128 Hobart St · Meriden, CT 06450

$299,000

4 bd · 2.0 ba · 1,813 sqft · SingleFamily public records · 82 Days on market

Built 1890 6,534 sqft lot $165/sqft · 8% below area Est $325k · 8% under

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Why this score? — see what drove the D 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 +12.7/30.0
• ARV discount +11.1/15.0
• Livability +4.2/5.0
• DSCR +3.8/10.0
• 1% rule +3.4/10.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bring your vision and unlock the potential in this 4-bedroom, 2 full bathroom Colonial located in a convenient Meriden location. Offering a flexible layout and generous living space, this home is ready for its next owner to make it their own. Whether you're looking for a primary residence or an investment opportunity, there is plenty of upside here for the right buyer. Conveniently situated close to shopping, restaurants, highways, and everyday amenities, this property presents a great opportunity to build equity and create something special.

Key facts

• 6,534 sq ft lot
• Built 1890
• Listed 82 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-33 ($-390/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $251k (16.0% below list).
• Recommended offer: $251k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.0% 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: Roger Sherman School (math 25% / reading 40%, grade F, #358 of 553 statewide, top 65%, 475 students, 84% FRL); Washington Middle School (math 31% / reading 42%, grade F, #118 of 175 statewide, top 68%, 622 students, 81% FRL); Francis T. Maloney High School (math 20% / reading 45%, grade F, #125 of 194 statewide, top 66%, 1,264 students, 71% FRL) — zoned schools average 78% FRL vs 61% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 102 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• This rent runs 42% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 82 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $299k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $251,050 (16.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 9.9

CMA / ARV

• ARV (median comp): $325,250
• List price: $299,000
• Delta: -8.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
760 Broad St	0.15mi	3/1.5 (-1)	1,664 (-8%)	5mo	$240,000	$144	68
15 Collins Pkwy	0.45mi	4/2.0	1,755 (-3%)	11mo	$355,500	$203	65
30 Pearl St	0.57mi	3/1.5 (-1)	1,701 (-6%)	4mo	$320,000	$188	52
272 Murray St	0.59mi	3/2.0 (-1)	1,927 (+6%)	7mo	$370,000	$192	51
57 Broadview Ter	0.19mi	3/1.5 (-1)	1,559 (-14%)	16mo	$245,100	$157	48
192 Converse Ave	0.70mi	3/2.0 (-1)	1,922 (+6%)	8mo	$275,000	$143	46
51 Hillcrest Ter	0.63mi	4/2.5	1,585 (-13%)	6mo	$408,000	$257	42
35 Parkside Ter	0.47mi	3/1.5 (-1)	1,602 (-12%)	13mo	$345,000	$215	40
32 Cottage St	0.40mi	3/1.5 (-1)	1,545 (-15%)	13mo	$341,000	$221	39
29 Putnam St	0.64mi	3/2.0 (-1)	1,660 (-8%)	14mo	$347,000	$209	39
48 Clinton St	0.63mi	5/3.0 (+1)	1,688 (-7%)	14mo	$400,000	$237	38
60 Putnam St	0.68mi	3/1.0 (-1)	1,680 (-7%)	16mo	$253,000	$151	34

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: -18.6%
• Equity multiple: 0.36×
• Total profit: $-53,881
• Equity at exit: $44,582

10-year hold

• IRR: -13.8%
• Equity multiple: 0.25×
• Total profit: $-62,996
• Equity at exit: $25,852

Cash invested: $83,720 (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: 102
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,510 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$323 /mo · $3,879/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $-33

Break-even live

Break-even rent $2,552

Max offer price $293,254

Occupancy floor 96%

Sensitivity live

Price	-10% $137	-5% $52	+0% $-33	+5% $-117	+10% $-202
Rent	-10% $-231	-5% $-132	+0% $-33	+5% $67	+10% $166
Rate	-1.0pp $118	-0.5pp $44	base $-33	+0.5pp $-110	+1.0pp $-189

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
55 Liberty St Meriden, CT	5.0	3.0	2215	$2,900	$1.31	5d	1	0.37mi
75 Wilcox Ave Meriden, CT	4.0	1.0	1763	$2,350	$1.33	46d	1	0.69mi
1 Barristers Ct Unit 2nd Flr Meriden, CT	3.0	1.0	1512	$2,200	$1.46	25d	1	0.70mi
120 Wilcox Ave Unit 2 Meriden, CT	3.0	1.0	1250	$2,000	$1.60	13d	1	0.76mi
48 Prospect St Unit 1st floor Meriden, CT	3.0	1.0	2292	$2,000	$0.87	25d	1	0.81mi
39 N Spring St Unit 2 Meriden, CT	3.0	1.0	1650	$2,400	$1.45	46d	1	0.97mi
31 Winthrop St Meriden, CT	4.0	2.0	1550	$2,400	$1.55	5d	1	1.21mi
58 Leonard St #204 Meriden, CT	4.0	3.5	2535	$3,500	$1.38	46d	1	1.30mi
25 Amity St Meriden, CT	3.0	1.5	1776	$2,500	$1.41	25d	1	1.36mi
11 Nutmeg Dr Meriden, CT	2.0–3.0	1.5–2.5	1600	$2,600	$1.62	0d	4	1.44mi

