9 Church St · Manchester, CT 06040

$560,000

8 bd · 4.0 ba · 4,032 sqft · MultiFamily public records · 3 Days on market

Built 1900 7,840 sqft lot Est $560k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

It's hard to find a 4 family that's been recently renovated inside and out and offering separate utilities, a new roof in 2003, new siding, windows and all furnaces in 2006. Kitchens and baths are newer too. 2 Bedroom 1 bath units. All units have hook-ups in basement for washer/dryer. Currently $3400 in rental income per month. Tenant on month to month lease can be vacated or brought up to current market rents for monthly income of approximately $3700. That means approximately $2100 per month of gross profit with 20% down and 4.25% interest rate. It's a no brainer!!!!

Key facts

• Ample natural light
• Separate utilities
• Gas heat

Tags

• SPACIOUS UNITS
• AMPLE NATURAL LIGHT
• BASEMENT STORAGE UNITS
• WASHER DRYER HOOKUPS
• SEPARATE UTILITIES
• GAS HEAT

Property features AI

Finance

• Financial info: Assessed value listed

Exterior

• Utilities: Public water connected; Public sewer connected; Fuel tank located in basement
• Home design: Multi-family property (4-family)
• Construction: Frame construction; No foundation specified
• Exterior features: Vinyl siding; Level lot

Interior

• Bedrooms: 8 total bedrooms
• Bathrooms: 4 full bathrooms
• Heating & cooling: Hot air heating; Natural gas and other fuel sources for heating; Hot water system (other)
• Interior features: 12 total rooms; Full basement with storage and interior access (full with hatchway); Walk-up attic

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $560k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $491/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $560k).
• Cap rate 10.5% vs local median 3.8% 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.
• Market conditions: Rents rising (+2.0%/yr); 99 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 $7,424/mo this rent would consume 107% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $157k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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 $256k; list at $560k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $560,000

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 1900 — 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. 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.
7. 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.
8. 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: 1.33% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.02%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $560,448
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 Church St	0.00mi	8/4.0	4,032 (0%)	1mo	$560,000	$139	100
203 Center St	0.21mi	8/5.0	4,104 (+2%)	4mo	$710,000	$173	80
39 Chestnut St	0.09mi	8/4.0	3,882 (-4%)	21mo	$550,000	$142	72
15 Foster St	0.36mi	7/4.0 (-1)	3,902 (-3%)	20mo	$465,000	$119	56
28 Lilley St	0.35mi	8/4.0	3,600 (-11%)	15mo	$415,000	$115	54
140 Bissell St	0.52mi	7/3.0 (-1)	3,703 (-8%)	9mo	$435,000	$117	46
106 Birch St	0.47mi	7/7.0 (-1)	3,772 (-6%)	7mo	$565,000	$150	44
25 Lilley St	0.37mi	9/3.0 (+1)	4,581 (+14%)	15mo	$415,000	$91	39
149 Bissell St	0.56mi	8/4.0	3,520 (-13%)	21mo	$580,000	$165	35
86 School St	0.67mi	7/4.0 (-1)	3,437 (-15%)	23mo	$450,000	$131	20

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: 4.5%
• Equity multiple: 1.17×
• Total profit: $26,770
• Equity at exit: $83,498

10-year hold

• IRR: 13.0%
• Equity multiple: 1.98×
• Total profit: $154,192
• Equity at exit: $48,419

Cash invested: $156,800 (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 06040

• Rents YoY: 2.0%
• Active inventory: 99
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $7,424 high
• Mortgage (P&I): −$2,937
• Tax from tax record: −$732 /mo · $8,788/yr
• Insurance: −$233
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,559
• Net cashflow: $1,963

Break-even live

Break-even rent $4,940

Max offer price $560,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,424
Total (4 units)			$7,424

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: $140,000
• Closing costs: $16,800
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-30
   status Under Contract
2. 2026-04-27
   listed $560,000 Active
3. 2015-11-09
   soldstatus $256,000 574-char remark

   Show marketing remark (574 chars)

   It's hard to find a 4 family that's been recently renovated inside and out and offering separate utilities, a new roof in 2003, new siding, windows and all furnaces in 2006. Kitchens and baths are newer too. 2 Bedroom 1 bath units. All units have hook-ups in basement for washer/dryer. Currently $3400 in rental income per month. Tenant on month to month lease can be vacated or brought up to current market rents for monthly income of approximately $3700. That means approximately $2100 per month of gross profit with 20% down and 4.25% interest rate. It's a no brainer!!!!

