54 Washington St · Middletown, CT 06457

$935,000

342 bd · 324.0 ba · 12,288 sqft · MultiFamily · 253 Days on market

Built 1936 Poor condition 5,662 sqft lot ↓ 39% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.6/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

Key facts

• 5,662 sq ft lot
• 18 parking spots
• Built 1936

What this means for you Summary

Snapshot

• This is a 18 × 19-bed/18.0-bath units multifamily listed at $935k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $28k ($337k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($44k rent vs $935k).
• Recommended offer: $823k (12.0% below list) — sets the bar for market timing.
• Cap rate 42.4% 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.
• 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 $43,753/mo this rent would consume 661% 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 $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $262k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($823k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $605k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1936 — 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 $822,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 4.68% ✓
• Cap rate: 42.36%
• Cash-on-cash: 128.82%
• DSCR: 6.73
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.81×
• Total profit: $1,519,986
• Equity at exit: $139,412

10-year hold

• IRR: —
• Equity multiple: 13.10×
• Total profit: $3,168,869
• Equity at exit: $80,842

Cash invested: $261,800 (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: 32.1×

Monthly cashflow live

• Estimated rent: $43,753 medium
• Mortgage (P&I): −$4,903
• Tax est. 1.5%: −$1,169 /mo · $14,025/yr
• Insurance: −$390
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,188
• Net cashflow: $28,103

Break-even live

Break-even rent $8,179

Max offer price $935,000

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 18× units	19	18	$43,758
Total (18 units)			$43,753

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: $233,750
• Closing costs: $28,050
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-15
   days on market $935,000 Active 253 DOM
2. 2026-06-13
   days on market $935,000 Active 251 DOM
3. 2026-06-13
   days on market $935,000 Active 250 DOM
4. 2026-06-10
   days on market $935,000 Active 248 DOM
5. 2026-06-09
   days on market $935,000 Active 247 DOM
6. 2026-06-08
   days on market $935,000 Active 246 DOM
7. 2026-06-07
   days on market $935,000 Active 245 DOM
8. 2026-06-03
   days on market $935,000 Active 241 DOM
9. 2026-06-02
   days on market $935,000 Active 240 DOM
10. 2026-06-01
    days on market $935,000 Active 239 DOM
11. 2026-05-31
    days on market $935,000 Active 238 DOM
12. 2026-05-01
    status Active 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

13. 2026-02-27
    historical Under Contract - Continue to Show 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

14. 2026-02-24
    price $935,000 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

15. 2025-12-15
    price $945,000 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

16. 2025-11-17
    price $1,200,000 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

17. 2025-10-06
    listed $1,540,000 Active 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

18. 2025-10-03
    historical $1,540,000 970-char remark

    Show marketing remark (970 chars)

    PERMIT IN HAND READY TO BUILD! In the heart of Middletown and within walking distance to countless amenities, 54 Washington Street offers both location and opportunity. Once home to the Italian American Club, the building carries a unique history and is now ready for a new vision. This spectacular building has received zoning approval to convert this once community/event space to residential units. Take advantage of the already in place engineered 18-unit build-out plans with extra room for a super, the possibilities are endless. Not only does this building have engineered plans, but it is also stamped for electrical and plumbing. With all major systems professionally designed, code-compliant, and permit ready, this property allows seamless transition straight into the build phase. The opportunities are endless for the savvy investor looking to maximize value in a prime location. 18 parking spots town approved across the street next to the police station !

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°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: $525,036
• − Mortgage interest: −$52,375
• − Property taxes: −$14,025
• − Insurance: −$4,675
• − Repairs & maintenance: −$42,003
• − Management: −$42,003
• − Depreciation: −$27,200
• Taxable income: $342,756
• Est. tax owed @ 24.0%: −$82,261
• After-tax cash flow: $254,978/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to code and improve its value. Significant work is needed on the roof, exterior, flooring, interior walls, and HVAC system.

Repairs flagged

• Major roof — Significant wear and tear
• Major exterior walls — Significant wear and tear
• Major flooring — Appears to be in poor condition
• Major interior walls/paint — Paint appears chipped and peeling
• Major HVAC/mechanicals — No visible systems, likely outdated

Value-add opportunities

• Both Roof replacement — Critical to prevent water damage and improve overall appearance
• Both Exterior wall repair and painting — Improves curb appeal and structural integrity
• Both Flooring replacement — Enhances living space and adds value
• Both Interior wall repair and painting — Enhances living space and adds value
• Both HVAC system replacement — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear	Major	$15,000–50,000
exterior walls · Significant wear and tear	Major	$15,000–50,000
flooring · Appears to be in poor condition	Major	$15,000–50,000
interior walls/paint · Paint appears chipped and peeling	Major	$15,000–50,000
HVAC/mechanicals · No visible systems, likely outdated	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Roof replacement — Critical to prevent water damage and improve overall appearance ↑
• Both Exterior wall repair and painting — Improves curb appeal and structural integrity ↑
• Both Flooring replacement — Enhances living space and adds value ↑
• Both Interior wall repair and painting — Enhances living space and adds value ↑
• Both HVAC system replacement — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-39.3% since first listed

7 events — show timeline

• 2026-05-01 Relisted — Smart MLS
• 2026-02-27 Contingent — Smart MLS
• 2026-02-24 Price Changed $935,000 Smart MLS
• 2025-12-15 Price Changed $945,000 Smart MLS
• 2025-11-17 Price Changed $1,200,000 Smart MLS
• 2025-10-06 Listed $1,540,000 Smart MLS
• 2025-10-03 Coming Soon $1,540,000 Smart MLS