827 Oronoke Rd Unit 9-2 · Waterbury, CT 06708

$189,000

2 bd · 1.5 ba · 1,200 sqft · Condo public records · 26 Days on market

Built 1986 $158/sqft · 15% below area Est $222k · 15% under $300/mo HOA · 16% of rent

---

Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +14.3/15.0
• Cash flow +6.7/30.0
• 1% rule +5.1/10.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready two-bedrooms apartment on highly seek area. Close to all amenities, but still private. Completely renovated from top to bottom, well taken care unit. Hot water heater and central air units are new, installed on 2019. All stainless steel appliances, well kept. Large master bedroom comfortably supports king bed, features skylight, large windows and walk in closet. Spacious second bedroom features large closet. Large laundry room and partially finished basement. There is a trail on the back of the complex that leads to public park. Country golf club within 5 minutes. This is a must see!!!

Key facts

• Private deck
• Walk-in closet
• Unfinished basement

Tags

• PRIVATE DECK
• WOODED GROUNDS
• VAULTED CEILINGS
• SKYLIGHT
• WALK-IN CLOSET
• UNFINISHED BASEMENT

Property features AI

Finance

• Other: Pets allowed — check HOA rules
• HOA & community: Homeowners association with monthly fee; HOA fee includes grounds maintenance, trash pickup, snow removal, and road maintenance; Monthly HOA fee of $300

Exterior

• Parking: Assigned parking; 1 parking space
• Utilities: Public water connected; Public sewer connected; Electric service
• Home design: Condominium; Condo/Co-op for sale
• Construction: Concrete construction
• Exterior features: Vinyl siding; Part of the Oronoke Woods complex

Interior

• Kitchen: Refrigerator; Oven/Range; Microwave; Dishwasher; Garbage disposal
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric hot air heating; Central air conditioning
• Interior features: Central air conditioning; Full unfinished basement; Attic with hatch access; 2 levels in unit; Total of 4 rooms
• Laundry & utility: Washer and dryer; Laundry located on lower level; 50-gallon electric hot water tank

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $189k.

Deal economics

• At list price, monthly cash flow is $-303 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (28.3% below list).
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $136k (28.3% below list) — sets the bar for cash-flow.
• Cap rate 4.4% vs local median 3.6% in Waterbury — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.8%/yr); 121 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $21k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $114k; list at $189k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $135,511 (28.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 4.37%
• Cash-on-cash: -6.87%
• DSCR: 0.69
• GRM: 8.3

CMA / ARV

• ARV (median comp): $222,482
• List price: $189,000
• Delta: -15.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.25×
• Total profit: $-39,495
• Equity at exit: $28,181

10-year hold

• IRR: -2.6%
• Equity multiple: 0.77×
• Total profit: $-11,982
• Equity at exit: $16,341

Cash invested: $52,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06708

• Rents YoY: 9.8%
• Active inventory: 121
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,907 high
• Mortgage (P&I): −$991
• Tax from tax record: −$439 /mo · $5,273/yr
• Insurance: −$79
• HOA: −$300
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $-303

