109 Waterman St · Bridgeport, CT 06607

$49,900

1 bd · 1.0 ba · 99,999 sqft · Condo · 40 Days on market

Built 1915 Good condition $420/mo HOA · 25% of rent

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Welcome to this charming newly renovated studio, including finished basement, in the sought-after Gateway Co-op, ideally located in Bridgeport. This inviting unit features a smart layout with plenty of natural light, offering both comfort and convenience. Close to highways, shopping, restaurants, and public transit-perfect for easy, low-maintenance living.

Key facts

• Smart layout
• Close to restaurants
• Natural light

Tags

• FINISHED BASEMENT
• SMART LAYOUT
• NATURAL LIGHT
• CLOSE TO HIGHWAYS
• CLOSE TO SHOPPING
• CLOSE TO RESTAURANTS

Property features AI

Finance

• Other: Part of a 142-unit building; Located in Fairfield County, Connecticut
• HOA & community: Monthly association fee; Association covers trash pickup, snow removal, heat, water, sewer, property management, insurance, and taxes; Community playground / tot lot; Pets allowed (ask association)

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Co-op unit (Condo/Co-Op For Sale)
• Construction: Brick construction
• Exterior features: Brick exterior siding; Level lot

Interior

• Bedrooms: One bedroom
• Bathrooms: One full bathroom
• Heating & cooling: Radiator heat fueled by natural gas; 40-gallon hot water tank
• Interior features: Full, fully finished basement
• Laundry & utility: Laundry in basement / lower level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $50k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $574 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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.

Location & tenants

• 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+, schools 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.
• Market conditions: 33 active listings in the ZIP; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• This rent runs 41% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.40% ✓
• Cap rate: 20.09%
• Cash-on-cash: 49.28%
• DSCR: 3.19
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.2%
• Equity multiple: 5.58×
• Total profit: $64,003
• Equity at exit: $44,954

10-year hold

• IRR: 56.8%
• Equity multiple: 12.47×
• Total profit: $160,306
• Equity at exit: $96,945

Cash invested: $13,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06607

• Home prices YoY: 4.7%
• Active inventory: 33
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,694 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$420
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $574

Break-even live

Break-even rent $968

Max offer price $49,900

Occupancy floor 61%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $420 · $5,040/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $49,900 Active 40 DOM
2. 2026-06-17
   days on market $49,900 Active 39 DOM
3. 2026-06-16
   days on market $49,900 Active 38 DOM
4. 2026-06-15
   days on market $49,900 Active 37 DOM
5. 2026-06-13
   days on market $49,900 Active 35 DOM
6. 2026-06-13
   days on market $49,900 Active 34 DOM
7. 2026-06-10
   days on market $49,900 Active 32 DOM
8. 2026-06-09
   days on market $49,900 Active 31 DOM
9. 2026-06-08
   days on market $49,900 Active 30 DOM
10. 2026-06-07
    days on market $49,900 Active 29 DOM
11. 2026-06-05
    days on market $49,900 Active 26 DOM
12. 2026-06-03
    days on market $49,900 Active 25 DOM
13. 2026-06-03
    days on market $49,900 Active 24 DOM
14. 2026-06-01
    days on market $49,900 Active 23 DOM
15. 2026-05-31
    days on market $49,900 Active 22 DOM
16. 2026-05-08
    listed $49,900 Active 358-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,333
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − HOA: −$5,040
• − Depreciation: −$1,452
• Taxable income: $6,795
• Est. tax owed @ 24.0%: −$1,631
• After-tax cash flow: $5,254/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 17 photos

Good 80/100 Cosmetic rehab

This charming newly renovated studio in Bridgeport is move-in ready with a smart layout and plenty of natural light. It offers both comfort and convenience, making it perfect for easy, low-maintenance living.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value
• Both Landscaping the yard — Improves curb appeal and rental value
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and attracts more buyers
• Resale Upgrading the bathroom fixtures — Modernizes the bathroom and attracts more buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping the yard — Improves curb appeal and rental value ↑
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and attracts more buyers ↑
• Resale Upgrading the bathroom fixtures — Modernizes the bathroom and attracts more buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bridgeport School District
• NCES district ID: 0900450
• Math proficiency: 9% ▼ -7.00%
• Reading proficiency: 19% ▼ -10.00%
• Median HH income: $41,507
• Composite: 12.09/100
• National rank: #9656
• State rank: #151 of 153 in CT

Livability — Bridgeport

• Score: 81/100
• State rank: #15
• US rank: #1374

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime C- Employment D+ Housing A Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bridgeport, CT
• County: Fairfield County · 765,532 people
• City population: 149,153
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 7,979
• Household income: $50,000
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 534.0

Population outlook (Greater Bridgeport County) Hauer SSP2

• By 2040: 365,581

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 57% Black 31% Two or more races 19% Asian 6% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 32% Cuban 4% Dominican 4%
• Common ancestry: Estonian 1% Russian 1%
• Foreign-born: 25% · Canada, Vietnam, Jamaica
• Languages at home: 52% English-only · Spanish 42% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Greater Bridgeport

• 2024 margin: Strong D (+23.3) · D 60.9% · R 37.6% · Other 1.5%
• All cycles: 2024: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.05%
• Current HPI: 584.8108
• Rent YoY: —
• Metro: Bridgeport-Stamford-Norwalk, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

1 event — show timeline

• 2026-05-08 Listed $49,900 Smart MLS