15 Forest St Unit G · Manchester, CT 06040

$157,000

2 bd · 1.0 ba · 784 sqft · Condo public records · 12 Days on market

Built 1944 $324/mo HOA · 18% of rent

---

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 +13.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious and private 2BR, 1 BA two level townhouse in the heart of Manchester downtown. Ideal location, walking to shops, restaurants, banks, libraries, and bus stations. Only 3 minutes to I-384. Hardwood floor throughout the unit. The whole unit has been freshly painted with neutral color that goes with any room décor. Granite countertops and backsplash in the kitchen, and a newer stove. Two bedrooms upstairs, hardwood floors, with plenty of natural light. Full well-maintained bathroom upstairs with a bathtub, and newer toilet. Linens and towels closet in the hallway. Extra storage specific to the unit in the common facility in the basement, along with the laundry. Low HOA fees, including hot water. Just add your personal touches and call this place home. Great for owner occupants or investors. One assigned parking space and plenty of unassigned parking. Priced to sell! This will not last. Schedule your appointment today.

Key facts

• Remodeled kitchen
• Updated kitchen
• Updated bathroom

Tags

• UPDATED KITCHEN
• REMODELED KITCHEN
• UPDATED BATHROOM
• EFFICIENT HOT WATER HEATER
• STEPS FROM MANCHESTER LIBRARY

Property features AI

Finance

• Other: Part of a 102-unit community
• Financial info: $324 monthly HOA fee; Professionally managed off-site; Pets allowed with some restrictions
• HOA & community: Homeowners association with monthly fee; HOA fee includes grounds maintenance, trash pickup, snow removal, water, sewer, property management, and road maintenance

Exterior

• Parking: Off-street parking via driveway; 1 parking space
• Utilities: Public water connected; Public sewer connected
• Home design: Condominium (Condo/Co-Op for sale); Part of Manchester Gardens complex; End unit; 2 levels
• Construction: Frame and brick construction
• Exterior features: Brick siding; Level lot

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms (in unit spans 2 levels)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heat; Natural gas heating; Tankless hot water
• Interior features: Open floor plan; Access to attic via hatch
• Laundry & utility: Coin-operated laundry / common laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $157k.

Deal economics

• At list price, monthly cash flow is $1 ($12/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $157k).
• Cap rate 6.3% vs local median 3.8% 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: 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 (+2.0%/yr); 107 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 13y 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 $91k; list at $157k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,000

Questions for the listing agent

1. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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 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: 6.30%
• Cash-on-cash: 0.03%
• DSCR: 1.00
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.39×
• Total profit: $-26,975
• Equity at exit: $23,409

10-year hold

• IRR: -12.0%
• Equity multiple: 0.32×
• Total profit: $-29,815
• Equity at exit: $13,574

Cash invested: $43,960 (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 06040

• Rents YoY: 2.0%
• Active inventory: 107
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,768 high
• Mortgage (P&I): −$823
• Tax from tax record: −$183 /mo · $2,194/yr
• Insurance: −$65
• HOA: −$324
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $1

Break-even live

Break-even rent $1,767

Max offer price $157,000

Occupancy floor 95%

Sensitivity live

Price	-10% $90	-5% $45	+0% $1	+5% $-43	+10% $-88
Rent	-10% $-139	-5% $-69	+0% $1	+5% $71	+10% $141
Rate	-1.0pp $80	-0.5pp $41	base $1	+0.5pp $-40	+1.0pp $-81

