111 Songbird Ln #111

Bristol, CT 06032

$275,000D

2 bd · 1.5 ba · 1,020 sqft · Built 1983 · Condo · Under Contract · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,628/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$292
• Vac / Maint / Mgmt: −$552
• Net cashflow: $-117/mo
• Annual: $-1,398/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.82%
• DSCR: 0.92
• 1% rule: 0.96%
• Cash to close: $77,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $275k. Condition is rated fair.
• At list price, monthly cash flow is $-117 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (4.4% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $258k (6.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• Farmington School District (suburban): math 65% / reading 77% proficiency, ranked #18 of 153 in CT (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Noah Wallace School (math 77% / reading 77%, grade A, #28 of 553 statewide, top 7%, 318 students, 21% FRL); West Woods Upper Elementary School (math 64% / reading 77%, grade A, #13 of 175 statewide, top 8%, 641 students, 17% FRL); Farmington High School (math 55% / reading 78%, grade B, #32 of 194 statewide, top 16%, 1,263 students, 16% FRL).
• Market conditions: Rents flat; 67 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Cap rate 5.8% 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 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to have visible signs of wear and potential damage, which would require a major repair or replacement.
• Moderate: exterior siding — The siding shows some discoloration and potential wear, indicating a need for maintenance or replacement.
• Minor: flooring — The carpeted flooring looks worn and could benefit from cleaning or replacement, but the damage is not severe.
• Minor: interior walls — The paint on the interior walls appears faded, which could be addressed with a fresh coat of paint.
• Minor: bathrooms — The bathrooms could benefit from new fixtures and a fresh paint job, which would improve their appearance and functionality.
• Minor: landscaping — The landscaping around the property could be improved with new plants and a fresh mulch layer, which would enhance the curb appeal.