65 Franklin St · Vernon, CT 06066

$329,000

5 bd · 2.0 ba · 2,338 sqft · MultiFamily public records · 36 Days on market

Built 1900 10,454 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
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• Livability +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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached garage; 2-car garage; Driveway parking; Off-street parking; Total of 8 parking spaces
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family 2-family property
• Construction: Built with frame construction; Wood exterior siding; Asphalt shingle roof; Block foundation; Blue exterior color
• Exterior features: Porch; Deck; Sloping lot; Shared paved driveway

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Hot water heat; Electric and oil heating fuel; Fuel tank located in basement; Hot water system (other type)
• Interior features: 8 total rooms; Full, unfinished basement with storage and full hatchway
• Laundry & utility: Basement laundry hook-ups; One unit includes in-unit laundry hook-up

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $329k).
• Recommended offer: $319k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Vernon School District (suburban): math 34% / reading 48% proficiency, ranked #97 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 83 active listings in the ZIP; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $5,295/mo this rent would consume 74% of the median local household income ($85k/yr) (locally 1140% 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $92k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 4 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 $234k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 — expect insurance premiums to compound above CPI over the hold.

Recommended offer $319,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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: 1.61% ✓
• Cap rate: 13.28%
• Cash-on-cash: 24.97%
• DSCR: 2.11
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.73% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 1.85×
• Total profit: $78,222
• Equity at exit: $49,055

10-year hold

• IRR: 29.7%
• Equity multiple: 3.88×
• Total profit: $265,478
• Equity at exit: $28,446

Cash invested: $92,120 (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 06066

• Rents YoY: 4.7%
• Active inventory: 83
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $5,295 high
• Mortgage (P&I): −$1,725
• Tax from tax record: −$404 /mo · $4,846/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,112
• Net cashflow: $1,917

Break-even live

Break-even rent $2,869

Max offer price $329,000

Occupancy floor 59%

Sensitivity live

Price	-10% $2,103	-5% $2,010	+0% $1,917	+5% $1,824	+10% $1,731
Rent	-10% $1,499	-5% $1,708	+0% $1,917	+5% $2,126	+10% $2,335
Rate	-1.0pp $2,083	-0.5pp $2,000	base $1,917	+0.5pp $1,832	+1.0pp $1,745

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,530
1× unit	2	0.5	$1,765
Total (3 units)			$5,295

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $329,000 Active 36 DOM
2. 2026-06-18
   days on market $329,000 Active 33 DOM
3. 2026-06-17
   days on market $329,000 Active 32 DOM
4. 2026-06-16
   days on market $329,000 Active 31 DOM
5. 2026-06-15
   days on market $329,000 Active 30 DOM
6. 2026-06-13
   days on market $329,000 Active 28 DOM
7. 2026-06-13
   days on market $329,000 Active 27 DOM
8. 2026-06-10
   days on market $329,000 Active 25 DOM
9. 2026-06-09
   days on market $329,000 Active 24 DOM
10. 2026-06-08
    days on market $329,000 Active 23 DOM
11. 2026-06-07
    days on market $329,000 Active 22 DOM
12. 2026-06-03
    days on market $329,000 Active 18 DOM
13. 2026-06-02
    days on market $329,000 Active 17 DOM
14. 2026-06-01
    days on market $329,000 Active 16 DOM
15. 2026-05-31
    days on market $329,000 Active 15 DOM
16. 2026-05-15
    listed $329,000 Active
17. 2023-04-03
    soldstatus $234,000 Closed 861-char remark

    Show marketing remark (861 chars)

    This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

18. 2023-04-03
    soldstatus $234,000

    Show marketing remark (861 chars)

    This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

19. 2023-03-31
    status Under Contract 861-char remark

    Show marketing remark (861 chars)

    This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

20. 2023-03-06
    historical Under Contract - Continue to Show 861-char remark

    Show marketing remark (861 chars)

    This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

21. 2023-02-20
    listed $239,900 Active 861-char remark

    Show marketing remark (861 chars)

