914 High Path Rd #914

Windsor Locks, CT 06095

$199,999D

2 bd · 1.5 ba · 972 sqft · Built 1972 · Condo · Under Contract · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,008/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$472
• Vac / Maint / Mgmt: −$422
• Net cashflow: $-268/mo
• Annual: $-3,215/yr
• Cap rate: 4.69%
• Cash-on-cash: -5.74%
• DSCR: 0.74
• 1% rule: 1.00%
• Cash to close: $56,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $-268 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (19.4% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $161k (19.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#65 in CT, #4,599 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Windsor School District (suburban): math 29% / reading 41% proficiency, ranked #107 of 153 in CT (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oliver Ellsworth School (431 students, 41% FRL); Sage Park Middle School (math 29% / reading 40%, grade F, #124 of 175 statewide, top 72%, 698 students, 44% FRL); Windsor High School (math 26% / reading 55%, grade F, #104 of 194 statewide, top 54%, 1,100 students, 39% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: 103 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 3 sale attempts since 24y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $200k implies a 177% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 3.9% in Windsor Locks — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.