146 Union St · Manchester, CT 06042

$419,900

6 bd · 2.0 ba · 2,520 sqft · MultiFamily public records · 6 Days on market

Built 1962 0.28 ac lot Est $433k · at est.

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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 +23.1/30.0
• ARV discount +8.9/15.0
• DSCR +7.4/10.0
• 1% rule +6.3/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Schools +2.5/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Like new, side by side! Newer roof and windows, gleaming hardwood floors, new kitchen. Flat lot w/ storage shed. Separate parking. This property is a pleasure to show. Nothing to be done. You'll love this one!

Key facts

• 0.28 acre lot
• 4 parking spots
• Built 1962

Property features AI

Exterior

• Parking: Off-street parking and driveway; Total 4 parking spaces
• Utilities: Public water connected; Public sewer connected; Above-ground propane tank
• Home design: Multi-family property (2-family); Frame construction; Grey exterior
• Construction: Asphalt shingle roof; Aluminum siding; Concrete foundation
• Exterior features: Level lot with water view; Gutters; Private paved driveway

Interior

• Kitchen: No specific appliances listed
• Bedrooms: 6 bedrooms total (across both units)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Hot water heating system; Propane-fueled heat; Electric hot water
• Interior features: 10 total rooms; Full, unfinished basement; Attic with hatch access; Two-unit multi-family layout (2 units, 10 total rooms)
• Laundry & utility: Separate basement laundry hookups for each unit; Basement hook-ups provided

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive. Per door: $377/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Cap rate 8.4% 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.
• Zoned schools: Waddell School (math 37% / reading 37%, grade F, #318 of 553 statewide, top 60%, 461 students, 53% FRL); Illing Middle School (math 18% / reading 35%, grade F, #151 of 175 statewide, top 87%, 846 students, 58% FRL); Manchester High School (math 26% / reading 47%, grade F, #118 of 194 statewide, top 61%, 1,673 students, 52% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 58 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 $4,740/mo this rent would consume 62% of the median local household income ($92k/yr) (locally 730% 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 $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $118k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y 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 $226k; list at $420k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $419,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.13% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $433,440
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
99 Union St	0.13mi	6/4.0	2,408 (-4%)	3mo	$555,000	$230	76
17 North St	0.34mi	5/3.5 (-1)	2,672 (+6%)	3mo	$360,000	$135	61
80 Westerly St	0.74mi	6/3.0	2,640 (+5%)	7mo	$455,000	$172	48
74 Westerly St	0.73mi	6/5.0	2,562 (+2%)	5mo	$440,000	$172	47
66 Westerly St	0.72mi	6/3.0	2,748 (+9%)	5mo	$460,000	$167	43
86 Westerly St	0.74mi	6/3.0	2,748 (+9%)	6mo	$440,000	$160	41
180 Hilliard St	0.67mi	6/3.0	2,204 (-12%)	7mo	$401,000	$182	38

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 · 4.8% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-11,130
• Equity at exit: $62,608

10-year hold

• IRR: 9.2%
• Equity multiple: 1.76×
• Total profit: $89,889
• Equity at exit: $36,305

Cash invested: $117,572 (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 06042

• Rents YoY: 4.8%
• Active inventory: 58
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $4,740 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$613 /mo · $7,359/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$995
• Net cashflow: $754

Break-even live

Break-even rent $3,785

Max offer price $419,900

Occupancy floor 79%

Sensitivity live

Price	-10% $992	-5% $873	+0% $754	+5% $636	+10% $517
Rent	-10% $380	-5% $567	+0% $754	+5% $942	+10% $1,129
Rate	-1.0pp $966	-0.5pp $861	base $754	+0.5pp $646	+1.0pp $535

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$4,740
Total (2 units)			$4,740

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-01
   status Under Contract
2. 2026-04-25
   listed $419,900 Active
3. 2012-02-23
   soldstatus $225,500 209-char remark

   Show marketing remark (209 chars)

   Like new, side by side! Newer roof and windows, gleaming hardwood floors, new kitchen. Flat lot w/ storage shed. Separate parking. This property is a pleasure to show. Nothing to be done. You'll love this one!

4. 2012-02-23
   soldstatus $225,510

   Show marketing remark (209 chars)

   Like new, side by side! Newer roof and windows, gleaming hardwood floors, new kitchen. Flat lot w/ storage shed. Separate parking. This property is a pleasure to show. Nothing to be done. You'll love this one!

5. 2012-01-02
   listed $224,900 209-char remark

   Show marketing remark (209 chars)

   Like new, side by side! Newer roof and windows, gleaming hardwood floors, new kitchen. Flat lot w/ storage shed. Separate parking. This property is a pleasure to show. Nothing to be done. You'll love this one!

6. 2012-01-01
   historical
7. 2011-07-01
   listed $249,900

ⓘ 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: $7,359 · $613/mo
• Projected year-2 tax: $8,172 · $681/mo
• Expected delta: +$813/yr (+$68/mo · 11.1%)

ⓘ 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 5/10 Major 7 d/yr ≥96°F today · 16 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: $56,880
• − Mortgage interest: −$23,521
• − Property taxes: −$7,359
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,550
• − Management: −$4,550
• − Depreciation: −$12,215
• Taxable income: $2,584
• Est. tax owed @ 24.0%: −$620
• After-tax cash flow: $8,432/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: 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

• County: Hartford County · 754,208 people
• City population: 59,635
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 23,822
• Household income: $91,892
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 730.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Asian 14% Black 14% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Lithuanian 6% Romanian 6% Slovak 2%
• Foreign-born: 20% · Canada, Vietnam, Jamaica
• Languages at home: 72% English-only · Spanish 10% Other Indo-European 7% Other Asian/Pacific 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: ▼ -112.15%
• Current HPI: 196.8782
• Rent YoY: ▲ 4.80%
• 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

+68.0% since first listed

7 events — show timeline

• 2026-05-01 Pending — Smart MLS
• 2026-04-25 Listed $419,900 Smart MLS
• 2012-02-23 Sold (Public Records) $225,510 Public Records
• 2012-02-23 Sold (MLS) $225,500 Smart MLS
• 2012-01-02 Listed $224,900 Smart MLS
• 2012-01-01 Listing Removed — Smart MLS
• 2011-07-01 Listed $249,900 Smart MLS

Property tax history

+3.4%/yr

Latest (2025): $7,359 · +3.0% YoY. Source: county tax records.