98 Rising Trail Dr #98 · Middletown, CT 06457

$239,900

4 bd · 1.5 ba · 1,232 sqft · Condo public records · 12 Days on market

Built 1976 $450/mo HOA · 15% 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 +20.7/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 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

Listing remarks MLS

NEED 4 BEDROOMS ON A BUDGET? This condo has plenty of space for everyone! There are 4 levels here...the finished walkout basement with rec room, the main level with the kitchen, dining room, living room and half bath, the 3rd level with the primary bedroom (with balcony & 2 closets,) laundry in hallway, another bedroom & RENOVATED full bathroom, and the 4th level with 2 bedrooms. Eave storage and ample closet space. Brand new hot water heater. The complex features an inviting inground pool & clubhouse that can be rented for parties/events! Across the street is the Mattabesset trail to go for a scenic walk after a long day. FANTASTIC LOCATION near the Cromwell line with easy highway access, shopping, restaurants, groceries, hiking, biking, etc! Subject to seller finding suitable housing, which they have a home in mind. Complex is a Planned Unit Development, so FHA, VA, CHFA, Conv, etc. are welcome!

Key facts

• $450 HOA
• Garage
• Pool

Property features AI

Finance

• Other: Professionally managed off-site; Pets allowed (check HOA restrictions)
• HOA & community: Homeowners association with monthly fee; HOA fee includes clubhouse, grounds maintenance, trash pickup, snow removal, property management, pool service, and road maintenance

Exterior

• Parking: Carport; One garage/carport space
• Utilities: Public water connected; Public sewer connected; Electric service
• Home design: Condominium (townhouse model); Multi-unit community with 176 units; End unit
• Construction: Frame construction
• Exterior features: Vinyl siding; In-ground swimming pool; Community amenities include clubhouse and pool; Nearby: golf course, health club, medical facilities, park, shopping/mall

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher
• Bedrooms: Four bedrooms
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Electric baseboard heat; Domestic hot water
• Interior features: Eight total rooms; Full, fully finished walk-out basement; One fireplace; End unit
• Laundry & utility: Washer and dryer located on the 2nd level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 7.9% 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• At $3,000/mo this rent would consume 45% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y ago; this cycle's ask is 45% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $180k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,900

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 7.92%
• Cash-on-cash: 5.81%
• DSCR: 1.26
• GRM: 6.7

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: -11.0%
• Equity multiple: 0.61×
• Total profit: $-26,057
• Equity at exit: $35,770

10-year hold

• IRR: -7.3%
• Equity multiple: 0.60×
• Total profit: $-26,578
• Equity at exit: $20,742

Cash invested: $67,172 (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: 6.7×

Monthly cashflow live

• Estimated rent: $3,000 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$237 /mo · $2,844/yr
• Insurance: −$100
• HOA: −$450
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $325

Break-even live

Break-even rent $2,589

Max offer price $239,900

Occupancy floor 84%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Town Colony Dr Middletown, CT	1.0–3.0	1.0–2.0	1135	$2,964	$2.61	1d	15	0.36mi
100 Town Rdg Middletown, CT	1.0–3.0	1.0–2.0	1017	$2,878	$2.83	1d	16	0.40mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $239,900 Active 12 DOM
2. 2026-06-17
   days on market $239,900 Active 11 DOM
3. 2026-06-16
   days on market $239,900 Active 10 DOM
4. 2026-06-15
   days on market $239,900 Active 9 DOM
5. 2026-06-13
   days on market $239,900 Active 7 DOM
6. 2026-06-13
   days on market $239,900 Active 6 DOM
7. 2026-06-10
   days on market $239,900 Active 4 DOM
8. 2026-06-09
   days on market $239,900 Active 3 DOM
9. 2026-06-08
   days on market $239,900 Active 2 DOM
10. 2026-06-07
    status $239,900 Active 1 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $239,900 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: $2,844 · $237/mo
• Projected year-2 tax: $3,989 · $332/mo
• Expected delta: +$1,145/yr (+$95/mo · 40.3%)

ⓘ 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 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,000
• − Mortgage interest: −$13,438
• − Property taxes: −$2,844
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,880
• − Management: −$2,880
• − HOA: −$5,400
• − Depreciation: −$6,979
• Taxable income: $380
• Est. tax owed @ 24.0%: −$91
• After-tax cash flow: $3,809/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

+100.8% since first listed

15 events — show timeline

• 2026-06-02 Coming Soon $239,900 Smart MLS
• 2022-10-11 Sold (Public Records) $180,000 Public Records
• 2022-10-07 Sold (MLS) $180,000 Smart MLS
• 2022-08-25 Pending — Smart MLS
• 2022-08-13 Contingent — Smart MLS
• 2022-08-06 Listed $165,000 Smart MLS
• 2022-08-02 Coming Soon $165,000 Smart MLS
• 2018-06-05 Sold (Public Records) $104,000 Public Records
• 2018-06-04 Sold (MLS) $104,000 Smart MLS
• 2018-05-31 Listing Removed — Smart MLS
• 2018-05-23 Pending — Smart MLS
• 2018-03-23 Contingent — Smart MLS
• 2018-03-02 Listed $112,000 Smart MLS
• 2002-04-26 Sold (Public Records) $87,000 Public Records
• 1988-01-05 Sold (Public Records) $119,500 Public Records

Property tax history

-1.3%/yr

Latest (2022): $2,844 · +0.2% YoY. Source: county tax records.