1012 Old Colony Rd Lot 38 · Meriden, CT 06451

$142,000

3 bd · 1.0 ba · 1,296 sqft · Manufactured public records · 60 Days on market

Built 1999 $110/sqft · 6% above area Est $134k · 6% over $595/mo HOA · 29% of rent

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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 +18.3/30.0
• 1% rule +9.7/10.0
• DSCR +5.7/10.0
• ARV discount +4.9/15.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

With over 1200 ft.2 this is not your ordinary mobile home. Two skylights to bring in the natural light and warmth,one in the kitchen and one in the main full bathroom. Both replaced three years ago. It has high ceilings and large windows. For the cold winter months, all windows have inserts. Master bed has an en suite with a large tub and seating. The bedroom has two closets. The size of the second bedroom is something you don't normally see,10' x 20' also with two closets. Laundry room off kitchen has lots of shelving for storage. Large tub washer and dryer stay. Washer only two years old. For extra security and ease the front door has a keyless entry pad. The covered porch is half the length of the home, 9 x 28. Included is a large double door storage shed 10 x 10 x 15 with an upper shelf.

Key facts

• 2 parking spots
• Built 1999
• Listed 60 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $142k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $142k).
• Recommended offer: $138k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: 70 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• This rent runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $982 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $37k; list at $142k implies a 284% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $137,740 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 5.7

CMA / ARV

• ARV (median comp): $134,292
• List price: $142,000
• Delta: 5.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.9%
• Equity multiple: 0.64×
• Total profit: $-14,387
• Equity at exit: $21,173

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-426
• Equity at exit: $12,278

Cash invested: $39,760 (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 06451

• Home prices YoY: -14.2%
• Active inventory: 70
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,083 high
• Mortgage (P&I): −$745
• Tax from tax record: −$117 /mo · $1,408/yr
• Insurance: −$59
• HOA: −$595
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $130

Break-even live

Break-even rent $1,919

Max offer price $142,000

Occupancy floor 89%

Sensitivity live

Price	-10% $210	-5% $170	+0% $130	+5% $90	+10% $49
Rent	-10% $-35	-5% $47	+0% $130	+5% $212	+10% $294
Rate	-1.0pp $201	-0.5pp $166	base $130	+0.5pp $93	+1.0pp $56

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: $35,500
• Closing costs: $4,260
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 Old Colony Rd Unit 2-4 Meriden, CT	2.0	1.5	1024	$2,100	$2.05	3d	1	0.16mi
1001 Old Colony Rd Unit 2-4 Meriden, CT	2.0	1.5	1024	$2,200	$2.15	44d	1	0.16mi
14 Hillside St Meriden, CT	4.0	1.0	1175	$2,000	$1.70	19d	1	0.70mi
581 Crown St #99 Meriden, CT	2.0	1.0	1000	$1,750	$1.75	3d	1	0.78mi
63 Webb St #11 Meriden, CT	2.0	1.5	912	$2,200	$2.41	45d	1	0.79mi
98 Hall Ave Meriden, CT	2.0	1.5	900	$1,760	$1.96	3d	1	0.86mi
14 S Broad St Meriden, CT	1.0–2.0	1.0–1.5	947	$2,132	$2.25	3d	1	0.92mi
40 Broad St Meriden, CT	2.0	2.0	1150	$2,110	$1.83	44d	1	1.04mi
84 Alcove St #3 Meriden, CT	2.0	1.0	1873	$1,700	$0.91	4d	1	1.12mi
31 Winthrop St Meriden, CT	4.0	2.0	1550	$2,400	$1.55	4d	1	1.25mi
272 Highland Ave Unit 1 Meriden, CT	3.0	1.0	906	$2,000	$2.21	44d	1	1.27mi

