8 Redstone St

Bristol, CT 06489

$189,999C+

2 bd · 2.0 ba · 1,423 sqft · Built 1986 · Manufactured · Under Contract · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,832/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$242
• HOA: −$674
• Vac / Maint / Mgmt: −$595
• Net cashflow: $325/mo
• Annual: $3,895/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• 1% rule: 1.49%
• Cash to close: $53,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Only 5 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 81/100 on livability (#21 in CT, #1,585 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: commute F.
• Southington School District (suburban): math 52% / reading 64% proficiency, ranked #51 of 153 in CT (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Thalberg Elementary School (math 52% / reading 56%, grade C, #207 of 553 statewide, top 38%, 431 students, 19% FRL); Joseph A. Depaolo Middle School (math 43% / reading 63%, grade C+, #71 of 175 statewide, top 41%, 694 students, 24% FRL); Southington High School (math 48% / reading 68%, grade C, #50 of 194 statewide, top 25%, 1,945 students, 22% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: 111 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 3 sale attempts since 17y 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 $80k; list at $190k implies a 138% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 3.3% in Bristol — 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

• 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.