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: $39,250
• Closing costs: $4,710
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Garden Dr Unit J Manchester, CT	2.0	1.0	784	$1,600	$2.04	45d	1	0.07mi
28 Otis St Manchester, CT	2.0	2.0	1000	$2,650	$2.65	3d	1	0.22mi
55 Church St Manchester, CT	2.0	1.0	850	$1,650	$1.94	25d	1	0.35mi
109 Foster St Unit A-3 Manchester, CT	2.0	1.0	600	$1,050	$1.75	16d	1	0.38mi
9 Chestnut St Apt 4 Manchester, CT	1.0	1.0	600	$1,500	$2.50	45d	1	0.42mi
52 Pearl St Manchester, CT	2.0	1.0	714	$1,849	$2.59	45d	1	0.42mi
192 Hartford Rd Unit F Manchester, CT	3.0	1.0	1100	$2,300	$2.09	18d	1	0.50mi
92 Valley St Manchester, CT	2.0	1.0	900	$1,500	$1.67	45d	1	0.57mi
20 Prospect St #64 Manchester, CT	2.0	2.0	792	$1,540	$1.94	25d	1	0.63mi
8 Rodgers Pl Manchester, CT	3.0	1.5	1020	$1,900	$1.86	12d	1	0.66mi
167 E Center St Manchester, CT	1.0–2.0	1.0–1.5	800	$2,199	$2.75	3d	2	0.72mi
105 West St Manchester, CT	2.0	1.5	900	$1,975	$2.19	25d	1	0.84mi
122 Campfield Rd Manchester, CT	3.0	1.0	1080	$2,450	$2.27	5d	1	0.96mi
333 E Center St Manchester, CT	2.0	1.0	705	$1,650	$2.34	22d	1	0.97mi
45 Wellman Rd Manchester, CT	1.0	1.0	700	$1,695	$2.42	3d	1	1.11mi
190 N Elm St Manchester, CT	1.0	1.0	650	$2,212	$3.40	3d	1	1.39mi
426 Middle Tpke W #52 Manchester, CT	1.0	1.0	750	$1,550	$2.07	45d	1	1.40mi
334 Summit St Unit 334 Manchester, CT	2.0	1.5	946	$1,800	$1.90	25d	1	1.42mi
424 Middle Tpke W Manchester, CT	1.0–2.0	1.0–1.5	997	$2,150	$2.16	3d	7	1.43mi
43 Pioneer Cir Manchester, CT	2.0	1.0	888	$1,700	$1.91	5d	1	1.46mi
619 Hartford Rd Manchester, CT	1.0	1.0	675	$1,160	$1.72	5d	1	1.46mi
633 Center St Unit E Manchester, CT	2.0	1.5	952	$1,825	$1.92	45d	1	1.48mi
448 Middle Tpke W Unit 11U Manchester, CT	1.0	1.0	750	$1,600	$2.13	25d	1	1.48mi
448 Middle Tpke W Unit 11U Manchester, CT	1.0	1.0	750	$1,600	$2.13	45d	1	1.48mi
40 Olcott St Manchester, CT	1.0	1.0	700	$1,250	$1.79	45d	3	1.49mi

HOA detail condo

• Monthly dues: $324 · $3,888/yr
• Likely covers: waterparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-21
   status Under Contract
2. 2026-05-12
   historical Under Contract - Continue to Show
3. 2026-05-09
   listed $157,000 Active
4. 2021-04-16
   soldstatus $90,600 Closed 943-char remark

   Show marketing remark (943 chars)

   Spacious and private 2BR, 1 BA two level townhouse in the heart of Manchester downtown. Ideal location, walking to shops, restaurants, banks, libraries, and bus stations. Only 3 minutes to I-384. Hardwood floor throughout the unit. The whole unit has been freshly painted with neutral color that goes with any room décor. Granite countertops and backsplash in the kitchen, and a newer stove. Two bedrooms upstairs, hardwood floors, with plenty of natural light. Full well-maintained bathroom upstairs with a bathtub, and newer toilet. Linens and towels closet in the hallway. Extra storage specific to the unit in the common facility in the basement, along with the laundry. Low HOA fees, including hot water. Just add your personal touches and call this place home. Great for owner occupants or investors. One assigned parking space and plenty of unassigned parking. Priced to sell! This will not last. Schedule your appointment today.

5. 2021-04-16
   soldstatus $90,600

   Show marketing remark (943 chars)

   Spacious and private 2BR, 1 BA two level townhouse in the heart of Manchester downtown. Ideal location, walking to shops, restaurants, banks, libraries, and bus stations. Only 3 minutes to I-384. Hardwood floor throughout the unit. The whole unit has been freshly painted with neutral color that goes with any room décor. Granite countertops and backsplash in the kitchen, and a newer stove. Two bedrooms upstairs, hardwood floors, with plenty of natural light. Full well-maintained bathroom upstairs with a bathtub, and newer toilet. Linens and towels closet in the hallway. Extra storage specific to the unit in the common facility in the basement, along with the laundry. Low HOA fees, including hot water. Just add your personal touches and call this place home. Great for owner occupants or investors. One assigned parking space and plenty of unassigned parking. Priced to sell! This will not last. Schedule your appointment today.

6. 2021-03-18
   historical Under Contract - Continue to Show 943-char remark

   Show marketing remark (943 chars)

   Spacious and private 2BR, 1 BA two level townhouse in the heart of Manchester downtown. Ideal location, walking to shops, restaurants, banks, libraries, and bus stations. Only 3 minutes to I-384. Hardwood floor throughout the unit. The whole unit has been freshly painted with neutral color that goes with any room décor. Granite countertops and backsplash in the kitchen, and a newer stove. Two bedrooms upstairs, hardwood floors, with plenty of natural light. Full well-maintained bathroom upstairs with a bathtub, and newer toilet. Linens and towels closet in the hallway. Extra storage specific to the unit in the common facility in the basement, along with the laundry. Low HOA fees, including hot water. Just add your personal touches and call this place home. Great for owner occupants or investors. One assigned parking space and plenty of unassigned parking. Priced to sell! This will not last. Schedule your appointment today.

