53 Washington St · Meriden, CT 06451

$650,000

2 bd · 6.0 ba · 3,825 sqft · MultiFamily public records · 28 Days on market

Built 1900 5,227 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Bank owned 5 family - partially rented.Need minimum 24 hours to set up! Please be patient!Sold "as is".Units 1,3 & 5 have valid cert of compl. Three newer hw htrs,new windows in apt.#4.Call for details!Appls negotia

Key facts

• Fully gut renovated
• Remodeled kitchen
• 5 unit multifamily

Tags

• 5 UNIT MULTIFAMILY
• BLUE SHINGLE EXTERIOR
• GRAND COVERED FRONT PORCH
• FULLY GUT RENOVATED
• REMODELED KITCHEN
• UPDATED CABINETRY

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas service
• Home design: Multi-family property (4-family)
• Construction: Frame construction; Shingle exterior siding; Asphalt shingle roof; Concrete and stone foundation; Blue exterior color
• Exterior features: Porch; Level lot

Interior

• Bedrooms: 8 bedrooms
• Bathrooms: 5 full bathrooms
• Heating & cooling: Hot air heating; Natural gas hot water (30-gallon tank)
• Interior features: 23 total rooms; Full unfinished basement with hatchway access

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/5.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $926/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $650k).
• Recommended offer: $640k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.8% 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.
• Zoned schools: John Barry School (math 26% / reading 37%, grade F, #376 of 553 statewide, top 68%, 472 students, 87% FRL); Orville H. Platt High School (math 12% / reading 32%, grade F, #156 of 194 statewide, top 82%, 1,108 students, 80% FRL) — zoned schools average 84% FRL vs 61% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 70 active listings in the ZIP; 2 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 $11,300/mo this rent would consume 190% 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 $4k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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 $93k; list at $650k implies a 599% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $640,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.74% ✓
• Cap rate: 14.84%
• Cash-on-cash: 30.54%
• DSCR: 2.36
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 25.2%
• Equity multiple: 2.04×
• Total profit: $189,704
• Equity at exit: $96,917

10-year hold

• IRR: 33.0%
• Equity multiple: 4.00×
• Total profit: $545,230
• Equity at exit: $56,200

Cash invested: $182,000 (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: 24.0×

Monthly cashflow live

• Estimated rent: $11,300 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$616 /mo · $7,392/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,373
• Net cashflow: $4,631

Break-even live

Break-even rent $5,437

Max offer price $650,000

Occupancy floor 54%

Sensitivity live

Price	-10% $4,999	-5% $4,815	+0% $4,631	+5% $4,448	+10% $4,264
Rent	-10% $3,739	-5% $4,185	+0% $4,631	+5% $5,078	+10% $5,524
Rate	-1.0pp $4,959	-0.5pp $4,797	base $4,631	+0.5pp $4,463	+1.0pp $4,292

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

Units	Beds	Baths	Est. rent
▸ 5× units	8	5	$11,300
Total (5 units)			$11,300

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6 Springdale Ave Unit 6A Meriden, CT	3.0	1.0	2692	$2,000	$0.74	44d	1	0.09mi
45 Prospect St Meriden, CT	3.0	1.0	3080	$1,900	$0.62	44d	1	0.12mi

Listing history 19 events

1. 2026-06-18
   days on market $650,000 Active 28 DOM
2. 2026-06-17
   days on market $650,000 Active 27 DOM
3. 2026-06-16
   days on market $650,000 Active 26 DOM
4. 2026-06-15
   days on market $650,000 Active 25 DOM
5. 2026-06-14
   days on market $650,000 Active 23 DOM
6. 2026-06-10
   days on market $650,000 Active 20 DOM
7. 2026-06-09
   days on market $650,000 Active 19 DOM
8. 2026-06-08
   days on market $650,000 Active 18 DOM
9. 2026-06-07
   days on market $650,000 Active 17 DOM
10. 2026-06-05
    days on market $650,000 Active 14 DOM
11. 2026-06-03
    days on market $650,000 Active 13 DOM
12. 2026-06-03
    days on market $650,000 Active 12 DOM
13. 2026-06-01
    days on market $650,000 Active 11 DOM
14. 2026-05-31
    days on market $650,000 Active 10 DOM
15. 2026-05-20
    listed $650,000 Active
16. 2001-09-05
    soldstatus $93,000 229-char remark

    Show marketing remark (229 chars)

    Bank owned 5 family - partially rented.Need minimum 24 hours to set up! Please be patient!Sold "as is".Units 1,3 & 5 have valid cert of compl. Three newer hw htrs,new windows in apt.#4.Call for details!Appls negotia

17. 2001-02-14
    listed $94,900 229-char remark

    Show marketing remark (229 chars)

    Bank owned 5 family - partially rented.Need minimum 24 hours to set up! Please be patient!Sold "as is".Units 1,3 & 5 have valid cert of compl. Three newer hw htrs,new windows in apt.#4.Call for details!Appls negotia

18. 1998-09-24
    soldstatus $125,000
19. 1990-04-17
    soldstatus $125,000

ⓘ 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: $7,392 · $616/mo
• Projected year-2 tax: $10,651 · $888/mo
• Expected delta: +$3,259/yr (+$272/mo · 44.1%)

ⓘ 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 6/10 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: $135,600
• − Mortgage interest: −$36,410
• − Property taxes: −$7,392
• − Insurance: −$3,250
• − Repairs & maintenance: −$10,848
• − Management: −$10,848
• − Depreciation: −$18,909
• Taxable income: $47,943
• Est. tax owed @ 24.0%: −$11,506
• After-tax cash flow: $44,072/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

+420.0% since first listed

5 events — show timeline

• 2026-05-20 Listed $650,000 Smart MLS
• 2001-09-05 Sold (MLS) $93,000 Smart MLS
• 2001-02-14 Listed $94,900 Smart MLS
• 1998-09-24 Sold (Public Records) $125,000 Public Records
• 1990-04-17 Sold (Public Records) $125,000 Public Records

Property tax history

-0.3%/yr

Latest (2023): $7,392 · +6.0% YoY. Source: county tax records.