166 Gravel St Unit B7 · Meriden, CT 06450

$129,900

1 bd · 1.0 ba · 747 sqft · Condo public records · 5 Days on market

Built 1968 $234/mo HOA · 15% of rent

---

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 +19.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• DSCR +6.1/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Webb Manor 1 bedroom unit on second floor with elevator access. 1 bath plus living room with built in AC unit dining area and full kitchen and loads of closets thru out the unit Turn key unit freshly painted newer berber carpet. Easy to show very motivated seller

Key facts

• $234 HOA
• Parking
• Built 1968

Property features AI

Finance

• Other: 40-unit building
• HOA & community: Monthly HOA fee of $234; HOA covers grounds maintenance, trash pickup, snow removal, sewer and property management; Professional off-site property management; Pets not allowed

Exterior

• Parking: Off-street parking; 1 parking space
• Utilities: Public water; Public sewer; Domestic hot water
• Home design: Condominium; One-level unit; Part of Webb Manor complex
• Construction: Frame construction
• Exterior features: Brick siding; Level lot

Interior

• Kitchen: Oven/Range; Range hood; Refrigerator; Dishwasher
• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (electric); Wall air-conditioning unit
• Interior features: Cable available; Intercom; No basement
• Laundry & utility: First-floor common coin-op laundry; Common laundry area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 7.6% 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.
• Zoned schools: Francis T. Maloney High School (math 20% / reading 45%, grade F, #125 of 194 statewide, top 66%, 1,264 students, 71% FRL).
• Market conditions: Rents rising (+1.6%/yr); 98 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1968 — 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: 1.19% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.65% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-13,725
• Equity at exit: $19,369

10-year hold

• IRR: -3.4%
• Equity multiple: 0.79×
• Total profit: $-7,747
• Equity at exit: $11,231

Cash invested: $36,372 (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 06450

• Rents YoY: 1.6%
• Active inventory: 98
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,541 high
• Mortgage (P&I): −$681
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$54
• HOA: −$234
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $145

Break-even live

Break-even rent $1,357

Max offer price $129,900

Occupancy floor 86%

Sensitivity live

Price	-10% $219	-5% $182	+0% $145	+5% $109	+10% $72
Rent	-10% $24	-5% $85	+0% $145	+5% $206	+10% $267
Rate	-1.0pp $211	-0.5pp $178	base $145	+0.5pp $112	+1.0pp $77

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
390 Bee St Meriden, CT	1.0	1.0	550	$1,600	$2.91	3d	1	0.39mi
1151 E Main St Meriden, CT	1.0	1.0	487	$1,899	$3.90	3d	7	0.71mi
570 Broad St Unit 3C Meriden, CT	1.0	1.0	750	$1,300	$1.73	24d	1	0.90mi
211 Pomeroy Ave Meriden, CT	2.0	1.0–2.0	988	$2,285	$2.31	11d	10	1.04mi
211 Pomeroy Ave Meriden, CT	2.0	1.0–2.0	949	$2,270	$2.39	3d	13	1.04mi
275 Research Pkwy Meriden, CT	1.0	1.0	455	$1,650	$3.63	3d	1	1.10mi
260 Bunker Ave Unit 2 Meriden, CT	1.0	1.0	608	$1,400	$2.30	45d	1	1.11mi
222 E Main St Unit 5 Meriden, CT	1.0	1.0	600	$1,290	$2.15	45d	1	1.13mi
49 Long Meadow Dr Meriden, CT	1.0	3.5	700	$1,600	$2.29	3d	1	1.15mi
261 Broad St Meriden, CT	1.0	1.0	500	$1,000	$2.00	45d	1	1.24mi
1187 N Broad St #1 Meriden, CT	1.0	1.0	488	$1,400	$2.87	45d	1	1.25mi
1187 N Broad St #9 Meriden, CT	2.0	1.0	488	$1,650	$3.38	45d	1	1.25mi
51 Park St Meriden, CT	1.0–3.0	1.0–1.5	800	$1,529	$1.91	3d	6	1.27mi
50 Olive St Unit 1B Meriden, CT	2.0	1.0	600	$1,150	$1.92	15d	1	1.45mi
50 Olive St Meriden, CT	2.0	2.0	600	$1,175	$1.96	15d	1	1.45mi

HOA detail condo

• Monthly dues: $234 · $2,808/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   remarks 263-char remark
2. 2026-06-18
   price $129,900 Active 5 DOM
3. 2026-06-18
   days on market $149,000 Active 5 DOM
4. 2026-06-17
   days on market $149,000 Active 4 DOM
5. 2026-06-16
   days on market $149,000 Active 3 DOM
6. 2026-06-15
   days on market $149,000 Active 2 DOM
7. 2026-06-14
   remarks 241-char remark
8. 2026-06-14
   listed $149,000 Active 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: $1,232 · $103/mo
• Projected year-2 tax: $2,006 · $167/mo
• Expected delta: +$774/yr (+$64/mo · 62.8%)

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

Taxation est. · year 1

• Rental income: $18,492
• − Mortgage interest: −$7,276
• − Property taxes: −$1,232
• − Insurance: −$650
• − Repairs & maintenance: −$1,479
• − Management: −$1,479
• − HOA: −$2,808
• − Depreciation: −$3,779
• Taxable loss: −$212
• Est. tax savings @ 24.0%: +$51
• After-tax cash flow: $1,795/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): 35,694
• Household income: $71,250
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1516.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 51% Hispanic / Latino 36% Two or more races 16% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 23% Dominican 3%
• Common ancestry: Romanian 8% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 70% English-only · Spanish 25% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -154.37%
• Current HPI: 263.7288
• Rent YoY: ▲ 1.65%
• 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

1 event — show timeline

• 2026-06-13 Listed $149,000 Smart MLS

Property tax history

-1.9%/yr

Latest (2023): $1,232 · +5.4% YoY. Source: county tax records.