393 Colony St · Meriden, CT 06450

$259,000

3 bd · 2.0 ba · 1,432 sqft · MultiFamily public records · 13 Days on market

Built 1900 871 sqft lot Est $329k · 21% 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.7/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• 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

This home could ge purchased as package with 397 colony street mls# n274095 low price and low taxes make this home a good live-in or investment property. Exterior maintance cost low

Key facts

• Dark countertops
• Pedestal sink
• Built 1900

Tags

• ATTACHED TWO-CAR GARAGE
• BRIGHT WHITE CABINETRY
• DARK COUNTERTOPS
• MODERN BLACK APPLIANCES
• CLASSIC WHITE TILE WAINSCOTING
• PEDESTAL SINK

Property features AI

Exterior

• Parking: Attached garage; 2-car garage
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family (2-family) property
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Built as a multi-family dwelling
• Exterior features: Brick siding; City views; Level lot

Interior

• Bedrooms: 4 bedrooms total
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard and steam heating; Heat fuel: electric and natural gas; Hot water: natural gas, electric, and other
• Interior features: 8 total rooms; Full, unfinished basement; Multi-family property with 2 units

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $259k.

Deal economics

• At list price, monthly cash flow is $646 ($8k/yr) — positive. Per door: $323/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $259k).
• Cap rate 9.5% 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: Rents rising (+1.6%/yr); 98 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $3,034/mo this rent would consume 51% of the median local household income ($71k/yr) (locally 1516% 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 $8k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 18y 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 $79k; list at $259k implies a 228% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $259,000

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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.17% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $329,360
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
97 Woodland St	0.42mi	2/2.0 (-1)	1,350 (-6%)	1mo	$310,000	$230	66
124 Miller St	0.63mi	4/2.0 (+1)	1,418 (-1%)	13mo	$250,000	$176	54
100 Woodland St	0.44mi	4/2.0 (+1)	1,352 (-6%)	17mo	$267,000	$197	51
109 Hicks St	0.48mi	4/3.0 (+1)	1,630 (+14%)	7mo	$435,000	$267	40

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 · 1.65% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-4,854
• Equity at exit: $38,618

10-year hold

• IRR: 6.4%
• Equity multiple: 1.45×
• Total profit: $32,623
• Equity at exit: $22,394

Cash invested: $72,520 (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 06450

• Rents YoY: 1.6%
• Active inventory: 98
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $3,034 high
• Mortgage (P&I): −$1,358
• Tax from tax record: −$229 /mo · $2,747/yr
• Insurance: −$108
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$637
• Net cashflow: $646

Break-even live

Break-even rent $2,216

Max offer price $259,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,034
Total (2 units)			$3,034

