10 Depot Rd #15

Storrs, CT 06279

$299,900D-

2 bd · 2.5 ba · 1,464 sqft · Built 1988 · Condo · Under Contract · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,850/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$425
• HOA: −$365
• Vac / Maint / Mgmt: −$598
• Net cashflow: $-111/mo
• Annual: $-1,332/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• 1% rule: 0.95%
• Cash to close: $83,972

Investor read

• This is a 2-bed/2.5-bath condo listed at $300k.
• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $285k (5.0% below list).
• It's been on market 84 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $280k (6.5% 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 $9k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#8 in CT, #1,066 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment F, housing F.
• Willington School District (rural): math 36% / reading 53% proficiency, ranked #90 of 153 in CT (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Center School (math 37% / reading 47%, grade F, #285 of 553 statewide, top 53%, 222 students, 45% FRL); Hall Memorial School (math 37% / reading 57%, grade D+, #87 of 175 statewide, top 50%, 176 students, 39% FRL); E. O. Smith High School (math 51% / reading 70%, grade C+, #44 of 194 statewide, top 22%, 1,073 students, 24% FRL) — zoned schools average 36% FRL vs 14% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts 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.
• Cap rate 5.8% vs local median 3.8% in Storrs — 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?
• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?