138 Main St · Somers, CT 06071

$429,900

16 bd · 6.0 ba · 2,992 sqft · MultiFamily · 103 Days on market

Built 1900 Good condition 0.86 ac lot $144/sqft · 26% above area Est $340k · 26% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.2/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This property presents a fantastic opportunity to own your own business (4-plex) while generating rental income. Set on .86 acres with a completed plot plan for a potential commercial building lot, this versatile property offers endless possibilities. The first floor currently features two combined units being used as a store, complete with 1.5 baths, a kitchenette, bright windows, a welcoming covered porch entrance, a rear deck, a storage room and full basements on each side. These spaces can easily be converted back into separate units to maximize income potential. The second and third floors each offer spacious apartments of approximately 880SF, both currently rented and equipped with separate heat pumps, air conditioning, electrical, and water systems for all four units. The property has been well maintained, featuring a roof that's about 12 years old and newer Thermopane windows throughout (except for two). Extra insulation, fresh paint. The exterior boasts charming wood and stone accents, an inviting front porch, a large deck, 1 car garage, sheds, gazebo, grill pit, alarm system, and security cameras. With 26 off-street parking spaces and multiple income streams, this property is ideal for an investor or business owner looking for a property that offers flexibility, character, and strong earning potential-all in one location.

Key facts

• Storage room
• Completed plot plan
• Separate heat pumps

Tags

• COMPLETED PLOT PLAN
• REAR DECK
• STORAGE ROOM
• FULL BASEMENTS
• SPACIOUS APARTMENTS
• SEPARATE HEAT PUMPS

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/1.5-bath units multifamily listed at $430k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($54k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $430k).
• Recommended offer: $391k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.7% vs local median 2.9% in Somers — 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 68/100 on livability (#109 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Somers School District (suburban): math 49% / reading 63% proficiency, ranked #53 of 153 in CT (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Market conditions: 47 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $120k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($391k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y 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 $162k; list at $430k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $391,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.19% ✓
• Cap rate: 18.74%
• Cash-on-cash: 44.45%
• DSCR: 2.98
• GRM: 3.8

CMA / ARV

• ARV (median comp): $340,298
• List price: $429,900
• Delta: 26.33%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 41.5%
• Equity multiple: 2.78×
• Total profit: $214,476
• Equity at exit: $64,099

10-year hold

• IRR: 47.7%
• Equity multiple: 5.59×
• Total profit: $553,030
• Equity at exit: $37,170

Cash invested: $120,372 (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 06071

• Active inventory: 47
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $9,405 medium
• Mortgage (P&I): −$2,254
• Tax est. 1.5%: −$537 /mo · $6,448/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,975
• Net cashflow: $4,459

Break-even live

Break-even rent $3,761

Max offer price $429,900

Occupancy floor 48%

Sensitivity live

Price	-10% $4,756	-5% $4,608	+0% $4,459	+5% $4,310	+10% $4,162
Rent	-10% $3,716	-5% $4,088	+0% $4,459	+5% $4,831	+10% $5,202
Rate	-1.0pp $4,676	-0.5pp $4,568	base $4,459	+0.5pp $4,348	+1.0pp $4,234

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	1.5	$9,404
Total (4 units)			$9,405

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $429,900 Active 103 DOM
2. 2026-06-17
   days on market $429,900 Active 102 DOM
3. 2026-06-16
   days on market $429,900 Active 101 DOM
4. 2026-06-15
   days on market $429,900 Active 100 DOM
5. 2026-06-13
   days on market $429,900 Active 98 DOM
6. 2026-06-13
   days on market $429,900 Active 97 DOM
7. 2026-06-10
   days on market $429,900 Active 95 DOM
8. 2026-06-09
   days on market $429,900 Active 94 DOM
9. 2026-06-08
   days on market $429,900 Active 93 DOM
10. 2026-06-07
    days on market $429,900 Active 92 DOM
11. 2026-06-03
    days on market $429,900 Active 88 DOM
12. 2026-06-02
    days on market $429,900 Active 87 DOM
13. 2026-06-01
    days on market $429,900 Active 86 DOM
14. 2026-05-31
    days on market $429,900 Active 85 DOM
15. 2026-05-15
    status Active 1353-char remark

    Show marketing remark (1353 chars)

    This property presents a fantastic opportunity to own your own business (4-plex) while generating rental income. Set on .86 acres with a completed plot plan for a potential commercial building lot, this versatile property offers endless possibilities. The first floor currently features two combined units being used as a store, complete with 1.5 baths, a kitchenette, bright windows, a welcoming covered porch entrance, a rear deck, a storage room and full basements on each side. These spaces can easily be converted back into separate units to maximize income potential. The second and third floors each offer spacious apartments of approximately 880SF, both currently rented and equipped with separate heat pumps, air conditioning, electrical, and water systems for all four units. The property has been well maintained, featuring a roof that's about 12 years old and newer Thermopane windows throughout (except for two). Extra insulation, fresh paint. The exterior boasts charming wood and stone accents, an inviting front porch, a large deck, 1 car garage, sheds, gazebo, grill pit, alarm system, and security cameras. With 26 off-street parking spaces and multiple income streams, this property is ideal for an investor or business owner looking for a property that offers flexibility, character, and strong earning potential-all in one location.