Break-even live

Break-even rent $2,290

Max offer price $135,511

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
925 Oronoke Rd Unit 30L Waterbury, CT	2.0	1.5	1042	$1,995	$1.91	11d	1	0.12mi
925 Oronoke Rd Unit 12C Waterbury, CT	2.0	1.5	1330	$2,200	$1.65	43d	1	0.12mi
174 Lucille St Unit 2 Waterbury, CT	2.0	1.0	875	$1,600	$1.83	43d	1	0.41mi
1585 Highland Ave Waterbury, CT	2.0	1.5	1050	$1,875	$1.79	43d	1	0.54mi
222 Bradley Ave Waterbury, CT	2.0	1.0–1.5	594	$1,625	$2.74	2d	3	0.71mi
173 Bradley Ave Waterbury, CT	2.0	1.0	900	$1,850	$2.06	3d	1	0.75mi
14 Elmview Cir Unit 3 Waterbury, CT	2.0	1.0	900	$1,450	$1.61	23d	1	0.77mi
1101 Highland Ave Waterbury, CT	2.0	1.5	1380	$1,800	$1.30	23d	1	0.79mi
1101 Highland Ave Waterbury, CT	2.0	1.5	1180	$1,800	$1.53	43d	1	0.79mi
219 Nichols Dr Waterbury, CT	2.0	1.5	1060	$1,550	$1.46	3d	1	0.81mi
44 Taft St Unit 9 Waterbury, CT	2.0	1.5	1200	$2,100	$1.75	43d	1	1.06mi
91 Taft St Unit 11 Waterbury, CT	2.0	1.5	1320	$2,600	$1.97	43d	1	1.06mi
95 Hawthorne Ave Unit 2 Waterbury, CT	3.0	1.0	1300	$1,800	$1.38	23d	1	1.11mi
111 Mallane Ln Unit 14D Naugatuck, CT	2.0	1.5	1152	$2,400	$2.08	19d	1	1.13mi
124 Geddes Ter Unit Left Waterbury, CT	3.0	1.5	1255	$2,300	$1.83	43d	1	1.15mi
124 Geddes Ter Waterbury, CT	3.0	2.0	1255	$2,300	$1.83	43d	1	1.16mi
67 Avon Ave Unit 2 Waterbury, CT	2.0	1.0	887	$1,700	$1.92	23d	1	1.18mi
654 Highland Ave Unit 2 Waterbury, CT	2.0	1.0	1000	$1,400	$1.40	44d	1	1.22mi
270 Spring St Naugatuck, CT	1.0–2.0	1.0	915	$2,220	$2.43	11d	8	1.29mi
270 Spring St Naugatuck, CT	1.0–2.0	1.0	915	$2,259	$2.47	2d	11	1.29mi
222 Chipman Street Ext Waterbury, CT	1.0	1.0	700	$1,400	$2.00	43d	1	1.31mi
468 Congress Ave Unit third floor Waterbury, CT	3.0	1.0	1250	$1,500	$1.20	23d	1	1.32mi
124 Charles St Unit 2 Waterbury, CT	2.0	1.0	1012	$1,800	$1.78	43d	1	1.50mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $189,000 Active 26 DOM
2. 2026-06-17
   days on market $189,000 Active 25 DOM
3. 2026-06-16
   days on market $189,000 Active 24 DOM
4. 2026-06-15
   price $189,000 Active 23 DOM
5. 2026-06-15
   days on market $199,000 Active 23 DOM
6. 2026-06-14
   days on market $199,000 Active 21 DOM
7. 2026-06-13
   days on market $199,000 Active 20 DOM
8. 2026-06-10
   days on market $199,000 Active 18 DOM
9. 2026-06-09
   days on market $199,000 Active 17 DOM
10. 2026-06-09
    pricestatus $199,000 Active 16 DOM
11. 2026-05-15
    status Under Contract 788-char remark
12. 2026-04-28
    listed $209,900 Active 788-char remark
13. 2020-10-09
    soldstatus $114,000 Closed 606-char remark

    Show marketing remark (606 chars)

    Move in ready two-bedrooms apartment on highly seek area. Close to all amenities, but still private. Completely renovated from top to bottom, well taken care unit. Hot water heater and central air units are new, installed on 2019. All stainless steel appliances, well kept. Large master bedroom comfortably supports king bed, features skylight, large windows and walk in closet. Spacious second bedroom features large closet. Large laundry room and partially finished basement. There is a trail on the back of the complex that leads to public park. Country golf club within 5 minutes. This is a must see!!!

14. 2020-08-24
    price $114,000 606-char remark

    Show marketing remark (606 chars)

    Move in ready two-bedrooms apartment on highly seek area. Close to all amenities, but still private. Completely renovated from top to bottom, well taken care unit. Hot water heater and central air units are new, installed on 2019. All stainless steel appliances, well kept. Large master bedroom comfortably supports king bed, features skylight, large windows and walk in closet. Spacious second bedroom features large closet. Large laundry room and partially finished basement. There is a trail on the back of the complex that leads to public park. Country golf club within 5 minutes. This is a must see!!!