7. 2021-03-14
   listed $82,000 Active 943-char remark

   Show marketing remark (943 chars)

   Spacious and private 2BR, 1 BA two level townhouse in the heart of Manchester downtown. Ideal location, walking to shops, restaurants, banks, libraries, and bus stations. Only 3 minutes to I-384. Hardwood floor throughout the unit. The whole unit has been freshly painted with neutral color that goes with any room décor. Granite countertops and backsplash in the kitchen, and a newer stove. Two bedrooms upstairs, hardwood floors, with plenty of natural light. Full well-maintained bathroom upstairs with a bathtub, and newer toilet. Linens and towels closet in the hallway. Extra storage specific to the unit in the common facility in the basement, along with the laundry. Low HOA fees, including hot water. Just add your personal touches and call this place home. Great for owner occupants or investors. One assigned parking space and plenty of unassigned parking. Priced to sell! This will not last. Schedule your appointment today.

8. 2017-10-04
   soldstatus $58,000 287-char remark

   Show marketing remark (287 chars)

   Beautiful 2 level Townhouse Condo in a nice and very convenient location; offers two bedrooms, one full bath, hardwood floors throughout, high efficiency gas boiler! One assigned parking space and plenty of visitors parking. Easy access to I-384, I-84, shopping, attractions and schools.

9. 2017-10-04
   soldstatus $58,000

   Show marketing remark (287 chars)

   Beautiful 2 level Townhouse Condo in a nice and very convenient location; offers two bedrooms, one full bath, hardwood floors throughout, high efficiency gas boiler! One assigned parking space and plenty of visitors parking. Easy access to I-384, I-84, shopping, attractions and schools.

10. 2017-09-24
    historical 287-char remark

    Show marketing remark (287 chars)

    Beautiful 2 level Townhouse Condo in a nice and very convenient location; offers two bedrooms, one full bath, hardwood floors throughout, high efficiency gas boiler! One assigned parking space and plenty of visitors parking. Easy access to I-384, I-84, shopping, attractions and schools.

11. 2017-05-29
    listed $64,900 287-char remark

    Show marketing remark (287 chars)

    Beautiful 2 level Townhouse Condo in a nice and very convenient location; offers two bedrooms, one full bath, hardwood floors throughout, high efficiency gas boiler! One assigned parking space and plenty of visitors parking. Easy access to I-384, I-84, shopping, attractions and schools.

12. 2014-09-30
    soldstatus $42,250
13. 2013-11-15
    listed $49,900
14. 2005-07-13
    soldstatus $69,000
15. 1998-10-15
    soldstatus $20,000
16. 1997-02-27
    soldstatus $13,500
17. 1989-03-10
    soldstatus $79,000

ⓘ 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: $2,194 · $183/mo
• Projected year-2 tax: $2,777 · $231/mo
• Expected delta: +$583/yr (+$49/mo · 26.6%)

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

Taxation est. · year 1

• Rental income: $21,213
• − Mortgage interest: −$8,794
• − Property taxes: −$2,194
• − Insurance: −$785
• − Repairs & maintenance: −$1,697
• − Management: −$1,697
• − HOA: −$3,888
• − Depreciation: −$4,567
• Taxable loss: −$2,409
• Est. tax savings @ 24.0%: +$578
• After-tax cash flow: $590/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

• Census place: Manchester, CT
• County: Hartford County · 754,208 people
• City population: 59,635
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 35,813
• Household income: $83,422
• Rent vs Own: 45.8% rent · 54.2% own
• Severe rent burden: 1839.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 53% Hispanic / Latino 18% Black 15% Asian 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 14%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

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: ▼ -197.69%
• Current HPI: 190.4204
• Rent YoY: ▲ 1.97%
• 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

+98.7% since first listed

17 events — show timeline

• 2026-05-21 Pending — Smart MLS
• 2026-05-12 Contingent — Smart MLS
• 2026-05-09 Listed $157,000 Smart MLS
• 2021-04-16 Sold (Public Records) $90,600 Public Records
• 2021-04-16 Sold (MLS) $90,600 Smart MLS
• 2021-03-18 Contingent — Smart MLS
• 2021-03-14 Listed $82,000 Smart MLS
• 2017-10-04 Sold (Public Records) $58,000 Public Records
• 2017-10-04 Sold (MLS) $58,000 Smart MLS
• 2017-09-24 Listing Removed — Smart MLS
• 2017-05-29 Listed $64,900 Smart MLS
• 2014-09-30 Sold (MLS) $42,250 Smart MLS
• 2013-11-15 Listed $49,900 Smart MLS
• 2005-07-13 Sold (Public Records) $69,000 Public Records
• 1998-10-15 Sold (Public Records) $20,000 Public Records
• 1997-02-27 Sold (Public Records) $13,500 Public Records
• 1989-03-10 Sold (Public Records) $79,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $2,194 · +3.0% YoY. Source: county tax records.