16. 2026-05-05
    status Under Contract 1353-char remark

    Show marketing remark (1353 chars)

    This property presents a fantastic opportunity to own your own business (4-plex) while generating rental income. Set on .86 acres with a completed plot plan for a potential commercial building lot, this versatile property offers endless possibilities. The first floor currently features two combined units being used as a store, complete with 1.5 baths, a kitchenette, bright windows, a welcoming covered porch entrance, a rear deck, a storage room and full basements on each side. These spaces can easily be converted back into separate units to maximize income potential. The second and third floors each offer spacious apartments of approximately 880SF, both currently rented and equipped with separate heat pumps, air conditioning, electrical, and water systems for all four units. The property has been well maintained, featuring a roof that's about 12 years old and newer Thermopane windows throughout (except for two). Extra insulation, fresh paint. The exterior boasts charming wood and stone accents, an inviting front porch, a large deck, 1 car garage, sheds, gazebo, grill pit, alarm system, and security cameras. With 26 off-street parking spaces and multiple income streams, this property is ideal for an investor or business owner looking for a property that offers flexibility, character, and strong earning potential-all in one location.

17. 2026-02-25
    listed $429,900 Active 1353-char remark

    Show marketing remark (1353 chars)

    This property presents a fantastic opportunity to own your own business (4-plex) while generating rental income. Set on .86 acres with a completed plot plan for a potential commercial building lot, this versatile property offers endless possibilities. The first floor currently features two combined units being used as a store, complete with 1.5 baths, a kitchenette, bright windows, a welcoming covered porch entrance, a rear deck, a storage room and full basements on each side. These spaces can easily be converted back into separate units to maximize income potential. The second and third floors each offer spacious apartments of approximately 880SF, both currently rented and equipped with separate heat pumps, air conditioning, electrical, and water systems for all four units. The property has been well maintained, featuring a roof that's about 12 years old and newer Thermopane windows throughout (except for two). Extra insulation, fresh paint. The exterior boasts charming wood and stone accents, an inviting front porch, a large deck, 1 car garage, sheds, gazebo, grill pit, alarm system, and security cameras. With 26 off-street parking spaces and multiple income streams, this property is ideal for an investor or business owner looking for a property that offers flexibility, character, and strong earning potential-all in one location.

18. 2026-02-09
    historical
19. 2025-12-19
    historical
20. 2025-12-19
    listed $449,900 Active
21. 2025-11-03
    listed $475,000 Active
22. 2003-11-10
    soldstatus $162,500
23. 2003-09-13
    listed $179,995

ⓘ 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: $112,860
• − Mortgage interest: −$24,081
• − Property taxes: −$6,448
• − Insurance: −$2,150
• − Repairs & maintenance: −$9,029
• − Management: −$9,029
• − Depreciation: −$12,506
• Taxable income: $49,617
• Est. tax owed @ 24.0%: −$11,908
• After-tax cash flow: $41,600/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a good exterior and interior. It has a good curb appeal and is ready for minor cosmetic improvements to enhance its resale and rental value.

Value-add opportunities

• Resale Paint the exterior siding and trim — Painting the exterior can enhance the curb appeal and make the property more attractive to potential buyers.
• Rental Replace the carpet in the bedrooms — Replacing the carpet can improve the living experience for tenants and make the property more appealing to potential renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding and trim — Painting the exterior can enhance the curb appeal and make the property more attractive to potential buyers. ↑
• Rental Replace the carpet in the bedrooms — Replacing the carpet can improve the living experience for tenants and make the property more appealing to potential renters. ↑

ⓘ 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: Somers School District
• NCES district ID: 0904140
• Math proficiency: 49% ▼ -3.00%
• Reading proficiency: 63% ▼ -1.00%
• Median HH income: $96,412
• Composite: 52.14/100
• National rank: #1615
• State rank: #53 of 153 in CT

Livability — Somers

• Score: 68/100
• State rank: #109
• US rank: #9446

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 10,554
• Population (ZIP): 10,554

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 4% Two or more races 3%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 14% Lithuanian 10% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -141.15%
• Current HPI: 167.3798
• Rent YoY: —
• Metro: —
• 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

+138.8% since first listed

9 events — show timeline

• 2026-05-15 Relisted — Smart MLS
• 2026-05-05 Pending — Smart MLS
• 2026-02-25 Listed $429,900 Smart MLS
• 2026-02-09 Listing Removed — Smart MLS
• 2025-12-19 Listing Removed — Smart MLS
• 2025-12-19 Listed $449,900 Smart MLS
• 2025-11-03 Listed $475,000 Smart MLS
• 2003-11-10 Sold (MLS) $162,500 Smart MLS
• 2003-09-13 Listed $179,995 Smart MLS