342-344 Center St · Manchester, CT 06040

$374,900

6 bd · 1.6 ba · 2,504 sqft · MultiFamily · 137 Days on market

Built 1930 Fair condition 0.52 ac lot $150/sqft · 10% below area Est $416k · 10% under

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Why this score? — see what drove the C+ 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 +24.8/30.0
• ARV discount +11.9/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• 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

Discover the potential in this spacious 2 family home that was thoughtfully converted into a commercial office space, offering a unique opportunity to restore it to residential living. The property retains its original multifamily layout, providing flexibility for a variety of future uses. The interior features multiple office rooms, meeting areas, and common spaces that can easily be reimagined into comfortable living areas. To return the property to full residential function, kitchens will need to be added to each unit, allowing the next owner to design customized spaces that suit their needs. With its solid structure, generous square footage, and adaptable floor plan, this property is an excellent canvas for renovation or continued commercial use. Whether you envision restoring it to a traditional 2 family residence, creating a mixed use setup, or maintaining it as office space, the possibilities are wide open. A rare opportunity to shape a property to your vision in a desirable location with strong long term potential. Will not qualify for conventional financing. Must be Cash or Investor financing. Tree to be removed prior to closing. Closing must take after 6/15.

Key facts

• Common spaces
• Multifamily layout
• Solid structure

Tags

• MULTIFAMILY LAYOUT
• MULTIPLE OFFICE ROOMS
• MEETING AREAS
• COMMON SPACES
• SOLID STRUCTURE
• GENEROUS SQUARE FOOTAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/0.8-bath units multifamily listed at $375k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $790 ($9k/yr) — positive. Per door: $395/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.
• Market conditions: Rents rising (+2.0%/yr); 107 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 $4,280/mo this rent would consume 62% of the median local household income ($83k/yr) (locally 1839% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $329,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.14% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $415,594
• List price: $374,900
• Delta: -9.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9-11 Griswold St	0.16mi	5/2.0 (-1)	2,466 (-2%)	0mo	$443,000	$180	83
66-68 Summer St	0.31mi	6/2.0	2,418 (-3%)	17mo	$352,152	$146	65
12 Newman St	0.29mi	6/3.0	2,788 (+11%)	1mo	$510,000	$183	61
150 W Center St	0.41mi	5/2.0 (-1)	2,621 (+5%)	10mo	$390,000	$149	58
381 Center St	0.11mi	6/2.5	2,832 (+13%)	14mo	$395,000	$139	58
162 Cooper St	0.37mi	6/2.0	2,176 (-13%)	9mo	$360,000	$165	52
78-80 Linden St	0.58mi	6/3.0	2,464 (-2%)	23mo	$300,000	$122	46
32 Dudley St	0.69mi	6/3.0	2,250 (-10%)	7mo	$415,000	$184	39

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 · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.86×
• Total profit: $-14,738
• Equity at exit: $55,899

10-year hold

• IRR: 4.7%
• Equity multiple: 1.33×
• Total profit: $34,599
• Equity at exit: $32,415

Cash invested: $104,972 (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 06040

• Rents YoY: 2.0%
• Active inventory: 107
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $4,280 high
• Mortgage (P&I): −$1,966
• Tax est. 1.5%: −$469 /mo · $5,624/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$899
• Net cashflow: $790

Break-even live

Break-even rent $3,280

Max offer price $374,900

Occupancy floor 77%

Sensitivity live

Price	-10% $1,049	-5% $920	+0% $790	+5% $661	+10% $531
Rent	-10% $452	-5% $621	+0% $790	+5% $959	+10% $1,128
Rate	-1.0pp $979	-0.5pp $886	base $790	+0.5pp $693	+1.0pp $594

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	0.8	$4,280
Total (2 units)			$4,280

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-22
   days on market $374,900 Active 137 DOM
2. 2026-06-18
   days on market $374,900 Active 134 DOM
3. 2026-06-17
   days on market $374,900 Active 133 DOM
4. 2026-06-16
   days on market $374,900 Active 132 DOM
5. 2026-06-15
   days on market $374,900 Active 131 DOM
6. 2026-06-13
   days on market $374,900 Active 129 DOM
7. 2026-06-10
   days on market $374,900 Active 126 DOM
8. 2026-06-09
   days on market $374,900 Active 125 DOM
9. 2026-06-08
   days on market $374,900 Active 124 DOM
10. 2026-06-07
    days on market $374,900 Active 123 DOM
11. 2026-06-03
    days on market $374,900 Active 119 DOM
12. 2026-06-02
    days on market $374,900 Active 118 DOM
13. 2026-06-01
    days on market $374,900 Active 117 DOM
14. 2026-05-31
    days on market $374,900 Active 116 DOM
15. 2026-04-13
    status Active 1186-char remark

    Show marketing remark (1186 chars)

    Discover the potential in this spacious 2 family home that was thoughtfully converted into a commercial office space, offering a unique opportunity to restore it to residential living. The property retains its original multifamily layout, providing flexibility for a variety of future uses. The interior features multiple office rooms, meeting areas, and common spaces that can easily be reimagined into comfortable living areas. To return the property to full residential function, kitchens will need to be added to each unit, allowing the next owner to design customized spaces that suit their needs. With its solid structure, generous square footage, and adaptable floor plan, this property is an excellent canvas for renovation or continued commercial use. Whether you envision restoring it to a traditional 2 family residence, creating a mixed use setup, or maintaining it as office space, the possibilities are wide open. A rare opportunity to shape a property to your vision in a desirable location with strong long term potential. Will not qualify for conventional financing. Must be Cash or Investor financing. Tree to be removed prior to closing. Closing must take after 6/15.

