231 Patterson St · Torrington, CT 06790

$149,900

4 bd · 1.0 ba · 910 sqft · SingleFamily public records · 6 Days on market

Built 1949 0.27 ac lot $165/sqft · 37% below area Est $237k · 37% 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 +29.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Absolutely Gorgeous home.. This Home features: New Roof, Update Electric, New Kitchen w/ Cabinets, Counter, Appliances, Flooring, New Bathroom, Refinished Hardwood Floors, New Carpet in all the Bedrooms, Brand new Deck on the second Floor. Very Private back yard. Come and See this Beauty!!

Key facts

• 0.27 acre lot
• 2 parking spots
• Built 1949

Property features AI

Exterior

• Parking: Driveway; Two parking spaces
• Utilities: Public water connected; Public sewer connected; Oil fuel tank located in basement
• Home design: Single-family home
• Construction: Frame construction; Stone foundation; Asphalt shingle roof; Vinyl siding; Built with a private driveway
• Exterior features: Lightly wooded, sloping lot; Private driveway

Interior

• Bedrooms: Three bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning; Hot air heating powered by oil; Oil hot water
• Interior features: Six total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.5% vs local median 3.9% in Torrington — 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 (#53 in CT, #3,449 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Torrington School District (town): math 22% / reading 39% proficiency, ranked #125 of 153 in CT (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Torrington High School (math 22% / reading 47%, grade F, #121 of 194 statewide, top 64%, 1,010 students, 57% FRL) — zoned schools average 57% FRL vs 40% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 190 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 154 units permitted in Northwest Hills Planning Region in 2024 (6 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $72k; list at $150k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1949 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.39% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.09%
• DSCR: 1.67
• GRM: 6.0

CMA / ARV

• ARV (median comp): $236,693
• List price: $149,900
• Delta: -36.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39 Alder St	0.07mi	3/1.0 (-1)	952 (+5%)	17mo	$260,000	$273	70
1 Henrietta St	0.39mi	3/1.0 (-1)	917 (+1%)	18mo	$214,900	$234	60
98 Torcon Dr	0.63mi	3/1.0 (-1)	960 (+6%)	0mo	$325,000	$339	56
55 Barton St	0.35mi	3/2.0 (-1)	1,012 (+11%)	1mo	$305,500	$302	55
50 Fowler Ave	0.58mi	3/1.0 (-1)	936 (+3%)	15mo	$290,000	$310	51
150 Torcon Dr	0.61mi	3/1.0 (-1)	912 (+0%)	20mo	$230,000	$252	50
106 Wilmot St	0.38mi	3/1.0 (-1)	1,040 (+14%)	18mo	$260,000	$250	38

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 · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 9.2%
• Equity multiple: 1.37×
• Total profit: $15,653
• Equity at exit: $22,351

10-year hold

• IRR: 20.8%
• Equity multiple: 3.01×
• Total profit: $84,441
• Equity at exit: $12,961

Cash invested: $41,972 (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 06790

• Rents YoY: 5.9%
• Active inventory: 190
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,087 high
• Mortgage (P&I): −$786
• Tax from tax record: −$272 /mo · $3,265/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $528

Break-even live

Break-even rent $1,419

Max offer price $149,900

Occupancy floor 70%

Sensitivity live

Price	-10% $613	-5% $570	+0% $528	+5% $485	+10% $443
Rent	-10% $363	-5% $445	+0% $528	+5% $610	+10% $693
Rate	-1.0pp $603	-0.5pp $566	base $528	+0.5pp $489	+1.0pp $449

