1950 N Broad St #25

Meriden, CT 06450

$158,900D+

2 bd · 1.0 ba · 864 sqft · Built 2007 · Manufactured · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,914/mo
• Mortgage (P&I): −$833
• Tax + insurance: −$152
• HOA: −$440
• Vac / Maint / Mgmt: −$402
• Net cashflow: $87/mo
• Annual: $1,042/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• 1% rule: 1.20%
• Cash to close: $44,492

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $159k.
• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• It's been on market 58 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#4 in CT, #505 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+.
• Meriden School District (suburban): math 27% / reading 41% proficiency, ranked #116 of 153 in CT (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Nathan Hale School (math 31% / reading 44%, grade F, #317 of 553 statewide, top 57%, 523 students, 74% FRL); Washington Middle School (math 31% / reading 42%, grade F, #118 of 175 statewide, top 68%, 622 students, 81% FRL); Francis T. Maloney High School (math 20% / reading 45%, grade F, #125 of 194 statewide, top 66%, 1,264 students, 71% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising (+1.6%/yr); 102 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• 4 sale attempts since 19y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $49k; list at $159k implies a 224% gain — meaningful room to come down on a strong offer.
• Cap rate 6.9% vs local median 4.0% in Meriden — 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.
• This rent runs 32% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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.
• 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.