73 Evansville Ave · Meriden, CT 06451

$299,900

5 bd · 2.0 ba · 1,258 sqft · MultiFamily public records · 5 Days on market

Built 1900 0.26 ac lot

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

* * * MULTIPLE OFFERS. .. .SELLER ASKING FOR HIGHEST AND BEST BY MONDAY, JUNE 15TH AT 5:00 PM. Welcome to a rare opportunity to own a well-maintained two-family home situated on a desirable corner lot in the heart of South Meriden. Whether you're seeking an investment property, multi-generational living arrangement, or an owner-occupied home with rental income potential, this versatile property offers exceptional value. The first-floor unit features an updated kitchen and full bathroom, two bedrooms, a living room, and dining room. Enjoy additional living space with an enclosed porch, as well as a charming front porch-perfect for relaxing and enjoying warm summer days and evenings. The se

Key facts

• 0.26 acre lot
• Built 1900
• Listed 5 days

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Fuel tank located in basement
• Home design: Multi-family (2-family) property
• Construction: Frame construction; Aluminum siding; Asphalt shingle roof; Concrete foundation; Built as two-unit building
• Exterior features: Porch; Gutters; Corner lot; Level lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Oil-fired heat; Electric domestic hot water
• Interior features: 8 total rooms; Full basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $644/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 11.4% 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; 2 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $4,159/mo this rent would consume 70% of the median local household income ($71k/yr) (locally 973% 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 $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $84k; list at $300k implies a 257% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,900

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. 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: 1.39% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.40%
• DSCR: 1.82
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 10.1%
• Equity multiple: 1.40×
• Total profit: $33,413
• Equity at exit: $44,716

10-year hold

• IRR: 19.2%
• Equity multiple: 2.60×
• Total profit: $134,744
• Equity at exit: $25,930

Cash invested: $83,972 (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 06451

• Home prices YoY: -14.2%
• Active inventory: 70
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $4,159 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$301 /mo · $3,607/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$873
• Net cashflow: $1,287

Break-even live

Break-even rent $2,529

Max offer price $299,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,457	-5% $1,372	+0% $1,287	+5% $1,202	+10% $1,118
Rent	-10% $959	-5% $1,123	+0% $1,287	+5% $1,452	+10% $1,616
Rate	-1.0pp $1,438	-0.5pp $1,364	base $1,287	+0.5pp $1,210	+1.0pp $1,131

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,158
Total (2 units)			$4,159

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Hillside St Meriden, CT	4.0	1.0	1175	$2,000	$1.70	19d	1	0.50mi
31 Winthrop St Meriden, CT	4.0	2.0	1550	$2,400	$1.55	4d	1	1.40mi

Listing history 8 events

1. 2026-06-16
   statusdays on market $299,900 Under Contract 5 DOM
2. 2026-06-15
   days on market $299,900 Active 4 DOM
3. 2026-06-14
   statusdays on market $299,900 Active 2 DOM
4. 2026-06-10
   days on market $299,900 Coming Soon 5 DOM
5. 2026-06-09
   days on market $299,900 Coming Soon 4 DOM
6. 2026-06-08
   days on market $299,900 Coming Soon 3 DOM
7. 2026-06-07
   remarks 699-char remark
8. 2026-06-07
   listed $299,900 Coming Soon 2 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: $3,607 · $301/mo
• Projected year-2 tax: $5,012 · $418/mo
• Expected delta: +$1,405/yr (+$117/mo · 39.0%)

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

Taxation est. · year 1

• Rental income: $49,908
• − Mortgage interest: −$16,799
• − Property taxes: −$3,607
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,993
• − Management: −$3,993
• − Depreciation: −$8,724
• Taxable income: $11,293
• Est. tax owed @ 24.0%: −$2,710
• After-tax cash flow: $12,738/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

+257.0% since first listed

2 events — show timeline

• 2026-06-05 Coming Soon $299,900 Smart MLS
• 2001-12-19 Sold (Public Records) $84,000 Public Records

Property tax history

-1.3%/yr

Latest (2023): $3,607 · +5.5% YoY. Source: county tax records.