241 Oak St · Manchester, CT 06040

$450,000

6 bd · 2.5 ba · 2,716 sqft · MultiFamily public records · 8 Days on market

Built 1925 6,534 sqft lot Est $437k · at est.

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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 +16.0/30.0
• ARV discount +6.2/15.0
• DSCR +4.9/10.0
• 1% rule +4.4/10.0
• 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

Turnkey renovated duplex offering the perfect opportunity for investors or owner-occupants seeking immediate income potential and low-maintenance living. feature updated kitchens and baths, modern finishes, fresh paint, updated flooring, and spacious layouts with plenty of natural light. Separate utilities, ample parking, and strong rental appeal make this move-in-ready property a rare find in today's market. Don't miss your chance to own a cash-flow-ready multifamily property with lasting value.

Key facts

• Spacious layouts
• Updated baths
• Fresh paint

Tags

• UPDATED KITCHENS
• UPDATED BATHS
• MODERN FINISHES
• FRESH PAINT
• UPDATED FLOORING
• SPACIOUS LAYOUTS

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Block foundation; Built as a two-family multi-unit building
• Exterior features: Aluminum siding; Asphalt shingle roof

Interior

• Bedrooms: 6 bedrooms (total across the property)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Steam heating; Natural gas fuel; 40-gallon hot water tank
• Interior features: 12 total rooms; Full basement; Walk-up attic
• Laundry & utility: All units have laundry hook-ups

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive. Per door: $111/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 $423k (6.0% below list).
• Recommended offer: $423k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.7% 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: Highland Park School (math 27% / reading 27%, grade F, #401 of 553 statewide, top 74%, 318 students, 47% FRL); 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; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,230/mo this rent would consume 61% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $270k; list at $450k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 8→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $423,000 (6.0% 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 1925 — 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. 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: 0.94% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.12%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $437,276
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 School St	0.20mi	7/2.0 (+1)	2,752 (+1%)	5mo	$360,000	$131	78
45 Eldridge St	0.52mi	6/2.0	2,720 (+0%)	4mo	$310,000	$114	70
23 Knighton St	0.33mi	6/2.5	2,615 (-4%)	12mo	$420,000	$161	68
160 Eldridge St	0.28mi	6/3.0	2,778 (+2%)	16mo	$462,500	$166	68
69 Foster St	0.50mi	6/3.0	2,792 (+3%)	7mo	$450,000	$161	65
91 Foster St	0.47mi	6/3.0	2,774 (+2%)	11mo	$435,000	$157	63
73 Foster St	0.49mi	6/3.0	2,750 (+1%)	12mo	$464,300	$169	63
47 Holl St	0.42mi	6/2.5	2,847 (+5%)	11mo	$400,000	$140	63
43-45 Birch St	0.51mi	7/2.5 (+1)	2,690 (-1%)	14mo	$500,000	$186	58
82 Maple St	0.42mi	6/2.0	2,404 (-12%)	4mo	$432,500	$180	56
179 Spruce St	0.35mi	6/2.0	2,352 (-13%)	9mo	$405,000	$172	51
17 Holl St	0.49mi	6/2.0	3,062 (+13%)	11mo	$410,000	$134	45

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: -14.1%
• Equity multiple: 0.50×
• Total profit: $-63,033
• Equity at exit: $67,096

10-year hold

• IRR: -7.0%
• Equity multiple: 0.57×
• Total profit: $-53,817
• Equity at exit: $38,908

Cash invested: $126,000 (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 06040

• Rents YoY: 2.0%
• Active inventory: 107
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $4,230 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$572 /mo · $6,865/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$888
• Net cashflow: $222

Break-even live

Break-even rent $3,949

Max offer price $450,000

Occupancy floor 90%

Sensitivity live

Price	-10% $477	-5% $350	+0% $222	+5% $95	+10% $-32
Rent	-10% $-112	-5% $55	+0% $222	+5% $389	+10% $556
Rate	-1.0pp $449	-0.5pp $337	base $222	+0.5pp $106	+1.0pp $-13

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,230
Total (2 units)			$4,230

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-07
   status $450,000 Under Contract 8 DOM
2. 2026-06-03
   days on market $450,000 Active 8 DOM
3. 2026-06-02
   days on market $450,000 Active 7 DOM
4. 2026-06-01
   days on market $450,000 Active 6 DOM
5. 2026-05-31
   days on market $450,000 Active 5 DOM
6. 2026-05-26
   listed $450,000 Active
7. 2025-11-20
   soldstatus $270,000

ⓘ 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: $6,865 · $572/mo
• Projected year-2 tax: $8,248 · $687/mo
• Expected delta: +$1,382/yr (+$115/mo · 20.1%)

ⓘ 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 8 d/yr ≥93°F today · 18 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: $50,760
• − Mortgage interest: −$25,207
• − Property taxes: −$6,865
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,061
• − Management: −$4,061
• − Depreciation: −$13,091
• Taxable loss: −$4,775
• Est. tax savings @ 24.0%: +$1,146
• After-tax cash flow: $3,813/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

+66.7% since first listed

2 events — show timeline

• 2026-05-26 Listed $450,000 Smart MLS
• 2025-11-20 Sold (Public Records) $270,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $6,865 · +3.0% YoY. Source: county tax records.