HOA detail

• Monthly dues: $595 · $7,140/yr
• Likely covers: security

Listing history 20 events

1. 2026-06-18
   days on market $142,000 Active 60 DOM
2. 2026-06-17
   days on market $142,000 Active 59 DOM
3. 2026-06-16
   days on market $142,000 Active 58 DOM
4. 2026-06-15
   days on market $142,000 Active 57 DOM
5. 2026-06-14
   days on market $142,000 Active 55 DOM
6. 2026-06-10
   days on market $142,000 Active 52 DOM
7. 2026-06-09
   days on market $142,000 Active 51 DOM
8. 2026-06-08
   days on market $142,000 Active 50 DOM
9. 2026-06-07
   days on market $142,000 Active 49 DOM
10. 2026-06-05
    days on market $142,000 Active 46 DOM
11. 2026-06-03
    days on market $142,000 Active 45 DOM
12. 2026-06-03
    days on market $142,000 Active 44 DOM
13. 2026-06-01
    days on market $142,000 Active 43 DOM
14. 2026-05-31
    days on market $142,000 Active 42 DOM
15. 2026-05-08
    price $142,000 802-char remark

    Show marketing remark (802 chars)

    With over 1200 ft.2 this is not your ordinary mobile home. Two skylights to bring in the natural light and warmth,one in the kitchen and one in the main full bathroom. Both replaced three years ago. It has high ceilings and large windows. For the cold winter months, all windows have inserts. Master bed has an en suite with a large tub and seating. The bedroom has two closets. The size of the second bedroom is something you don't normally see,10' x 20' also with two closets. Laundry room off kitchen has lots of shelving for storage. Large tub washer and dryer stay. Washer only two years old. For extra security and ease the front door has a keyless entry pad. The covered porch is half the length of the home, 9 x 28. Included is a large double door storage shed 10 x 10 x 15 with an upper shelf.

16. 2026-04-19
    listed $147,000 Active 802-char remark

    Show marketing remark (802 chars)

    With over 1200 ft.2 this is not your ordinary mobile home. Two skylights to bring in the natural light and warmth,one in the kitchen and one in the main full bathroom. Both replaced three years ago. It has high ceilings and large windows. For the cold winter months, all windows have inserts. Master bed has an en suite with a large tub and seating. The bedroom has two closets. The size of the second bedroom is something you don't normally see,10' x 20' also with two closets. Laundry room off kitchen has lots of shelving for storage. Large tub washer and dryer stay. Washer only two years old. For extra security and ease the front door has a keyless entry pad. The covered porch is half the length of the home, 9 x 28. Included is a large double door storage shed 10 x 10 x 15 with an upper shelf.

17. 2019-01-14
    historical
18. 2018-10-27
    price $55,000
19. 2018-09-13
    listed $59,900 Active
20. 2013-08-01
    soldstatus $37,000

ⓘ 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: $1,408 · $117/mo
• Projected year-2 tax: $2,223 · $185/mo
• Expected delta: +$815/yr (+$68/mo · 57.9%)

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

Taxation est. · year 1

• Rental income: $25,001
• − Mortgage interest: −$7,954
• − Property taxes: −$1,408
• − Insurance: −$710
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − HOA: −$7,140
• − Depreciation: −$4,131
• Taxable loss: −$342
• Est. tax savings @ 24.0%: +$82
• After-tax cash flow: $1,639/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): 24,851
• Household income: $71,255
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 973.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 46% Hispanic / Latino 40% Two or more races 26% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 24% Cuban 2% Dominican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Subsaharan African 1%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 65% English-only · Spanish 31% Chinese 1% French/Haitian/Cajun 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: ▼ -45.38%
• Current HPI: 274.0567
• Rent YoY: —
• 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

+283.8% since first listed

6 events — show timeline

• 2026-05-08 Price Changed $142,000 Smart MLS
• 2026-04-19 Listed $147,000 Smart MLS
• 2019-01-14 Listing Removed — Smart MLS
• 2018-10-27 Price Changed $55,000 Smart MLS
• 2018-09-13 Listed $59,900 Smart MLS
• 2013-08-01 Sold (Public Records) $37,000 Public Records

Property tax history

-2.7%/yr

Latest (2023): $1,408 · +5.5% YoY. Source: county tax records.