151 Center St · Manchester, CT 06040

$320,000

6 bd · 2.5 ba · 3,140 sqft · MultiFamily public records · 23 Days on market

Built 1906 6,969 sqft lot Est $440k · 27% 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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• 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

Multi-family units

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

Listing remarks MLS

Property sold in As-Is and Where-Is condition.

Key facts

• Solid bones
• Front porches
• Spacious units

Tags

• VALUE-ADD DUPLEX OPPORTUNITY
• SPACIOUS UNITS
• FRONT PORCHES
• SOLID BONES
• STRONG LOCATION

Property features AI

Exterior

• Utilities: Public water (connected/in street); Public sewer (connected/in street); Oil tank located in basement
• Home design: Multi-family (2-family) property
• Construction: Asphalt shingle roof; Vinyl siding; Frame construction; Masonry foundation; Light blue exterior
• Exterior features: Sidewalk; Gutters; Exterior lighting; Level lot

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heating; Oil-fired heat; 50-gallon electric hot water tank
• Interior features: Total of 12 rooms; Full basement with hatchway; Wall unit cooling

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $515/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $315k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% 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.
• Market conditions: Rents rising (+2.0%/yr); 99 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 $4,367/mo this rent would consume 63% of the median local household income ($83k/yr) (locally 1839% 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $90k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $99k; list at $320k implies a 223% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $315,200 (1.5% below list)

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 1906 — 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: 1.36% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.79%
• DSCR: 1.61
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $439,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
151 Center St	0.00mi	6/3.0	3,140 (0%)	0mo	$320,000	$102	98
12 Newman St	0.19mi	6/3.0	2,788 (-11%)	1mo	$510,000	$183	70
19 Russell St	0.45mi	6/2.0	2,952 (-6%)	5mo	$410,000	$139	62
46 Foster St	0.39mi	5/3.0 (-1)	3,337 (+6%)	5mo	$312,000	$93	60
17 Lilac St	0.50mi	6/2.5	3,365 (+7%)	7mo	$300,000	$89	59
17 Holl St	0.60mi	6/2.0	3,062 (-2%)	11mo	$410,000	$134	57
69 Foster St	0.42mi	6/3.0	2,792 (-11%)	6mo	$450,000	$161	54
91 Foster St	0.43mi	6/3.0	2,774 (-12%)	11mo	$435,000	$157	49
73 Foster St	0.42mi	6/3.0	2,750 (-12%)	12mo	$464,300	$169	48
47 Holl St	0.60mi	6/2.5	2,847 (-9%)	11mo	$400,000	$140	47
45 Eldridge St	0.61mi	6/2.0	2,720 (-13%)	4mo	$310,000	$114	44
46 School St	0.67mi	5/4.0 (-1)	3,534 (+12%)	9mo	$528,000	$149	29

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 · 1.97% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $9,455
• Equity at exit: $47,713

10-year hold

• IRR: 11.3%
• Equity multiple: 1.84×
• Total profit: $75,480
• Equity at exit: $27,668

Cash invested: $89,600 (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: 99
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $4,367 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$609 /mo · $7,303/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$917
• Net cashflow: $1,030

Break-even live

Break-even rent $3,063

Max offer price $320,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,368
Total (2 units)			$4,367

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-13
   statusdays on market $320,000 Under Contract 23 DOM
2. 2026-06-10
   days on market $320,000 Active 22 DOM
3. 2026-06-09
   days on market $320,000 Active 21 DOM
4. 2026-06-08
   days on market $320,000 Active 20 DOM
5. 2026-06-07
   days on market $320,000 Active 19 DOM
6. 2026-06-03
   days on market $320,000 Active 15 DOM
7. 2026-06-02
   days on market $320,000 Active 14 DOM
8. 2026-06-01
   days on market $320,000 Active 13 DOM
9. 2026-05-31
   days on market $320,000 Active 12 DOM
10. 2026-05-20
    listed $320,000 Active
11. 2020-02-13
    soldstatus $99,000 Closed 46-char remark

    Show marketing remark (46 chars)

    Property sold in As-Is and Where-Is condition.

12. 2019-12-20
    status Under Contract 46-char remark

    Show marketing remark (46 chars)

    Property sold in As-Is and Where-Is condition.

13. 2019-12-16
    listed $99,000 Active 46-char remark

    Show marketing remark (46 chars)

    Property sold in As-Is and Where-Is condition.

ⓘ 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: $7,303 · $609/mo
• Projected year-2 tax: $7,303 · $609/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥95°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: $52,404
• − Mortgage interest: −$17,925
• − Property taxes: −$7,303
• − Insurance: −$1,600
• − Repairs & maintenance: −$4,192
• − Management: −$4,192
• − Depreciation: −$9,309
• Taxable income: $7,882
• Est. tax owed @ 24.0%: −$1,892
• After-tax cash flow: $10,467/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

+223.2% since first listed

4 events — show timeline

• 2026-05-20 Listed $320,000 Smart MLS
• 2020-02-13 Sold (MLS) $99,000 Smart MLS
• 2019-12-20 Pending — Smart MLS
• 2019-12-16 Listed $99,000 Smart MLS

Property tax history

+2.7%/yr

Latest (2025): $7,303 · +2.9% YoY. Source: county tax records.