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17 Sherman Ave Unit 3rd Meriden, CT	3.0	1.0	1088	$2,300	$2.11	43d	1	0.09mi
96 Franklin St Unit 2nd Floor Meriden, CT	3.0	1.0	900	$1,800	$2.00	43d	1	0.11mi
75 Wilcox Ave Meriden, CT	4.0	1.0	1763	$2,350	$1.33	43d	1	0.11mi
120 Wilcox Ave Unit 2 Meriden, CT	3.0	1.0	1250	$2,000	$1.60	11d	1	0.17mi
120 Wilcox Ave #3 Meriden, CT	2.0	1.0	1200	$1,750	$1.46	19d	1	0.18mi
289 Center St Unit 2893 Meriden, CT	2.0	1.5	950	$1,600	$1.68	23d	1	0.35mi
51 Park St Meriden, CT	1.0–3.0	1.0–1.5	800	$2,260	$2.83	2d	6	0.37mi
19 Cambridge St Unit 2 Meriden, CT	3.0	1.0	1100	$2,100	$1.91	43d	1	0.45mi
250 Kensington Ave Meriden, CT	2.0	1.0	1200	$1,885	$1.57	1d	1	0.50mi
1068 Broad St Unit 1 Meriden, CT	3.0	1.0	1200	$2,000	$1.67	43d	1	0.57mi
300 Britannia St Meriden, CT	1.0–4.0	1.0–2.0	980	$2,326	$2.37	2d	8	0.58mi
65 Twiss St Meriden, CT	2.0	1.0	1566	$1,300	$0.83	14d	1	0.61mi
49 Springdale Ave Meriden, CT	4.0	1.0	1000	$2,200	$2.20	43d	1	0.70mi
109 Blackstone St Unit 109 Meriden, CT	2.0	1.5	1056	$2,100	$1.99	23d	1	0.72mi
39 N Spring St Unit 2 Meriden, CT	3.0	1.0	1650	$2,400	$1.45	43d	1	0.74mi
1 Barristers Ct Unit 2nd Flr Meriden, CT	3.0	1.0	1512	$2,200	$1.46	23d	1	0.75mi
19 Hobart St #1 Meriden, CT	3.0	2.0	1105	$2,200	$1.99	43d	1	0.77mi
145 Harbor Pond Dr Meriden, CT	2.0	2.5	1350	$2,400	$1.78	2d	2	0.80mi
116 Springdale Ave Unit 1st Flr Meriden, CT	2.0	1.0	1646	$1,600	$0.97	43d	1	0.80mi
44 Willow St #44 Meriden, CT	2.0	1.0	1024	$1,750	$1.71	21d	1	0.84mi
153 Sams Rd Meriden, CT	2.0	2.5	1320	$2,450	$1.86	1d	1	0.86mi
882 N Colony Rd Meriden, CT	2.0	1.5	1232	$3,000	$2.44	10d	1	0.86mi
25 Amity St Meriden, CT	3.0	1.5	1776	$2,500	$1.41	23d	1	0.90mi
200 Sams Rd Meriden, CT	2.0–3.0	1.5–2.5	855	$2,700	$3.16	1d	4	0.95mi
77 Windsor Ave Unit 2 Meriden, CT	2.0	1.0	896	$1,700	$1.90	44d	1	0.98mi
88 Olive St Meriden, CT	3.0	1.0	1100	$1,600	$1.45	43d	1	1.02mi
33 Olive St Meriden, CT	2.0	1.0	1763	$1,550	$0.88	43d	1	1.05mi
5 Oak St Unit 2 Meriden, CT	2.0	1.0	911	$1,500	$1.65	43d	1	1.05mi
11 Nutmeg Dr Meriden, CT	2.0–3.0	1.5–2.5	1600	$2,600	$1.62	1d	4	1.15mi
19 Goff St Meriden, CT	3.0	1.5	900	$1,700	$1.89	43d	1	1.32mi
184 Gravel St #26 Meriden, CT	2.0	1.5	1080	$2,200	$2.04	23d	1	1.39mi
130 Bradley Ave Apt 405 Meriden, CT	2.0	1.0	1100	$1,480	$1.35	23d	1	1.40mi
130 Bradley Ave Apt 306 Meriden, CT	2.0	1.0	1100	$1,580	$1.44	19d	1	1.40mi
130 Bradley Ave Meriden, CT	2.0	1.0	1100	$1,500	$1.36	14d	1	1.40mi
31 Winthrop St Meriden, CT	4.0	2.0	1550	$2,400	$1.55	3d	1	1.45mi

Listing history 10 events

1. 2026-06-16
   status $259,000 Under Contract 13 DOM
2. 2026-06-15
   days on market $259,000 Active 13 DOM
3. 2026-06-14
   days on market $259,000 Active 11 DOM
4. 2026-06-10
   days on market $259,000 Active 8 DOM
5. 2026-06-09
   days on market $259,000 Active 7 DOM
6. 2026-06-08
   days on market $259,000 Active 6 DOM
7. 2026-06-07
   days on market $259,000 Active 5 DOM
8. 2026-06-05
   days on market $259,000 Active 2 DOM
9. 2026-06-03
   remarks 699-char remark
10. 2026-06-03
    listed $259,000 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: $2,747 · $229/mo
• Projected year-2 tax: $4,145 · $345/mo
• Expected delta: +$1,398/yr (+$116/mo · 50.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% 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: $36,408
• − Mortgage interest: −$14,508
• − Property taxes: −$2,747
• − Insurance: −$1,962
• − Repairs & maintenance: −$2,913
• − Management: −$2,913
• − Depreciation: −$7,535
• Taxable income: $3,832
• Est. tax owed @ 24.0%: −$920
• After-tax cash flow: $6,836/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): 35,694
• Household income: $71,250
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1516.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 51% Hispanic / Latino 36% Two or more races 16% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 23% Dominican 3%
• Common ancestry: Romanian 8% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 70% English-only · Spanish 25% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -154.37%
• Current HPI: 263.7288
• Rent YoY: ▲ 1.65%
• 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

+684.8% since first listed

7 events — show timeline

• 2026-06-02 Listed $259,000 Smart MLS
• 2024-08-14 Listing Removed — Smart MLS
• 2024-07-08 Contingent — Smart MLS
• 2024-06-13 Listed $150,000 Smart MLS
• 2008-10-27 Sold (MLS) $79,000 Smart MLS
• 2008-02-25 Listed $89,900 Smart MLS
• 2001-02-26 Sold (Public Records) $33,000 Public Records

Property tax history

-0.2%/yr

Latest (2023): $2,747 · +6.0% YoY. Source: county tax records.