329 Bronson Rd

Southport, CT 06890

$675,000C+

4 bd · 3.0 ba · 1,984 sqft · Built 1946 · MultiFamily · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,183/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,208
• HOA: −$0
• Vac / Maint / Mgmt: −$1,508
• Net cashflow: $927/mo
• Annual: $11,128/yr
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• 1% rule: 1.06%
• Cash to close: $189,000

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $675k.
• At list price, monthly cash flow is $927 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $675k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#22 in CT, #1,590 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, amenities F, cost of living F.
• Fairfield School District (suburban): math 61% / reading 72% proficiency, ranked #21 of 153 in CT (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Mill Hill School (math 67% / reading 77%, grade A-, #62 of 553 statewide, top 13%, 404 students, 10% FRL); Fairfield Ludlowe High School (math 69% / reading 85%, grade A-, #9 of 194 statewide, top 4%, 1,498 students, 15% FRL).
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 4 sale attempts; this cycle's ask has dropped $70k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.