1032 N Main #3

Killingly, CT 06241

$31,500B

2 bd · 1.0 ba · 800 sqft · Built 1970 · Manufactured · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$165
• Tax + insurance: −$52
• HOA: −$600
• Vac / Maint / Mgmt: −$273
• Net cashflow: $209/mo
• Annual: $2,512/yr
• Cap rate: 14.27%
• Cash-on-cash: 28.48%
• DSCR: 2.27
• 1% rule: 4.13%
• Cash to close: $8,820

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $32k. Condition is rated poor.
• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• It's been on market 64 days — a 6% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $218 of loan paydown is wiped out by about $945 of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Killingly School District (rural): math 21% / reading 44% proficiency, ranked #119 of 153 in CT (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 46% of rent.
• Market conditions: 33 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — 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?
• 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.
• 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: Exposed subfloor — Needs complete replacement
• Major: Debris — Needs removal
• Major: Missing cabinets — Needs replacement
• Major: Missing fixtures — Needs replacement