102 Franklin St · Meriden, CT 06450

$450,000

8 bd · 3.0 ba · 3,008 sqft · MultiFamily public records · 59 Days on market

Built 1895 3,920 sqft lot $150/sqft · at area comps Est $445k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.0/15.0
• 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: 3 units. confirmed

Listing remarks MLS

Exceptional investment opportunity at 102 Franklin St, a turnkey three-family property ideal for investors or owner-occupants seeking immediate cash flow. The building features two spacious 3-bedroom, 1-bath units and a 1-bedroom, 1-bath unit on the third floor, providing a desirable unit mix with strong rental demand. Each unit has separate utilities, offering efficiency and reduced landlord expenses. Property is ready for immediate income-simply collect keys and start generating rental revenue. Conveniently located with easy access to local amenities, transportation, and shopping. A solid addition to any portfolio or perfect for an owner-occupant looking to offset living expenses. Showings by appointment only with 24-hour notice. More photos will be taken soon

Key facts

• Separate utilities
• Strong rental demand
• 3,920 sq ft lot

Tags

• TURNKEY THREE-FAMILY PROPERTY
• SEPARATE UTILITIES
• EASY ACCESS TO LOCAL AMENITIES
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $587/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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.
• Market conditions: Rents rising (+1.6%/yr); 98 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,935/mo this rent would consume 100% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $126k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $165k; list at $450k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — 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 $436,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.32% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.77%
• DSCR: 1.75
• GRM: 6.3

CMA / ARV

• ARV (median comp): $445,356
• List price: $450,000
• Delta: 1.04%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Webster St	0.07mi	8/3.0	3,303 (+10%)	1mo	$505,000	$153	79
221 Grove St	0.61mi	7/3.0 (-1)	2,898 (-4%)	4mo	$375,000	$129	58
112 Hobart St	0.52mi	9/5.0 (+1)	3,000 (-0%)	6mo	$505,000	$168	57
81 Myrtle St	0.47mi	8/4.0	2,734 (-9%)	4mo	$420,000	$154	55
49 Foster St	0.58mi	7/2.5 (-1)	2,990 (-1%)	16mo	$278,000	$93	52
330 Center St	0.23mi	9/4.0 (+1)	3,364 (+12%)	14mo	$380,000	$113	49
34 Catlin St	0.64mi	8/4.0	3,168 (+5%)	21mo	$400,000	$126	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: 6.5%
• Equity multiple: 1.25×
• Total profit: $31,281
• Equity at exit: $67,096

10-year hold

• IRR: 14.6%
• Equity multiple: 2.11×
• Total profit: $139,827
• Equity at exit: $38,908

Cash invested: $126,000 (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 06450

• Rents YoY: 1.6%
• Active inventory: 98
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $5,935 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$380 /mo · $4,560/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,246
• Net cashflow: $1,761

Break-even live

Break-even rent $3,706

Max offer price $450,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,016	-5% $1,889	+0% $1,761	+5% $1,634	+10% $1,507
Rent	-10% $1,292	-5% $1,527	+0% $1,761	+5% $1,996	+10% $2,230
Rate	-1.0pp $1,988	-0.5pp $1,876	base $1,761	+0.5pp $1,645	+1.0pp $1,526

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,094
1× unit	2	1	$1,841
Total (3 units)			$5,935

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $450,000 Active 59 DOM
2. 2026-06-17
   days on market $450,000 Active 58 DOM
3. 2026-06-16
   statusdays on market $450,000 Active 57 DOM
4. 2026-06-15
   days on market $450,000 Under Contract - Continue to Show 56 DOM
5. 2026-06-14
   days on market $450,000 Under Contract - Continue to Show 54 DOM
6. 2026-06-10
   days on market $450,000 Under Contract - Continue to Show 51 DOM
7. 2026-06-09
   days on market $450,000 Under Contract - Continue to Show 50 DOM
8. 2026-06-09
   status $450,000 Under Contract - Continue to Show 49 DOM
9. 2026-06-08
   days on market $450,000 Active 49 DOM
10. 2026-06-07
    days on market $450,000 Active 48 DOM
11. 2026-06-05
    days on market $450,000 Active 45 DOM
12. 2026-06-03
    days on market $450,000 Active 44 DOM
13. 2026-06-03
    days on market $450,000 Active 43 DOM
14. 2026-06-01
    days on market $450,000 Active 42 DOM
15. 2026-05-31
    days on market $450,000 Active 41 DOM
16. 2026-05-09
    price $450,000 773-char remark

    Show marketing remark (773 chars)

    Exceptional investment opportunity at 102 Franklin St, a turnkey three-family property ideal for investors or owner-occupants seeking immediate cash flow. The building features two spacious 3-bedroom, 1-bath units and a 1-bedroom, 1-bath unit on the third floor, providing a desirable unit mix with strong rental demand. Each unit has separate utilities, offering efficiency and reduced landlord expenses. Property is ready for immediate income-simply collect keys and start generating rental revenue. Conveniently located with easy access to local amenities, transportation, and shopping. A solid addition to any portfolio or perfect for an owner-occupant looking to offset living expenses. Showings by appointment only with 24-hour notice. More photos will be taken soon

17. 2026-05-08
    price $424,900 773-char remark

    Show marketing remark (773 chars)

