28 Circle Dr

Windham, CT 06256

$165,500B-

3 bd · 2.0 ba · 1,152 sqft · Built 2001 · Manufactured · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,945/mo
• Mortgage (P&I): −$868
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$408
• Net cashflow: $502/mo
• Annual: $6,027/yr
• Cap rate: 9.93%
• Cash-on-cash: 13.01%
• DSCR: 1.58
• 1% rule: 1.18%
• Cash to close: $46,340

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $166k.
• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• It's been on market 48 days — a 3% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (3.0% below list) — sets the bar for market timing.
• In year one you build about $904 of equity ($1k loan paydown + $-240 appreciation (-0.1% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Windham School District (town): math 15% / reading 25% proficiency, ranked #143 of 153 in CT (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 18 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 4 sale attempts 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.
• At projected returns (-0.1% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.

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.
• 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.