809 Norman St

Bridgeport, CT 06605

$349,000D+

5 bd · 1.5 ba · 1,924 sqft · Built 1897 · SingleFamily · Under Contract · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,259/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$631
• HOA: −$0
• Vac / Maint / Mgmt: −$684
• Net cashflow: $113/mo
• Annual: $1,356/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.39%
• DSCR: 1.06
• 1% rule: 0.93%
• Cash to close: $97,720

Investor read

• This is a 5-bed/1.5-bath single-family listed at $349k.
• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $326k (6.6% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $326k (6.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: James J. Curiale School (math 3% / reading 11%, grade F, #538 of 553 statewide, top 97%, 523 students, 94% FRL); Bassick High School (math 2% / reading 8%, grade F, #192 of 194 statewide, top 100%, 1,009 students, 87% FRL).
• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 47 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 7 sale attempts since 32y 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 $159k; list at $349k implies a 119% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 41% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 5.0% in Bridgeport — 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.
• At $3,259/mo this rent would consume 70% of the median local household income ($56k/yr) (locally 2367% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1897 — 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 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?
• 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.
• 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.