16. 2026-04-06
    historical Under Contract - Continue to Show 1186-char remark

    Show marketing remark (1186 chars)

    Discover the potential in this spacious 2 family home that was thoughtfully converted into a commercial office space, offering a unique opportunity to restore it to residential living. The property retains its original multifamily layout, providing flexibility for a variety of future uses. The interior features multiple office rooms, meeting areas, and common spaces that can easily be reimagined into comfortable living areas. To return the property to full residential function, kitchens will need to be added to each unit, allowing the next owner to design customized spaces that suit their needs. With its solid structure, generous square footage, and adaptable floor plan, this property is an excellent canvas for renovation or continued commercial use. Whether you envision restoring it to a traditional 2 family residence, creating a mixed use setup, or maintaining it as office space, the possibilities are wide open. A rare opportunity to shape a property to your vision in a desirable location with strong long term potential. Will not qualify for conventional financing. Must be Cash or Investor financing. Tree to be removed prior to closing. Closing must take after 6/15.

17. 2026-04-02
    status Under Contract 1186-char remark

    Show marketing remark (1186 chars)

    Discover the potential in this spacious 2 family home that was thoughtfully converted into a commercial office space, offering a unique opportunity to restore it to residential living. The property retains its original multifamily layout, providing flexibility for a variety of future uses. The interior features multiple office rooms, meeting areas, and common spaces that can easily be reimagined into comfortable living areas. To return the property to full residential function, kitchens will need to be added to each unit, allowing the next owner to design customized spaces that suit their needs. With its solid structure, generous square footage, and adaptable floor plan, this property is an excellent canvas for renovation or continued commercial use. Whether you envision restoring it to a traditional 2 family residence, creating a mixed use setup, or maintaining it as office space, the possibilities are wide open. A rare opportunity to shape a property to your vision in a desirable location with strong long term potential. Will not qualify for conventional financing. Must be Cash or Investor financing. Tree to be removed prior to closing. Closing must take after 6/15.

18. 2026-01-31
    listed $374,900 Active 1186-char remark

    Show marketing remark (1186 chars)

    Discover the potential in this spacious 2 family home that was thoughtfully converted into a commercial office space, offering a unique opportunity to restore it to residential living. The property retains its original multifamily layout, providing flexibility for a variety of future uses. The interior features multiple office rooms, meeting areas, and common spaces that can easily be reimagined into comfortable living areas. To return the property to full residential function, kitchens will need to be added to each unit, allowing the next owner to design customized spaces that suit their needs. With its solid structure, generous square footage, and adaptable floor plan, this property is an excellent canvas for renovation or continued commercial use. Whether you envision restoring it to a traditional 2 family residence, creating a mixed use setup, or maintaining it as office space, the possibilities are wide open. A rare opportunity to shape a property to your vision in a desirable location with strong long term potential. Will not qualify for conventional financing. Must be Cash or Investor financing. Tree to be removed prior to closing. Closing must take after 6/15.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $51,360
• − Mortgage interest: −$21,000
• − Property taxes: −$5,624
• − Insurance: −$1,874
• − Repairs & maintenance: −$4,109
• − Management: −$4,109
• − Depreciation: −$10,906
• Taxable income: $3,738
• Est. tax owed @ 24.0%: −$897
• After-tax cash flow: $8,587/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.

Condition & rehab AI · 12 photos

Fair 45/100 Extensive rehab

This 2-family home requires extensive renovations to convert it back to residential use, including adding kitchens and updating bathrooms. The property has a good exterior and structure, making it a solid investment opportunity.

Repairs flagged

• Major Kitchen — No kitchen visible
• Major Bathrooms — Basic bathroom with no updates

Value-add opportunities

• Both Add kitchens to each unit — Creates move-in-ready units for residential use
• Both Update bathrooms — Improves functionality and appeal for both resale and rental

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen · No kitchen visible	Major	$15,000–50,000
Bathrooms · Basic bathroom with no updates	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Add kitchens to each unit — Creates move-in-ready units for residential use ↑
• Both Update bathrooms — Improves functionality and appeal for both resale and rental ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 35,813
• Household income: $83,422
• Rent vs Own: 45.8% rent · 54.2% own
• Severe rent burden: 1839.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 53% Hispanic / Latino 18% Black 15% Asian 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 14%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

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: ▼ -197.69%
• Current HPI: 190.4204
• Rent YoY: ▲ 1.97%
• 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

4 events — show timeline

• 2026-04-13 Relisted — Smart MLS
• 2026-04-06 Contingent — Smart MLS
• 2026-04-02 Pending — Smart MLS
• 2026-01-31 Listed $374,900 Smart MLS