80 Sheldon Rd Lot 24

Griswold, CT 06351

$48,900B-

2 bd · 1.0 ba · 684 sqft · Built 1979 · Manufactured · Under Contract · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,518/mo
• Mortgage (P&I): −$256
• Tax + insurance: −$48
• HOA: −$625
• Vac / Maint / Mgmt: −$319
• Net cashflow: $270/mo
• Annual: $3,240/yr
• Cap rate: 12.92%
• Cash-on-cash: 23.66%
• DSCR: 2.05
• 1% rule: 3.10%
• Cash to close: $13,692

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $49k.
• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• It's been on market 55 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $338 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Griswold School District (rural): math 29% / reading 42% proficiency, ranked #111 of 153 in CT (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Griswold Elementary School (math 27% / reading 36%, grade F, #376 of 553 statewide, top 68%, 691 students, 52% FRL); Griswold High School (math 32% / reading 47%, grade F, #107 of 194 statewide, top 56%, 533 students, 46% FRL) — zoned schools average 49% FRL vs 31% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 75 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 2 sale attempts since 3y 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 $33k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 77% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.