33 Ridge Cir

Storrs, CT 06268

$102,500D

2 bd · 1.0 ba · 924 sqft · Built 1978 · Manufactured · Under Contract · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,477/mo
• Mortgage (P&I): −$538
• Tax + insurance: −$144
• HOA: −$551
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-66/mo
• Annual: $-794/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.77%
• DSCR: 0.88
• 1% rule: 1.44%
• Cash to close: $28,700

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $102k.
• At list price, monthly cash flow is $-66 ($-794/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (11.4% below list).
• Meets the 1% rule at list price ($1k rent vs $102k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $91k (11.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $709 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#8 in CT, #1,066 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment F, housing F.
• Mansfield School District (rural): math 59% / reading 70% proficiency, ranked #36 of 153 in CT (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mansfield Elementary At Vinton (math 62% / reading 57%, grade B-, #159 of 553 statewide, top 31%, 271 students, 24% FRL); Mansfield Middle School (math 57% / reading 71%, grade B+, #32 of 175 statewide, top 18%, 463 students, 29% FRL); E. O. Smith High School (math 51% / reading 70%, grade C+, #44 of 194 statewide, top 22%, 1,073 students, 24% FRL).
• Watch-outs: HOA is 37% of rent.
• Market conditions: 37 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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).
• Current owner paid $46k; list at $102k implies a 123% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 46% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1978 — 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?
• 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.
• 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.