1564 Glasgo Rd Lot 203

Griswold, CT 06351

$134,000C+

3 bd · 1.0 ba · 1,137 sqft · Built 1965 · Manufactured · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,913/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$79
• HOA: −$500
• Vac / Maint / Mgmt: −$402
• Net cashflow: $230/mo
• Annual: $2,758/yr
• Cap rate: 8.35%
• Cash-on-cash: 7.35%
• DSCR: 1.33
• 1% rule: 1.43%
• Cash to close: $37,520

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $134k.
• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 82 days — a 6% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — 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.
• Watch-outs: HOA is 26% 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).
• 5 sale attempts since 8y 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 $58k; list at $134k implies a 131% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 66% 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 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.