43-45 N Pearl St · Meriden, CT 06450

$439,900

6 bd · 3.0 ba · 2,174 sqft · MultiFamily public records · 315 Days on market

Built 1918 8,712 sqft lot $202/sqft · 8% above area Est $409k · 8% over

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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 +18.0/30.0
• DSCR +5.6/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• ARV discount +4.0/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1918

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.2-bath units multifamily listed at $440k.

Deal economics

• At list price, monthly cash flow is $377 ($5k/yr) — positive. Per door: $188/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $422k (4.1% below list).
• Recommended offer: $387k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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; 1 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,220/mo this rent would consume 71% 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 $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 315 days — a 12% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $85k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; list at $440k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• 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 $387,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 315 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. Built in 1918 — 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. 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?
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: 0.96% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.67%
• DSCR: 1.16
• GRM: 8.7

CMA / ARV

• ARV (median comp): $408,535
• List price: $439,900
• Delta: 7.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70 Cottage St	0.26mi	5/2.5 (-1)	2,248 (+3%)	12mo	$400,000	$178	65
29 N Pearl St	0.03mi	7/2.0 (+1)	1,976 (-9%)	14mo	$415,000	$210	63
18 Hobart St	0.49mi	5/3.0 (-1)	2,093 (-4%)	5mo	$475,000	$227	62
117 Charles St	0.64mi	6/3.0	1,950 (-10%)	14mo	$260,000	$133	41
85 Twiss St	0.72mi	6/3.0	1,938 (-11%)	10mo	$475,000	$245	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: -12.0%
• Equity multiple: 0.57×
• Total profit: $-52,928
• Equity at exit: $65,591

10-year hold

• IRR: -5.0%
• Equity multiple: 0.69×
• Total profit: $-37,725
• Equity at exit: $38,035

Cash invested: $123,172 (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: 17.4×

Monthly cashflow live

• Estimated rent: $4,220 high
• Mortgage (P&I): −$2,307
• Tax from tax record: −$467 /mo · $5,602/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$886
• Net cashflow: $377

Break-even live

Break-even rent $3,743

Max offer price $439,900

Occupancy floor 86%

Sensitivity live

Price	-10% $626	-5% $501	+0% $377	+5% $252	+10% $128
Rent	-10% $43	-5% $210	+0% $377	+5% $543	+10% $710
Rate	-1.0pp $598	-0.5pp $489	base $377	+0.5pp $263	+1.0pp $147

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.2	$4,220
Total (2 units)			$4,220

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	0.74mi

Listing history 11 events

1. 2026-05-13
   price $439,900 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

2. 2026-04-27
   price $479,900 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

3. 2026-04-01
   status Active 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

4. 2026-04-01
   price $499,900 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

5. 2026-04-01
   historical 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

6. 2025-12-05
   price $514,900 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

7. 2025-07-12
   listed $524,900 Active 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

8. 2025-07-03
   historical $524,900 370-char remark

   Show marketing remark (370 chars)

   Rare! East side Duplex with 3 Bedrooms in each unit! Unit 43 ( Right Side) offers in eat in kitchen Large Living Room 3 Bedrooms 1 Full and 1 half Bathrooms with laundry in unit. Unit 45 (left ) side Offers large Living room and Eat in kitchen 3 Bedrooms and 2 Full baths. Large Detached 2 Car Garage with a full loft. Lovely rear yard which backs up to Washington park!

9. 2008-06-02
   soldstatus $185,000
10. 2008-05-30
    soldstatus $185,000 218-char remark

    Show marketing remark (218 chars)

    On the east side this home is across the street from a school, near the large park and close to shopping and the highway. Each of the units has 3 bedrooms and 1.5 Baths. It is being sold as is and with a home warranty.

11. 2008-04-24
    listed $194,900 218-char remark

    Show marketing remark (218 chars)

    On the east side this home is across the street from a school, near the large park and close to shopping and the highway. Each of the units has 3 bedrooms and 1.5 Baths. It is being sold as is and with a home warranty.

ⓘ 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: $5,602 · $467/mo
• Projected year-2 tax: $7,508 · $626/mo
• Expected delta: +$1,906/yr (+$159/mo · 34.0%)

ⓘ 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 ≥98°F today · 16 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: $50,640
• − Mortgage interest: −$24,641
• − Property taxes: −$5,602
• − Insurance: −$2,200
• − Repairs & maintenance: −$4,051
• − Management: −$4,051
• − Depreciation: −$12,797
• Taxable loss: −$2,702
• Est. tax savings @ 24.0%: +$649
• After-tax cash flow: $5,170/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

+125.7% since first listed

11 events — show timeline

• 2026-05-13 Price Changed $439,900 Smart MLS
• 2026-04-27 Price Changed $479,900 Smart MLS
• 2026-04-01 Relisted — Smart MLS
• 2026-04-01 Price Changed $499,900 Smart MLS
• 2026-04-01 Listing Removed — Smart MLS
• 2025-12-05 Price Changed $514,900 Smart MLS
• 2025-07-12 Listed $524,900 Smart MLS
• 2025-07-03 Coming Soon $524,900 Smart MLS
• 2008-06-02 Sold (Public Records) $185,000 Public Records
• 2008-05-30 Sold (MLS) $185,000 Smart MLS
• 2008-04-24 Listed $194,900 Smart MLS

Property tax history

-1.5%/yr

Latest (2023): $5,602 · +6.0% YoY. Source: county tax records.