10 Chestnut Dr

Westbrook, CT 06498

$184,500C+

2 bd · 1.5 ba · 868 sqft · Built 1981 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,630/mo
• Mortgage (P&I): −$968
• Tax + insurance: −$149
• HOA: −$621
• Vac / Maint / Mgmt: −$552
• Net cashflow: $340/mo
• Annual: $4,085/yr
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• 1% rule: 1.43%
• Cash to close: $51,660

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $184k.
• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $184k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Westbrook School District (suburban): math 51% / reading 69% proficiency, ranked #49 of 153 in CT (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Westbrook High School (math 44% / reading 64%, grade C-, #63 of 194 statewide, top 39%, 202 students, 27% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: 31 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.