85 Hicks St · Meriden, CT 06450

$249,900

4 bd · 2.0 ba · 2,184 sqft · MultiFamily public records · 2 Days on market

Built 1900 7,405 sqft lot Est $376k · 33% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 2 units. confirmed

Listing remarks

Lovely 2 Family on a dead end street. 1st floor offers living room dining room and eat in kitchen 2 Bedrooms and full bath. 2nd floor is living room dining room and eat in kitchen with full bath. Porches in front and rear! Walk Up attic for future expansion. Units have separate utilities . Detached 2 car garage. Home is in as is condition. Will not pass government financing !!!. cash offers preferred!!!

Key facts

• Separate utilities
• Walk up attic
• Eat in kitchen

Tags

• DEAD END STREET
• EAT IN KITCHEN
• WALK UP ATTIC
• SEPARATE UTILITIES
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage; Paved parking; 4 total parking spaces; 2-car garage
• Utilities: Public water connected; Public sewer connected; Natural gas hot water (30-gallon tank)
• Home design: Multi-family (2-family) property
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof
• Exterior features: Lightly wooded lot; White exterior siding

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Natural gas heat
• Interior features: 10 total rooms; Full basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $593/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Cap rate 12.3% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $3,870/mo this rent would consume 65% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $249,900

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.55% ✓
• Cap rate: 12.25%
• Cash-on-cash: 21.28%
• DSCR: 1.95
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $375,648
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
85 Hicks St	0.00mi	4/2.0	2,184 (0%)	0mo	$260,000	$119	100
52 Webster St	0.42mi	4/2.0	2,063 (-6%)	5mo	$420,000	$204	67
110 Wilcox Ave	0.38mi	4/2.0	1,974 (-10%)	9mo	$405,000	$205	59
82 Woodland St	0.38mi	5/3.0 (+1)	1,980 (-9%)	9mo	$340,000	$172	50
125 Bailey Ave	0.70mi	4/2.0	2,464 (+13%)	21mo	$350,000	$142	28

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: 11.0%
• Equity multiple: 1.43×
• Total profit: $29,953
• Equity at exit: $37,261

10-year hold

• IRR: 18.9%
• Equity multiple: 2.47×
• Total profit: $103,168
• Equity at exit: $21,607

Cash invested: $69,972 (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: 10.8×

Monthly cashflow live

• Estimated rent: $3,870 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$402 /mo · $4,823/yr
• Insurance: −$104
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$813
• Net cashflow: $1,185

Break-even live

Break-even rent $2,370

Max offer price $249,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,870
Total (2 units)			$3,870

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Amity St Meriden, CT	3.0	1.5	1776	$2,500	$1.41	23d	1	0.44mi
75 Wilcox Ave Meriden, CT	4.0	1.0	1763	$2,350	$1.33	43d	1	0.45mi
58 Leonard St #204 Meriden, CT	4.0	3.5	2535	$3,500	$1.38	43d	1	0.66mi
200 Sams Rd Meriden, CT	2.0–3.0	1.5–2.5	855	$2,700	$3.16	1d	4	0.82mi
6 Springdale Ave Unit 6A Meriden, CT	3.0	1.0	2692	$2,000	$0.74	43d	1	1.10mi
39 N Spring St Unit 2 Meriden, CT	3.0	1.0	1650	$2,400	$1.45	43d	1	1.12mi
48 Prospect St Unit 1st floor Meriden, CT	3.0	1.0	2292	$2,000	$0.87	23d	1	1.19mi
1 Barristers Ct Unit 2nd Flr Meriden, CT	3.0	1.0	1512	$2,200	$1.46	23d	1	1.21mi
55 Liberty St Meriden, CT	5.0	3.0	2215	$2,900	$1.31	3d	1	1.21mi
11 Nutmeg Dr Meriden, CT	2.0–3.0	1.5–2.5	1600	$2,600	$1.62	1d	4	1.45mi

Listing history 2 events

1. 2026-05-06
   status Under Contract
2. 2026-05-04
   listed $249,900 Active

ⓘ 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: $4,823 · $402/mo
• Projected year-2 tax: $5,085 · $424/mo
• Expected delta: +$262/yr (+$22/mo · 5.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,440
• − Mortgage interest: −$13,998
• − Property taxes: −$4,823
• − Insurance: −$1,916
• − Repairs & maintenance: −$3,715
• − Management: −$3,715
• − Depreciation: −$7,270
• Taxable income: $11,002
• Est. tax owed @ 24.0%: −$2,641
• After-tax cash flow: $11,582/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

2 events — show timeline

• 2026-05-06 Pending — Smart MLS
• 2026-05-04 Listed $249,900 Smart MLS

Property tax history

-0.1%/yr

Latest (2023): $4,823 · +6.0% YoY. Source: county tax records.