102 Wykeham Rd

New Preston, CT 06793

$1,195,000F

4 bd · 2.5 ba · 2,113 sqft · Built 1964 · SingleFamily · Under Contract · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,142/mo
• Mortgage (P&I): −$6,267
• Tax + insurance: −$815
• HOA: −$0
• Vac / Maint / Mgmt: −$1,080
• Net cashflow: $-3,020/mo
• Annual: $-36,239/yr
• Cap rate: 3.26%
• Cash-on-cash: -10.83%
• DSCR: 0.52
• 1% rule: 0.43%
• Cash to close: $334,600

Investor read

• This is a 4-bed/2.5-bath single-family listed at $1.20M.
• At list price, monthly cash flow is $-3k ($-36k/yr) — negative.
• To cash-flow at today's rent, offer at most $662k (44.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $514k (57.0% below list).
• It's been on market 94 days — a 9% lower offer ($1.09M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $514k (57.0% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($8k loan paydown + $10k appreciation (0.9% local appreciation)).
• Location reads 69/100 on livability (#105 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Regional School District 12 (rural): math 64% / reading 77% proficiency, ranked #20 of 153 in CT (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Washington Primary School (math 64% / reading 84%, grade A, #44 of 553 statewide, top 10%, 162 students, 25% FRL); Shepaug Valley School (math 61% / reading 76%, grade B, #23 of 194 statewide, top 12%, 494 students, 21% FRL) — zoned schools average 23% FRL vs 8% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 10 active listings in the ZIP; 154 units permitted in Northwest Hills Planning Region in 2024 (6 in 5+ unit buildings).
• 3 sale attempts since 2y ago; this cycle's ask has dropped $80k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $582k; list at $1.20M implies a 105% gain — meaningful room to come down on a strong offer.
• By year 4, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.