443 E Mitchell Ave #443

Cheshire Village, CT 06410

$134,900B-

1 bd · 1.0 ba · 853 sqft · Built 1986 · Condo · Under Contract · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,989/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$280
• HOA: −$492
• Vac / Maint / Mgmt: −$418
• Net cashflow: $91/mo
• Annual: $1,096/yr
• Cap rate: 7.60%
• Cash-on-cash: 4.67%
• DSCR: 1.21
• 1% rule: 1.47%
• Cash to close: $37,772

Investor read

• This is a 1-bed/1.0-bath condo listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $91 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 55 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#29 in CT, #2,087 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living D-.
• Cheshire School District (suburban): math 64% / reading 76% proficiency, ranked #15 of 153 in CT (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $56/mo; HOA is 25% of rent.
• Market conditions: 111 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 8→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 2.3% in Cheshire Village — 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.
• This rent is only 16% of the median local income ($145k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed concrete foundation — Structural issue requiring repair
• Major: Uneven and cracked concrete walkway — Safety hazard and aesthetic issue