6 Stevens Pl #6

Newington, CT 06067

$184,900D

2 bd · 2.5 ba · 1,450 sqft · Built 1974 · Condo · Under Contract · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,122/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$461
• Vac / Maint / Mgmt: −$446
• Net cashflow: $-62/mo
• Annual: $-746/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• 1% rule: 1.15%
• Cash to close: $51,772

Investor read

• This is a 2-bed/2.5-bath condo listed at $185k. Condition is rated poor.
• At list price, monthly cash flow is $-62 ($-746/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (4.9% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $176k (4.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#30 in CT, #2,143 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Rocky Hill School District (suburban): math 59% / reading 67% proficiency, ranked #34 of 153 in CT (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: West Hill School (math 82% / reading 72%, grade A, #28 of 553 statewide, top 7%, 399 students, 13% FRL); Rocky Hill High School (math 57% / reading 77%, grade B, #26 of 194 statewide, top 16%, 722 students, 21% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising (+3.4%/yr); 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 27% 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 5.9% vs local median 4.4% in Newington — 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?
• Built in 1974 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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: kitchen cabinets — dated and in poor condition
• Major: bathroom cabinets — dated and in poor condition
• Major: exterior siding — weathered and in poor condition
• Major: deck — damaged and in poor condition
• Major: flooring — damaged and uneven