    Exceptional investment opportunity at 102 Franklin St, a turnkey three-family property ideal for investors or owner-occupants seeking immediate cash flow. The building features two spacious 3-bedroom, 1-bath units and a 1-bedroom, 1-bath unit on the third floor, providing a desirable unit mix with strong rental demand. Each unit has separate utilities, offering efficiency and reduced landlord expenses. Property is ready for immediate income-simply collect keys and start generating rental revenue. Conveniently located with easy access to local amenities, transportation, and shopping. A solid addition to any portfolio or perfect for an owner-occupant looking to offset living expenses. Showings by appointment only with 24-hour notice. More photos will be taken soon

18. 2026-04-18
    listed $425,000 Active 773-char remark

    Show marketing remark (773 chars)

    Exceptional investment opportunity at 102 Franklin St, a turnkey three-family property ideal for investors or owner-occupants seeking immediate cash flow. The building features two spacious 3-bedroom, 1-bath units and a 1-bedroom, 1-bath unit on the third floor, providing a desirable unit mix with strong rental demand. Each unit has separate utilities, offering efficiency and reduced landlord expenses. Property is ready for immediate income-simply collect keys and start generating rental revenue. Conveniently located with easy access to local amenities, transportation, and shopping. A solid addition to any portfolio or perfect for an owner-occupant looking to offset living expenses. Showings by appointment only with 24-hour notice. More photos will be taken soon

19. 2022-01-18
    soldstatus $165,000 Closed 586-char remark

    Show marketing remark (586 chars)

    Fantastic addition to your investment portfolio. Fully rented, comes with tenants in place. No units will be vacated for any sale. Please request income and expense sheet from your agent (tell them it's in the agent document download section) and please do drive by before requesting a showing time. 24 hour notice, no same day showings, do not to approach tenants without confirmed appointment with an agent. Cash, commercial or hard money loans only, cash 15 day close, all other 30 day close. Absolutely no FHA loans. Property sold separate and apart, no package or portfolio offers.

20. 2022-01-18
    soldstatus $165,000

    Show marketing remark (586 chars)

    Fantastic addition to your investment portfolio. Fully rented, comes with tenants in place. No units will be vacated for any sale. Please request income and expense sheet from your agent (tell them it's in the agent document download section) and please do drive by before requesting a showing time. 24 hour notice, no same day showings, do not to approach tenants without confirmed appointment with an agent. Cash, commercial or hard money loans only, cash 15 day close, all other 30 day close. Absolutely no FHA loans. Property sold separate and apart, no package or portfolio offers.

21. 2021-10-17
    listed $164,900 Active 586-char remark

    Show marketing remark (586 chars)

    Fantastic addition to your investment portfolio. Fully rented, comes with tenants in place. No units will be vacated for any sale. Please request income and expense sheet from your agent (tell them it's in the agent document download section) and please do drive by before requesting a showing time. 24 hour notice, no same day showings, do not to approach tenants without confirmed appointment with an agent. Cash, commercial or hard money loans only, cash 15 day close, all other 30 day close. Absolutely no FHA loans. Property sold separate and apart, no package or portfolio offers.

22. 2021-06-12
    historical
23. 2021-04-12
    historical Under Contract - Continue to Show
24. 2021-03-18
    listed $189,900 Active
25. 2016-06-06
    soldstatus $49,000
26. 2016-05-10
    historical
27. 2016-04-11
    listed $52,500
28. 2007-09-25
    historical
29. 2007-03-25
    listed $229,000
30. 2005-03-02
    soldstatus $176,000
31. 2005-03-01
    soldstatus $176,000
32. 2005-03-01
    soldstatus $176,000
33. 2004-09-20
    listed $184,900
34. 2004-09-18
    listed $184,900
35. 2002-02-06
    soldstatus $62,400

ⓘ 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: $4,560 · $380/mo
• Projected year-2 tax: $7,095 · $591/mo
• Expected delta: +$2,535/yr (+$211/mo · 55.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 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: $71,220
• − Mortgage interest: −$25,207
• − Property taxes: −$4,560
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,698
• − Management: −$5,698
• − Depreciation: −$13,091
• Taxable income: $14,717
• Est. tax owed @ 24.0%: −$3,532
• After-tax cash flow: $17,604/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

+621.2% since first listed

20 events — show timeline

• 2026-05-09 Price Changed $450,000 Smart MLS
• 2026-05-08 Price Changed $424,900 Smart MLS
• 2026-04-18 Listed $425,000 Smart MLS
• 2022-01-18 Sold (Public Records) $165,000 Public Records
• 2022-01-18 Sold (MLS) $165,000 Smart MLS
• 2021-10-17 Listed $164,900 Smart MLS
• 2021-06-12 Listing Removed — Smart MLS
• 2021-04-12 Contingent — Smart MLS
• 2021-03-18 Listed $189,900 Smart MLS
• 2016-06-06 Sold (MLS) $49,000 Smart MLS
• 2016-05-10 Listing Removed — Smart MLS
• 2016-04-11 Listed $52,500 Smart MLS
• 2007-09-25 Listing Removed — Smart MLS
• 2007-03-25 Listed $229,000 Smart MLS
• 2005-03-02 Sold (MLS) $176,000 Smart MLS
• 2005-03-01 Sold (Public Records) $176,000 Public Records
• 2005-03-01 Sold (MLS) $176,000 Smart MLS
• 2004-09-20 Listed $184,900 Smart MLS
• 2004-09-18 Listed $184,900 Smart MLS
• 2002-02-06 Sold (Public Records) $62,400 Public Records

Property tax history

-0.3%/yr

Latest (2023): $4,560 · +6.0% YoY. Source: county tax records.