118 Grove St · Middletown, CT 06457

$300,000

3 bd · 2.0 ba · 1,926 sqft · MultiFamily public records · 38 Days on market

Built 1900 8,712 sqft lot $156/sqft · 16% below area Est $359k · 16% under

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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 +27.2/30.0
• ARV discount +14.9/15.0
• DSCR +9.5/10.0
• 1% rule +7.6/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

What an investment opportunity! This property is located on a corner lot in mint condition. Renovated throghout. Updates everywhere! Hardwood floors, fenced in yard, and a garage, plus off street parking. Don't wait on this gem!

Key facts

• 8,712 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Property listed for sale as a multi-family 2-family unit
• Financial info: No investor-specific income or expense details provided
• HOA & community: No HOA information provided

Exterior

• Parking: Under-house garage (1 garage)
• Security: No security features provided
• Utilities: Public water connected; Public sewer connected; Thermopane (energy-efficient) windows
• Home design: Multi-family (2-family) property
• Construction: Frame construction; Concrete foundation
• Exterior features: Corner lot; Level lot; Aluminum siding; Asphalt shingle roof

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 3 bedrooms
• Flooring: No flooring details provided
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Heat fuel supplied by gas in street; Window AC unit(s)
• Interior features: Electric outlets, lighting, and thermostats installed; Multiple entries and exits; One fireplace; Full basement; Walk-up attic
• Laundry & utility: All units have washer/dryer hook-ups; 50-gallon natural gas hot water tank

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive. Per door: $200/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.7% in Middletown — 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 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: Macdonough School (math 32% / reading 42%, grade F, #318 of 553 statewide, top 60%, 227 students, 66% FRL); Middletown High School (math 25% / reading 52%, grade F, #111 of 194 statewide, top 57%, 1,214 students, 49% FRL) — zoned schools average 58% FRL vs 38% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 143 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• At $3,778/mo this rent would consume 57% of the median local household income ($79k/yr) (locally 2196% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y ago; this cycle's ask has dropped $60k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $202k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $291,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

• ARV (median comp): $358,625
• List price: $300,000
• Delta: -16.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 High St	0.57mi	4/2.0 (+1)	1,924 (-0%)	6mo	$350,000	$182	63
62 Grand St	0.43mi	4/3.0 (+1)	2,016 (+5%)	8mo	$400,000	$198	56
87 Woodward Ave	0.52mi	3/2.0	1,712 (-11%)	18mo	$280,000	$164	42

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 · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.61×
• Total profit: $-33,028
• Equity at exit: $44,731

10-year hold

• IRR: -7.6%
• Equity multiple: 0.59×
• Total profit: $-34,333
• Equity at exit: $25,939

Cash invested: $84,000 (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 06457

• Rents YoY: 0.2%
• Active inventory: 143
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,778 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$426 /mo · $5,108/yr
• Insurance: −$125
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$793
• Net cashflow: $400

Break-even live

Break-even rent $3,271

Max offer price $300,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,778
Total (2 units)			$3,778

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
580 High St Middletown, CT	3.0	1.0	1466	$1,900	$1.30	1d	1	0.18mi
103 Spring St Middletown, CT	4.0	1.0	1602	$2,500	$1.56	43d	1	0.27mi
57 Ferry St Unit 1 Middletown, CT	3.0	1.5	1500	$2,000	$1.33	10d	1	0.54mi
505 Main St Middletown, CT	3.0	2.0	1263	$2,000	$1.58	1d	1	0.57mi
184 Rose Cir Middletown, CT	1.0–3.0	1.0–1.5	1220	$2,000	$1.64	1d	6	0.66mi
1100 Springside Ln Middletown, CT	1.0–2.0	1.0–2.5	1084	$3,547	$3.27	1d	21	0.72mi
200 Main St Unit 1 Portland, CT	3.0	2.0	1300	$2,227	$1.71	10d	1	0.84mi
200 Main St Unit 1 Portland, CT	3.0	2.0	1300	$2,227	$1.71	1d	1	0.84mi
85 Marlborough St Unit 426 Portland, CT	2.0	2.0	1373	$3,576	$2.60	43d	1	1.07mi

