55 Windmill Spgs #55

Salmon Brook, CT 06035

$309,900D-

2 bd · 2.5 ba · 1,410 sqft · Built 1984 · Condo · Coming Soon · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,915/mo
• Mortgage (P&I): −$1,625
• Tax + insurance: −$516
• HOA: −$325
• Vac / Maint / Mgmt: −$612
• Net cashflow: $-164/mo
• Annual: $-1,968/yr
• Cap rate: 5.66%
• Cash-on-cash: -2.27%
• DSCR: 0.90
• 1% rule: 0.94%
• Cash to close: $86,772

Investor read

• This is a 2-bed/2.5-bath condo listed at $310k. Condition is rated fair.
• At list price, monthly cash flow is $-164 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $286k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (5.9% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $286k (7.7% 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 $9k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#121 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: cost of living D, amenities F, commute F.
• Granby School District (suburban): math 45% / reading 64% proficiency, ranked #57 of 153 in CT (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Kelly Lane Primary School (393 students, 16% FRL); Granby Memorial Middle School (math 35% / reading 63%, grade C-, #81 of 175 statewide, top 47%, 400 students, 14% FRL); Granby Memorial High School (math 62% / reading 77%, grade B, #18 of 194 statewide, top 10%, 553 students, 15% FRL).
• Market conditions: 41 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); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Cap rate 5.7% vs local median 3.4% in Salmon Brook — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Roof — Significant damage and potential structural issues are visible in the Mapillary image.
• Moderate: Exterior siding — The siding appears to be in fair condition but shows signs of wear and tear.
• Minor: Landscaping — There are some patches of dead grass and overgrown areas that could be improved with maintenance.