127 Canaan Ct #24

Stratford, CT 06614

$90,000C

2 bd · 1.0 ba · 514 sqft · Built 1941 · Condo · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,693/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$576
• Vac / Maint / Mgmt: −$355
• Net cashflow: $139/mo
• Annual: $1,669/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• 1% rule: 1.88%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $90k.
• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 130 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#56 in CT, #3,523 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: commute F.
• Stratford School District (urban): math 22% / reading 38% proficiency, ranked #122 of 153 in CT (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nichols School (math 23% / reading 34%, grade F, #396 of 553 statewide, top 72%, 441 students, 54% FRL); David Wooster Middle School (math 18% / reading 40%, grade F, #143 of 175 statewide, top 83%, 539 students, 51% FRL); Stratford High School (math 19% / reading 46%, grade F, #125 of 194 statewide, top 66%, 1,127 students, 45% FRL) — zoned schools average 50% FRL vs 31% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 34% of rent; built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 142 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 7y 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 $23k; list at $90k implies a 291% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1941 — 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?
• 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?
• 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.