    This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

22. 2023-02-07
    historical $239,900 861-char remark

    Show marketing remark (861 chars)

    This is the one you have been waiting for! Ideal situation for owner occupant or investor opportunity. Location makes this home your best choice along with great floor plan! First floor unit has been remodeled and is currently rented. First floor unit has a nice covered porch, remodeled kitchen and bath and generous bedrooms Second floor has a ton of living space and owner is finishing up some painting which will make it ready to move into. Second floor has a nice deck, large combination living room/dining room and two bedrooms on the third floor. There is one newer oil furnace that serves both units. Owner currently takes care of the following utility costs water/sewer/heat Large two car garage, great yard with lots of room for recreation or gardening, the location is mostly single family homes and close to services! Looking for conventional buyer.

23. 2002-05-03
    soldstatus $144,500 194-char remark

    Show marketing remark (194 chars)

    A "must see" two family home! In great condition with many updates! Brand new furnace / newer roof (1998) / newer windows / new gutters garage being sold in "asis" condition.

24. 2002-05-03
    soldstatus $144,500

    Show marketing remark (194 chars)

    A "must see" two family home! In great condition with many updates! Brand new furnace / newer roof (1998) / newer windows / new gutters garage being sold in "asis" condition.

25. 2002-04-29
    soldstatus $144,500
26. 2002-01-08
    listed $146,000
27. 2001-11-06
    listed $146,000 194-char remark

    Show marketing remark (194 chars)

    A "must see" two family home! In great condition with many updates! Brand new furnace / newer roof (1998) / newer windows / new gutters garage being sold in "asis" condition.

28. 1993-10-25
    soldstatus $119,900
29. 1987-06-25
    soldstatus $120,000

ⓘ 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: $4,846 · $404/mo
• Projected year-2 tax: $5,943 · $495/mo
• Expected delta: +$1,097/yr (+$91/mo · 22.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,540
• − Mortgage interest: −$18,429
• − Property taxes: −$4,846
• − Insurance: −$1,645
• − Repairs & maintenance: −$5,083
• − Management: −$5,083
• − Depreciation: −$9,571
• Taxable income: $18,883
• Est. tax owed @ 24.0%: −$4,532
• After-tax cash flow: $18,470/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: Vernon School District
• NCES district ID: 0904680
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $60,342
• Composite: 36.26/100
• National rank: #4704
• State rank: #97 of 153 in CT

Livability — Vernon

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Rockville, CT
• County: Tolland County · 46,815 people
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 30,577
• Household income: $85,356
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1140.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 12% Two or more races 7% Asian 6% Black 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 9%
• Common ancestry: Lithuanian 8% Romanian 7% Slovak 2%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 6% Other Indo-European 5% Russian/Polish/Slavic 1%

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: ▼ -136.25%
• Current HPI: 249.7888
• Rent YoY: ▲ 4.73%
• 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

+174.2% since first listed

14 events — show timeline

• 2026-05-15 Listed $329,000 Smart MLS
• 2023-04-03 Sold (Public Records) $234,000 Public Records
• 2023-04-03 Sold (MLS) $234,000 Smart MLS
• 2023-03-31 Pending — Smart MLS
• 2023-03-06 Contingent — Smart MLS
• 2023-02-20 Listed $239,900 Smart MLS
• 2023-02-07 Coming Soon $239,900 Smart MLS
• 2002-05-03 Sold (MLS) $144,500 Smart MLS
• 2002-05-03 Sold (MLS) $144,500 Smart MLS
• 2002-04-29 Sold (Public Records) $144,500 Public Records
• 2002-01-08 Listed $146,000 Smart MLS
• 2001-11-06 Listed $146,000 Smart MLS
• 1993-10-25 Sold (Public Records) $119,900 Public Records
• 1987-06-25 Sold (Public Records) $120,000 Public Records

Property tax history

+1.4%/yr

Latest (2023): $4,846 · +0.0% YoY. Source: county tax records.