15. 2020-08-24
    status Active 606-char remark

    Show marketing remark (606 chars)

    Move in ready two-bedrooms apartment on highly seek area. Close to all amenities, but still private. Completely renovated from top to bottom, well taken care unit. Hot water heater and central air units are new, installed on 2019. All stainless steel appliances, well kept. Large master bedroom comfortably supports king bed, features skylight, large windows and walk in closet. Spacious second bedroom features large closet. Large laundry room and partially finished basement. There is a trail on the back of the complex that leads to public park. Country golf club within 5 minutes. This is a must see!!!

16. 2020-08-06
    listed $109,900 Active 606-char remark

    Show marketing remark (606 chars)

    Move in ready two-bedrooms apartment on highly seek area. Close to all amenities, but still private. Completely renovated from top to bottom, well taken care unit. Hot water heater and central air units are new, installed on 2019. All stainless steel appliances, well kept. Large master bedroom comfortably supports king bed, features skylight, large windows and walk in closet. Spacious second bedroom features large closet. Large laundry room and partially finished basement. There is a trail on the back of the complex that leads to public park. Country golf club within 5 minutes. This is a must see!!!

17. 2013-03-25
    soldstatus $60,000

    Show marketing remark (184 chars)

    Oronoke woods condo- lowest priced unit in complex with new flooring & paint. Being sold as is. Per condo assoc- needs to be owner occupant for 1 year. Property has gone to auction

18. 2012-08-22
    listed $69,900

    Show marketing remark (184 chars)

    Oronoke woods condo- lowest priced unit in complex with new flooring & paint. Being sold as is. Per condo assoc- needs to be owner occupant for 1 year. Property has gone to auction

19. 2011-06-08
    historical
20. 2010-12-10
    listed $99,900
21. 2009-03-30
    historical
22. 2008-09-22
    listed $125,000
23. 2001-06-01
    soldstatus $75,000
24. 2000-11-16
    listed $79,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $5,273 · $439/mo
• Projected year-2 tax: $5,273 · $439/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $22,884
• − Mortgage interest: −$10,587
• − Property taxes: −$5,273
• − Insurance: −$945
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − HOA: −$3,600
• − Depreciation: −$5,498
• Taxable loss: −$6,681
• Est. tax savings @ 24.0%: +$1,603
• After-tax cash flow: $-2,030/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime D Employment D Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 29,594
• Household income: $67,364
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 1276.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 33% Black 17% Two or more races 13% Asian 2%
• Hispanic origin (detail): Puerto Rican 17% Dominican 8%
• Common ancestry: Romanian 2% Russian 2% Estonian 2%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 23% Other Indo-European 8% French/Haitian/Cajun 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -297.81%
• Current HPI: 281.1446
• Rent YoY: ▲ 9.75%
• Metro: New Haven-Milford, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+136.5% since first listed

17 events — show timeline

• 2026-06-15 Price Changed $189,000 Smart MLS
• 2026-06-08 Price Changed $199,000 Smart MLS
• 2026-06-08 Relisted — Smart MLS
• 2026-05-15 Pending — Smart MLS
• 2026-04-28 Listed $209,900 Smart MLS
• 2020-10-09 Sold (MLS) $114,000 Smart MLS
• 2020-08-24 Price Changed $114,000 Smart MLS
• 2020-08-24 Relisted — Smart MLS
• 2020-08-06 Listed $109,900 Smart MLS
• 2013-03-25 Sold (MLS) $60,000 Smart MLS
• 2012-08-22 Listed $69,900 Smart MLS
• 2011-06-08 Listing Removed — Smart MLS
• 2010-12-10 Listed $99,900 Smart MLS
• 2009-03-30 Listing Removed — Smart MLS
• 2008-09-22 Listed $125,000 Smart MLS
• 2001-06-01 Sold (MLS) $75,000 Smart MLS
• 2000-11-16 Listed $79,900 Smart MLS

Property tax history

+3.6%/yr

Latest (2023): $5,273 · +75.4% YoY. Source: county tax records.