33-35 Granfield Ave

Bridgeport, CT 06610

$535,000C+

4 bd · 4.0 ba · 1,848 sqft · Built 1887 · MultiFamily · Under Contract · 205 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,109/mo
• Mortgage (P&I): −$2,806
• Tax + insurance: −$729
• HOA: −$0
• Vac / Maint / Mgmt: −$1,703
• Net cashflow: $2,872/mo
• Annual: $34,460/yr
• Cap rate: 12.73%
• Cash-on-cash: 23.00%
• DSCR: 2.02
• 1% rule: 1.52%
• Cash to close: $149,800

Investor read

• This is a 5 × 1-bed/1.0-bath units multifamily listed at $535k.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $574/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $535k).
• It's been on market 205 days — a 12% lower offer ($471k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $471k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 68 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $150k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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.
• Cap rate 12.7% vs local median 4.8% 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.
• At $8,109/mo this rent would consume 188% of the median local household income ($52k/yr) (locally 1368% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.