01-20
    listed $149,900
16. 2007-04-13
    soldstatus $202,125
17. 2007-04-13
    soldstatus $202,125
18. 2007-04-12
    soldstatus $202,125
19. 2007-02-09
    listed $202,125
20. 2004-11-12
    soldstatus $175,000
21. 2004-11-11
    soldstatus $175,000
22. 2004-09-08
    listed $179,900

ⓘ 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: $5,300 · $442/mo
• Projected year-2 tax: $5,635 · $470/mo
• Expected delta: +$335/yr (+$28/mo · 6.3%)

ⓘ 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 8 d/yr ≥94°F today · 18 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: $29,779
• − Mortgage interest: −$15,628
• − Property taxes: −$5,300
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,382
• − Management: −$2,382
• − Depreciation: −$8,116
• Taxable loss: −$5,425
• Est. tax savings @ 24.0%: +$1,302
• After-tax cash flow: $575/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: Manchester School District
• NCES district ID: 0902310
• Math proficiency: 21% ▼ -8.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $63,391
• Composite: 24.54/100
• National rank: #7643
• State rank: #130 of 153 in CT

Livability — Manchester

• Score: 76/100
• State rank: #59
• US rank: #3580

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, CT
• County: Hartford County · 754,208 people
• City population: 59,635
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 23,822
• Household income: $91,892
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 730.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Asian 14% Black 14% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Lithuanian 6% Romanian 6% Slovak 2%
• Foreign-born: 20% · Canada, Vietnam, Jamaica
• Languages at home: 72% English-only · Spanish 10% Other Indo-European 7% Other Asian/Pacific 3%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.15%
• Current HPI: 196.8782
• Rent YoY: ▲ 4.80%
• 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

+55.1% since first listed

22 events — show timeline

• 2026-05-18 Pending — Smart MLS
• 2026-05-13 Listed $279,000 Smart MLS
• 2026-05-11 Coming Soon $279,000 Smart MLS
• 2019-04-11 Sold (MLS) $176,900 Smart MLS
• 2019-03-21 Listing Removed — Smart MLS
• 2019-03-01 Contingent — Smart MLS
• 2019-02-27 Relisted — Smart MLS
• 2019-02-12 Contingent — Smart MLS
• 2019-01-25 Price Changed $174,900 Smart MLS
• 2018-12-26 Listed $179,900 Smart MLS
• 2015-10-19 Sold (Public Records) $146,000 Public Records
• 2015-10-16 Sold (MLS) $146,000 Smart MLS
• 2015-07-14 Listed $149,900 Smart MLS
• 2015-07-13 Listing Removed — Smart MLS
• 2015-01-20 Listed $149,900 Smart MLS
• 2007-04-13 Sold (Public Records) $202,125 Public Records
• 2007-04-13 Sold (Public Records) $202,125 Public Records
• 2007-04-12 Sold (MLS) $202,125 Smart MLS
• 2007-02-09 Listed $202,125 Smart MLS
• 2004-11-12 Sold (Public Records) $175,000 Public Records
• 2004-11-11 Sold (MLS) $175,000 Smart MLS
• 2004-09-08 Listed $179,900 Smart MLS

Property tax history

+1.5%/yr

Latest (2025): $5,300 · +3.0% YoY. Source: county tax records.