26 Long Dr

Willimantic, CT 06256

$64,900B

2 bd · 1.0 ba · 624 sqft · Built 1972 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,681/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$48
• HOA: −$595
• Vac / Maint / Mgmt: −$353
• Net cashflow: $345/mo
• Annual: $4,142/yr
• Cap rate: 12.68%
• Cash-on-cash: 22.79%
• DSCR: 2.01
• 1% rule: 2.59%
• Cash to close: $18,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $65k.
• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $355 of equity ($449 loan paydown + $-94 appreciation (-0.1% local appreciation)).
• Location reads 85/100 on livability (#3 in CT, #487 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment F.
• 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.
• Zoned schools: Charles H. Barrows Stem Academy (math 35% / reading 44%, grade F, #298 of 553 statewide, top 56%, 553 students, 51% FRL); Windham Middle School (math 8% / reading 18%, grade F, #167 of 175 statewide, top 96%, 574 students, 78% FRL); Windham High School (math 12% / reading 27%, grade F, #170 of 194 statewide, top 88%, 662 students, 76% FRL) — zoned schools at 68% FRL track the district average.
• Watch-outs: HOA is 35% of rent.
• Market conditions: 20 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 4 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 $16k; list at $65k implies a 319% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 12.7% vs local median 4.6% in Willimantic — 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

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.