27 Park Ave

Thompsonville, CT 06082

$365,000D

4 bd · 2.0 ba · 1,720 sqft · Built 1906 · MultiFamily · Under Contract · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,273/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$576
• HOA: −$0
• Vac / Maint / Mgmt: −$687
• Net cashflow: $96/mo
• Annual: $1,150/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.13%
• DSCR: 1.05
• 1% rule: 0.90%
• Cash to close: $102,200

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $365k.
• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (10.3% below list).
• It's been on market 45 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $327k (10.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#103 in CT) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime B+; Watch: amenities F, commute F, employment D-.
• Enfield School District (suburban): math 25% / reading 41% proficiency, ranked #114 of 153 in CT (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Henry Barnard School (365 students, 46% FRL); John F. Kennedy Middle School (math 22% / reading 39%, grade F, #138 of 175 statewide, top 79%, 1,096 students, 46% FRL); Enfield High School (math 29% / reading 54%, grade F, #102 of 194 statewide, top 53%, 1,490 students, 40% FRL) — zoned schools average 44% FRL vs 29% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 188 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 5.2% in Thompsonville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 43% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.