274 Church St Unit 3D

Guilford, CT 06437

$250,000D

2 bd · 1.5 ba · 1,180 sqft · Built 1973 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,585/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$398
• HOA: −$622
• Vac / Maint / Mgmt: −$543
• Net cashflow: $-289/mo
• Annual: $-3,468/yr
• Cap rate: 4.91%
• Cash-on-cash: -4.95%
• DSCR: 0.78
• 1% rule: 1.03%
• Cash to close: $70,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $250k.
• At list price, monthly cash flow is $-289 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (20.4% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $199k (20.4% 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Guilford School District (suburban): math 64% / reading 75% proficiency, ranked #19 of 153 in CT (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: A. W. Cox School (math 67% / reading 72%, grade A-, #78 of 553 statewide, top 17%, 262 students, 13% FRL); Guilford High School (math 60% / reading 84%, grade B+, #14 of 194 statewide, top 8%, 1,048 students, 11% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: 114 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• 4 sale attempts since 7y 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 $212k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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?
• Built in 1973 — 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?
• 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.