74 Johnson St · Middletown, CT 06457

$375,000

5 bd · 2.5 ba · 2,848 sqft · MultiFamily public records · 3 Days on market

Built 1948 8,712 sqft lot Est $393k · 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 +19.9/30.0
• ARV discount +9.6/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.6/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Two separate brick houses (Cape-style and Ranch-style on one lot) classified as a two-family - ideal in-law set-up as well. Cape-style dwelling offers a front-to-back living rm / dining rm combination w/ hardwood flooring + remodeled half-bath on 1st floor & remodeled full bath on 2nd floor. Newer oil furnace & newer electric hot water heater (2011). Adjacent ranch-style dwelling - also in good condition offers a spacious eat-in kitchen + adjacent living rm/dining combination. 2 bedrooms (w/ a large Master bedroom) & full bath (2 showers: one w/ handicap access). Enclosed porches in both dwellings. 1-car garage plus large storage shed. New thermal windows throughout in both dwellings.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1948

Property features AI

Exterior

• Parking: Attached garage (1-car)
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Concrete foundation; Asphalt shingle gable roof
• Exterior features: Brick siding; Breezeway; Shed; Sloping lot

Interior

• Bedrooms: 5 bedrooms (total)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Hot water heating; Oil-fired heat (tank located in basement); Domestic hot water
• Interior features: One fireplace; Full, unfinished basement
• Laundry & utility: Washer and dryer provided in all units

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Cap rate 7.7% vs local median 3.7% in Middletown — 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 81/100 on livability (#17 in CT, #1,390 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Middletown School District (urban): math 24% / reading 44% proficiency, ranked #113 of 153 in CT (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Middletown High School (math 25% / reading 52%, grade F, #111 of 194 statewide, top 57%, 1,214 students, 49% FRL).
• Market conditions: Rents flat; 143 active listings in the ZIP; solid renter incomes; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• At $3,848/mo this rent would consume 58% of the median local household income ($79k/yr) (locally 2196% 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 $11k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 20y ago; this cycle's ask is 72% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $225k; list at $375k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,000

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.03% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.16%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $393,024
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
634 High St	0.05mi	5/3.0	2,947 (+4%)	7mo	$440,000	$149	84
40 Rome Ave	0.27mi	5/3.0	2,870 (+1%)	6mo	$388,000	$135	79
233 Pearl St	0.35mi	5/2.0	3,004 (+6%)	11mo	$295,000	$98	63
394 High St	0.55mi	5/2.0	2,953 (+4%)	7mo	$387,000	$131	61
24 Saint Johns St	0.39mi	6/3.0 (+1)	2,640 (-7%)	3mo	$411,000	$156	60
23 Portland St	0.40mi	6/3.0 (+1)	2,622 (-8%)	8mo	$320,000	$122	54
132 Grand St	0.39mi	6/3.0 (+1)	3,226 (+13%)	3mo	$455,000	$141	50
24 Bacon Ave	0.38mi	6/3.0 (+1)	2,606 (-8%)	13mo	$355,000	$136	50
35 Clinton Ave	0.34mi	6/3.0 (+1)	2,480 (-13%)	10mo	$407,000	$164	47
48 Jackson St	0.66mi	6/3.0 (+1)	2,769 (-3%)	13mo	$475,000	$172	46
171 Lincoln St	0.56mi	6/2.0 (+1)	3,121 (+10%)	11mo	$430,000	$138	42
195 Liberty St	0.52mi	6/2.0 (+1)	2,434 (-14%)	7mo	$291,000	$120	39

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 · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.60×
• Total profit: $-42,434
• Equity at exit: $55,914

10-year hold

• IRR: -6.9%
• Equity multiple: 0.62×
• Total profit: $-40,353
• Equity at exit: $32,423

Cash invested: $105,000 (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 06457

• Rents YoY: 0.2%
• Active inventory: 143
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $3,848 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$466 /mo · $5,589/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$808
• Net cashflow: $451

Break-even live

Break-even rent $3,277

Max offer price $375,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,849
1× unit	3	1.5	$1,999
Total (2 units)			$3,848

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-15
   statusdays on market $375,000 Under Contract 3 DOM
2. 2026-06-13
   days on market $375,000 Active 2 DOM
3. 2026-06-13
   statusdays on market $375,000 Active 1 DOM
4. 2026-06-10
   days on market $375,000 Coming Soon 2 DOM
5. 2026-06-08
   remarks 699-char remark
6. 2026-06-08
   listed $375,000 Coming Soon 1 DOM

ⓘ 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: $5,589 · $466/mo
• Projected year-2 tax: $6,807 · $567/mo
• Expected delta: +$1,218/yr (+$102/mo · 21.8%)

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

Taxation est. · year 1

• Rental income: $46,176
• − Mortgage interest: −$21,006
• − Property taxes: −$5,589
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,694
• − Management: −$3,694
• − Depreciation: −$10,909
• Taxable loss: −$591
• Est. tax savings @ 24.0%: +$142
• After-tax cash flow: $5,558/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: Middletown School District
• NCES district ID: 0902490
• Math proficiency: 24% ▼ -15.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $60,733
• Composite: 30.47/100
• National rank: #6224
• State rank: #113 of 153 in CT

Livability — Middletown

• Score: 81/100
• State rank: #17
• US rank: #1390

Category grades

Amenities A+ Commute F Cost of living B- Crime A+ Employment C+ Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, CT
• County: Middlesex County · 63,941 people
• City population: 46,720
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 46,720
• Household income: $79,463
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 2196.0

Population outlook (Lower Connecticut River Valley County) Hauer SSP2

• By 2040: 188,651

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 13% Hispanic / Latino 12% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7%
• Common ancestry: Romanian 9% Lithuanian 5% Slovak 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 4% Russian/Polish/Slavic 2%

Political lean MEDSL · Lower Connecticut River Valley

• 2024 margin: D (+13.4) · D 55.9% · R 42.4% · Other 1.7%
• All cycles: 2024: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -470.20%
• Current HPI: 255.1597
• Rent YoY: ▲ 0.22%
• 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

+13.6% since first listed

24 events — show timeline

• 2026-06-08 Coming Soon $375,000 Smart MLS
• 2018-12-03 Sold (Public Records) $225,200 Public Records
• 2018-11-29 Sold (MLS) $228,700 Smart MLS
• 2018-10-04 Listing Removed — Smart MLS
• 2018-10-04 Listing Removed — Smart MLS
• 2018-10-01 Relisted — Smart MLS
• 2018-10-01 Relisted — Smart MLS
• 2018-09-24 Contingent — Smart MLS
• 2018-09-24 Contingent — Smart MLS
• 2018-09-14 Listed $217,900 Smart MLS
• 2018-09-14 Listed $217,900 Smart MLS
• 2010-06-17 Sold (Public Records) $200,800 Public Records
• 2010-06-17 Sold (MLS) $200,800 Smart MLS
• 2010-03-29 Listed $215,000 Smart MLS
• 2010-02-06 Listing Removed — Smart MLS
• 2010-02-06 Listing Removed — Smart MLS
• 2009-04-05 Listed $264,900 Smart MLS
• 2009-04-05 Listed $264,900 Smart MLS
• 2008-11-06 Listing Removed — Smart MLS
• 2008-11-06 Listing Removed — Smart MLS
• 2008-02-04 Listed $299,900 Smart MLS
• 2008-02-04 Listed $299,900 Smart MLS
• 2006-11-25 Listing Removed — Smart MLS
• 2006-08-25 Listed $330,000 Smart MLS

Property tax history

-2.0%/yr

Latest (2022): $5,589 · +0.0% YoY. Source: county tax records.