102 Country Club Ct #102

Newington, CT 06067

$250,000D

2 bd · 2.0 ba · 1,185 sqft · Built 1987 · Condo · Under Contract · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,170/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$417
• HOA: −$392
• Vac / Maint / Mgmt: −$456
• Net cashflow: $-406/mo
• Annual: $-4,869/yr
• Cap rate: 4.35%
• Cash-on-cash: -6.96%
• DSCR: 0.69
• 1% rule: 0.87%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $250k.
• At list price, monthly cash flow is $-406 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (23.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (13.2% below list).
• It's been on market 36 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $191k (23.5% 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 79/100 on livability (#30 in CT, #2,143 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Rocky Hill School District (suburban): math 59% / reading 67% proficiency, ranked #34 of 153 in CT (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: West Hill School (math 82% / reading 72%, grade A, #28 of 553 statewide, top 7%, 399 students, 13% FRL); Albert D. Griswold Middle School (math 55% / reading 70%, grade B+, #36 of 175 statewide, top 21%, 633 students, 20% FRL); Rocky Hill High School (math 57% / reading 77%, grade B, #26 of 194 statewide, top 16%, 722 students, 21% FRL).
• Market conditions: Rents rising (+3.4%/yr); 56 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 4 sale attempts since 26y 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 $170k; 47% 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?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 23% 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?
• 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.