Listing history 32 events

1. 2026-06-17
   status $300,000 Under Contract 38 DOM
2. 2026-06-17
   days on market $300,000 Active 38 DOM
3. 2026-06-16
   days on market $300,000 Active 37 DOM
4. 2026-06-15
   days on market $300,000 Active 36 DOM
5. 2026-06-13
   days on market $300,000 Active 34 DOM
6. 2026-06-13
   pricedays on market $300,000 Active 33 DOM
7. 2026-06-10
   days on market $339,900 Active 31 DOM
8. 2026-06-09
   days on market $339,900 Active 30 DOM
9. 2026-06-08
   days on market $339,900 Active 29 DOM
10. 2026-06-07
    days on market $339,900 Active 28 DOM
11. 2026-06-03
    days on market $339,900 Active 25 DOM
12. 2026-06-02
    days on market $339,900 Active 24 DOM
13. 2026-06-01
    days on market $339,900 Active 23 DOM
14. 2026-05-31
    days on market $339,900 Active 22 DOM
15. 2026-05-10
    listed $359,900 Active 931-char remark
16. 2026-05-08
    historical $359,900 931-char remark
17. 2015-07-16
    soldstatus $202,500
18. 2015-07-15
    soldstatus $202,500 228-char remark

    Show marketing remark (228 chars)

    What an investment opportunity! This property is located on a corner lot in mint condition. Renovated throghout. Updates everywhere! Hardwood floors, fenced in yard, and a garage, plus off street parking. Don't wait on this gem!

19. 2015-04-25
    historical 228-char remark

    Show marketing remark (228 chars)

    What an investment opportunity! This property is located on a corner lot in mint condition. Renovated throghout. Updates everywhere! Hardwood floors, fenced in yard, and a garage, plus off street parking. Don't wait on this gem!

20. 2014-06-16
    listed $214,900 228-char remark

    Show marketing remark (228 chars)

    What an investment opportunity! This property is located on a corner lot in mint condition. Renovated throghout. Updates everywhere! Hardwood floors, fenced in yard, and a garage, plus off street parking. Don't wait on this gem!

21. 2009-10-19
    soldstatus $137,500

    Show marketing remark (177 chars)

    Nice spacious units, hardwood floors, newer windows; ready to move in or rent out. To be sold in "as is" condition. Preapproval letter & addendum to be with offer.

22. 2009-06-10
    listed $139,900

    Show marketing remark (177 chars)

    Nice spacious units, hardwood floors, newer windows; ready to move in or rent out. To be sold in "as is" condition. Preapproval letter & addendum to be with offer.

23. 2007-12-31
    historical
24. 2007-07-11
    listed $199,900
25. 2007-07-09
    historical
26. 2007-01-09
    listed $218,000
27. 2006-12-26
    historical
28. 2006-06-26
    listed $239,900
29. 2005-01-21
    soldstatus $183,000
30. 2005-01-21
    soldstatus $183,000
31. 2005-01-21
    soldstatus $183,000
32. 2004-09-15
    listed $184,900

ⓘ 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: $5,108 · $426/mo
• Projected year-2 tax: $5,764 · $480/mo
• Expected delta: +$656/yr (+$55/mo · 12.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,336
• − Mortgage interest: −$16,805
• − Property taxes: −$5,108
• − Insurance: −$7,025
• − Repairs & maintenance: −$3,627
• − Management: −$3,627
• − Depreciation: −$8,727
• Taxable income: $417
• Est. tax owed @ 24.0%: −$100
• After-tax cash flow: $4,703/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

+62.2% since first listed

23 events — show timeline

• 2026-06-17 Pending — Smart MLS
• 2026-06-11 Price Changed $300,000 Smart MLS
• 2026-06-05 Relisted — Smart MLS
• 2026-06-03 Pending — Smart MLS
• 2026-05-19 Price Changed $339,900 Smart MLS
• 2026-05-10 Listed $359,900 Smart MLS
• 2026-05-08 Coming Soon $359,900 Smart MLS
• 2015-07-16 Sold (Public Records) $202,500 Public Records
• 2015-07-15 Sold (MLS) $202,500 Smart MLS
• 2015-04-25 Listing Removed — Smart MLS
• 2014-06-16 Listed $214,900 Smart MLS
• 2009-10-19 Sold (MLS) $137,500 Smart MLS
• 2009-06-10 Listed $139,900 Smart MLS
• 2007-12-31 Listing Removed — Smart MLS
• 2007-07-11 Listed $199,900 Smart MLS
• 2007-07-09 Listing Removed — Smart MLS
• 2007-01-09 Listed $218,000 Smart MLS
• 2006-12-26 Listing Removed — Smart MLS
• 2006-06-26 Listed $239,900 Smart MLS
• 2005-01-21 Sold (Public Records) $183,000 Public Records
• 2005-01-21 Sold (Public Records) $183,000 Public Records
• 2005-01-21 Sold (MLS) $183,000 Smart MLS
• 2004-09-15 Listed $184,900 Smart MLS

Property tax history

+0.8%/yr

Latest (2022): $5,108 · +0.0% YoY. Source: county tax records.