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 E Elm St Unit 3 Torrington, CT	3.0	1.0	1000	$1,800	$1.80	44d	1	0.51mi
53 Prospect St Unit 2 Torrington, CT	3.0	1.5	1100	$2,100	$1.91	44d	1	0.70mi
93 E Elm St Unit U2 Torrington, CT	3.0	1.0	1100	$1,550	$1.41	44d	1	0.72mi
5 Winthrop St Torrington, CT	3.0	1.5	1072	$2,350	$2.19	44d	1	0.77mi
54 Forest St Unit 2 Torrington, CT	3.0	1.0	1000	$1,800	$1.80	44d	1	0.80mi
340 Brightwood Ave Unit 2 Torrington, CT	3.0	1.0	1080	$1,900	$1.76	44d	1	0.81mi
148 Edgewood Dr Torrington, CT	3.0	1.0	1000	$2,500	$2.50	24d	1	0.83mi
58 Pulaski St Unit 3 Torrington, CT	3.0	1.0	980	$1,550	$1.58	44d	1	1.03mi

Listing history 6 events

1. 2026-05-17
   status Under Contract 214-char remark
2. 2026-05-11
   listed $149,900 Active 214-char remark
3. 2017-01-27
   soldstatus $72,500 290-char remark

   Show marketing remark (290 chars)

   Absolutely Gorgeous home.. This Home features: New Roof, Update Electric, New Kitchen w/ Cabinets, Counter, Appliances, Flooring, New Bathroom, Refinished Hardwood Floors, New Carpet in all the Bedrooms, Brand new Deck on the second Floor. Very Private back yard. Come and See this Beauty!!

4. 2017-01-10
   historical 290-char remark

   Show marketing remark (290 chars)

   Absolutely Gorgeous home.. This Home features: New Roof, Update Electric, New Kitchen w/ Cabinets, Counter, Appliances, Flooring, New Bathroom, Refinished Hardwood Floors, New Carpet in all the Bedrooms, Brand new Deck on the second Floor. Very Private back yard. Come and See this Beauty!!

5. 2016-07-27
   listed $74,900 290-char remark

   Show marketing remark (290 chars)

   Absolutely Gorgeous home.. This Home features: New Roof, Update Electric, New Kitchen w/ Cabinets, Counter, Appliances, Flooring, New Bathroom, Refinished Hardwood Floors, New Carpet in all the Bedrooms, Brand new Deck on the second Floor. Very Private back yard. Come and See this Beauty!!

6. 1987-10-30
   soldstatus $78,900

ⓘ 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: $3,265 · $272/mo
• Projected year-2 tax: $3,265 · $272/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,040
• − Mortgage interest: −$8,397
• − Property taxes: −$3,265
• − Insurance: −$750
• − Repairs & maintenance: −$2,003
• − Management: −$2,003
• − Depreciation: −$4,361
• Taxable income: $4,261
• Est. tax owed @ 24.0%: −$1,023
• After-tax cash flow: $5,311/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: Torrington School District
• NCES district ID: 0904590
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $53,647
• Composite: 26.9/100
• National rank: #7087
• State rank: #125 of 153 in CT

Livability — Torrington

• Score: 76/100
• State rank: #53
• US rank: #3449

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Torrington, CT
• County: Litchfield County · 81,203 people
• City population: 35,566
• Metro: Torrington, CT
• Population (ZIP): 35,566
• Household income: $70,912
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1401.0

Population outlook (Northwest Hills County) Hauer SSP2

• By 2040: 118,998

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 8% Black 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 8% Lithuanian 5% Slovak 2%
• Foreign-born: 12% · Canada, South Korea, Jamaica
• Languages at home: 86% English-only · Spanish 8% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Northwest Hills

• 2024 margin: Toss-up / Even · D 48.6% · R 49.9% · Other 1.6%
• All cycles: 2024: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.78%
• Current HPI: 208.4818
• Rent YoY: ▲ 5.89%
• Metro: Torrington, 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

+90.0% since first listed

6 events — show timeline

• 2026-05-17 Pending — Smart MLS
• 2026-05-11 Listed $149,900 Smart MLS
• 2017-01-27 Sold (MLS) $72,500 Smart MLS
• 2017-01-10 Listing Removed — Smart MLS
• 2016-07-27 Listed $74,900 Smart MLS
• 1987-10-30 Sold (Public Records) $78,900 Public Records

Property tax history

+0.1%/yr

Latest (2023): $3,265 · +1.7% YoY. Source: county tax records.