341 High St Ext

Thomaston, CT 06787

$800,000D+

6 bd · 6.5 ba · 5,729 sqft · Built 2001 · MultiFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,884/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$1,708
• HOA: −$0
• Vac / Maint / Mgmt: −$1,866
• Net cashflow: $1,115/mo
• Annual: $13,377/yr
• Cap rate: 7.97%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• 1% rule: 1.11%
• Cash to close: $224,000

Investor read

• This is a 6-bed/6.5-bath multifamily listed at $800k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $800k).
• It's been on market 48 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $776k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#127 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, cost of living B+; Watch: amenities F, commute F, employment D-.
• Thomaston School District (suburban): math 31% / reading 48% proficiency, ranked #101 of 153 in CT (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Black Rock School (math 54% / reading 44%, grade D, #237 of 553 statewide, top 45%, 292 students, 37% FRL); Thomaston High School (math 32% / reading 57%, grade F, #94 of 194 statewide, top 49%, 317 students, 33% FRL) — zoned schools average 35% FRL vs 15% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 16 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• 3 sale attempts since 6y 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.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 4.5% in Thomaston — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.