Listing history 31 events

1. 2026-06-22
   days on market $299,000 Active 82 DOM
2. 2026-06-18
   days on market $299,000 Active 79 DOM
3. 2026-06-17
   days on market $299,000 Active 78 DOM
4. 2026-06-16
   days on market $299,000 Active 77 DOM
5. 2026-06-15
   days on market $299,000 Active 76 DOM
6. 2026-06-14
   days on market $299,000 Active 74 DOM
7. 2026-06-10
   days on market $299,000 Active 71 DOM
8. 2026-06-09
   days on market $299,000 Active 70 DOM
9. 2026-06-08
   days on market $299,000 Active 69 DOM
10. 2026-06-07
    days on market $299,000 Active 68 DOM
11. 2026-06-05
    days on market $299,000 Active 65 DOM
12. 2026-06-03
    days on market $299,000 Active 64 DOM
13. 2026-06-03
    days on market $299,000 Active 63 DOM
14. 2026-06-01
    days on market $299,000 Active 62 DOM
15. 2026-05-31
    days on market $299,000 Active 61 DOM
16. 2026-03-31
    listed $319,000 Active 548-char remark

    Show marketing remark (548 chars)

    Bring your vision and unlock the potential in this 4-bedroom, 2 full bathroom Colonial located in a convenient Meriden location. Offering a flexible layout and generous living space, this home is ready for its next owner to make it their own. Whether you're looking for a primary residence or an investment opportunity, there is plenty of upside here for the right buyer. Conveniently situated close to shopping, restaurants, highways, and everyday amenities, this property presents a great opportunity to build equity and create something special.

17. 2016-12-30
    soldstatus $85,000 206-char remark

    Show marketing remark (206 chars)

    Lovely Colonial with 4 Bedrooms, 2 Full bathroom in great shape! Newer roof, siding, windows, kitchen, baths, boiler. Spacious rooms, high ceilings perfect for owner occupant or investor to rent right away!

18. 2016-12-13
    historical 206-char remark

    Show marketing remark (206 chars)

    Lovely Colonial with 4 Bedrooms, 2 Full bathroom in great shape! Newer roof, siding, windows, kitchen, baths, boiler. Spacious rooms, high ceilings perfect for owner occupant or investor to rent right away!

19. 2016-12-01
    listed $79,900 206-char remark

    Show marketing remark (206 chars)

    Lovely Colonial with 4 Bedrooms, 2 Full bathroom in great shape! Newer roof, siding, windows, kitchen, baths, boiler. Spacious rooms, high ceilings perfect for owner occupant or investor to rent right away!

20. 2016-11-12
    historical
21. 2016-07-13
    listed $89,900
22. 2015-06-12
    historical
23. 2014-08-22
    listed $99,900
24. 2008-03-31
    historical
25. 2007-11-21
    listed $159,900
26. 2007-11-06
    historical
27. 2007-07-06
    listed $159,900
28. 2004-03-01
    soldstatus $124,000
29. 2004-03-01
    soldstatus $124,000
30. 2004-02-27
    soldstatus $125,000
31. 2003-09-23
    listed $124,999

ⓘ 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: $3,879 · $323/mo
• Projected year-2 tax: $5,139 · $428/mo
• Expected delta: +$1,260/yr (+$105/mo · 32.5%)

ⓘ 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: $30,126
• − Mortgage interest: −$16,749
• − Property taxes: −$3,879
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,410
• − Management: −$2,410
• − Depreciation: −$8,698
• Taxable loss: −$5,515
• Est. tax savings @ 24.0%: +$1,324
• After-tax cash flow: $933/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

+155.2% since first listed

16 events — show timeline

• 2026-03-31 Listed $319,000 Smart MLS
• 2016-12-30 Sold (MLS) $85,000 Smart MLS
• 2016-12-13 Listing Removed — Smart MLS
• 2016-12-01 Listed $79,900 Smart MLS
• 2016-11-12 Listing Removed — Smart MLS
• 2016-07-13 Listed $89,900 Smart MLS
• 2015-06-12 Listing Removed — Smart MLS
• 2014-08-22 Listed $99,900 Smart MLS
• 2008-03-31 Listing Removed — Smart MLS
• 2007-11-21 Listed $159,900 Smart MLS
• 2007-11-06 Listing Removed — Smart MLS
• 2007-07-06 Listed $159,900 Smart MLS
• 2004-03-01 Sold (Public Records) $124,000 Public Records
• 2004-03-01 Sold (Public Records) $124,000 Public Records
• 2004-02-27 Sold (MLS) $125,000 Smart MLS
• 2003-09-23 Listed $124,999 Smart MLS

Property tax history

-1.5%/yr

Latest (2023): $3,879 · +6.0% YoY. Source: county tax records.