4. 2015-09-10
   historical 574-char remark

   Show marketing remark (574 chars)

   It's hard to find a 4 family that's been recently renovated inside and out and offering separate utilities, a new roof in 2003, new siding, windows and all furnaces in 2006. Kitchens and baths are newer too. 2 Bedroom 1 bath units. All units have hook-ups in basement for washer/dryer. Currently $3400 in rental income per month. Tenant on month to month lease can be vacated or brought up to current market rents for monthly income of approximately $3700. That means approximately $2100 per month of gross profit with 20% down and 4.25% interest rate. It's a no brainer!!!!

5. 2015-05-14
   listed $254,900 574-char remark

   Show marketing remark (574 chars)

   It's hard to find a 4 family that's been recently renovated inside and out and offering separate utilities, a new roof in 2003, new siding, windows and all furnaces in 2006. Kitchens and baths are newer too. 2 Bedroom 1 bath units. All units have hook-ups in basement for washer/dryer. Currently $3400 in rental income per month. Tenant on month to month lease can be vacated or brought up to current market rents for monthly income of approximately $3700. That means approximately $2100 per month of gross profit with 20% down and 4.25% interest rate. It's a no brainer!!!!

6. 2004-10-15
   soldstatus $258,000
7. 2004-10-14
   soldstatus $258,000 200-char remark

   Show marketing remark (200 chars)

   A money maker! Buy this 4-fam for the price of a 3-family! New 30-yr arch roof2003. Two units have new kitchens! Separate utilities so tenants pay utilities.Plenty of off-st parking. Nice side street.

8. 2004-08-01
   listed $289,900 200-char remark

   Show marketing remark (200 chars)

   A money maker! Buy this 4-fam for the price of a 3-family! New 30-yr arch roof2003. Two units have new kitchens! Separate utilities so tenants pay utilities.Plenty of off-st parking. Nice side street.

9. 2003-03-17
   soldstatus $185,000
10. 2002-12-17
    listed $189,900

ⓘ 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: $8,788 · $732/mo
• Projected year-2 tax: $10,386 · $866/mo
• Expected delta: +$1,598/yr (+$133/mo · 18.2%)

ⓘ 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 ≥95°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: $89,088
• − Mortgage interest: −$31,369
• − Property taxes: −$8,788
• − Insurance: −$2,800
• − Repairs & maintenance: −$7,127
• − Management: −$7,127
• − Depreciation: −$16,291
• Taxable income: $15,586
• Est. tax owed @ 24.0%: −$3,741
• After-tax cash flow: $19,810/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

+194.9% since first listed

10 events — show timeline

• 2026-04-30 Pending — Smart MLS
• 2026-04-27 Listed $560,000 Smart MLS
• 2015-11-09 Sold (MLS) $256,000 Smart MLS
• 2015-09-10 Listing Removed — Smart MLS
• 2015-05-14 Listed $254,900 Smart MLS
• 2004-10-15 Sold (Public Records) $258,000 Public Records
• 2004-10-14 Sold (MLS) $258,000 Smart MLS
• 2004-08-01 Listed $289,900 Smart MLS
• 2003-03-17 Sold (MLS) $185,000 Smart MLS
• 2002-12-17 Listed $189,900 Smart MLS

Property tax history

+3.1%/yr

Latest (2025): $8,788 · +2.9% YoY. Source: county tax records.