428 Heritage Vlg Unit A · Heritage Village, CT 06488

$219,500

2 bd · 2.0 ba · 1,032 sqft · Condo public records · 31 Days on market

Built 1970 $682/mo HOA · 29% of rent

---

Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• 1% rule +5.6/10.0
• Schools +5.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location, location, location! This cluster is smaller and easy to find. Close to town and yet secluded and quiet! Welcome Home to 428a where the new owners will enjoy serenity, gardening and a short flat walk! Only two steps down to this Heritage model. Recent upgrades done by the current owner include new water heater, new dishwasher, new kitchen sink compactor, new washer/dryer, new awning, new thermostat. A window was added in the living room that adds so much light into the space, and the unit was fully painted 2 years ago. End garage is closest to the condo. AC maintained yearly, fireplace has not been used by the current owner. Unit to be sold "AS-IS" inspections would be for informational purposes only.

Key facts

• $682 HOA
• Garage
• Pool

Property features AI

Finance

• HOA & community: Monthly HOA fee; HOA fee covers tennis, security service, grounds maintenance, trash pickup, snow removal, property management, and road maintenance; Community amenities include exercise room/health club, gardening area, guest parking, pool, security services, and tennis courts; Professional on-site property management; Pets allowed (up to 2)

Exterior

• Parking: Detached garage (1); Parking lot and off-street parking available; Total of 6 parking spaces; Unassigned parking
• Utilities: Public water connected; Public sewer connected; Water and sewer billed together quarterly by CT Water
• Home design: Condominium (Heritage model) in Heritage Village; Single-level unit; End unit
• Construction: Frame construction
• Exterior features: Wood siding; Lightly wooded, level lot; Heated in-ground pool

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Split system cooling; Zoned heating; Electric hot water with 30-gallon tank
• Interior features: Cable pre-wired; Open floor plan; One fireplace; No basement
• Laundry & utility: Washer and dryer included; Laundry in hallway on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-283 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (22.8% below list).
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $170k (22.8% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 3.0% in Heritage Village — 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.

Location & tenants

• Location reads 68/100 on livability (#112 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Regional School District 15 (suburban): math 56% / reading 64% proficiency, ranked #46 of 153 in CT (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Pomperaug Regional High School (math 54% / reading 74%, grade B-, #37 of 194 statewide, top 19%, 1,039 students, 14% FRL).
• Market conditions: 156 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $169,560 (22.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 4.75%
• Cash-on-cash: -5.52%
• DSCR: 0.75
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.5%
• Equity multiple: 0.13×
• Total profit: $-53,170
• Equity at exit: $32,728

10-year hold

• IRR: -21.0%
• Equity multiple: -0.10×
• Total profit: $-67,845
• Equity at exit: $18,978

Cash invested: $61,460 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06488

• Active inventory: 156
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,321 high
• Mortgage (P&I): −$1,151
• Tax from tax record: −$192 /mo · $2,305/yr
• Insurance: −$91
• HOA: −$682
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-283

Break-even live

Break-even rent $2,679

Max offer price $169,560

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $54,875
• Closing costs: $6,585
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 Heritage Vlg Unit B Southbury, CT	2.0	2.0	1432	$2,600	$1.82	11d	1	0.19mi
235 Heritage Vlg Unit B Southbury, CT	1.0	1.0	928	$2,100	$2.26	23d	1	0.23mi
593 Heritage Vlg Unit D Southbury, CT	2.0	2.0	1044	$2,300	$2.20	23d	1	0.44mi
576 Village St Unit D Southbury, CT	2.0	2.0	1044	$2,400	$2.30	3d	1	0.48mi
576 Village St Unit D Southbury, CT	2.0	2.0	1044	$2,400	$2.30	23d	1	0.48mi
85 Hicock Dr Unit D Southbury, CT	1.0	1.0	1000	$2,200	$2.20	11d	1	0.67mi
298 Old Waterbury Rd Unit 1 Southbury, CT	2.0	1.0	1014	$2,000	$1.97	3d	1	1.41mi
312 Old Waterbury Rd Apt 207 Southbury, CT	2.0	1.0	970	$2,750	$2.84	23d	1	1.43mi
312 Old Waterbury Rd Unit 312-Apt 102 Southbury, CT	2.0	2.0	1057	$1,805	$1.71	21d	1	1.44mi

HOA detail condo

• Monthly dues: $682 · $8,184/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-03
   historical Under Contract - Continue to Show 1133-char remark
2. 2026-04-25
   listed $219,500 Active 1133-char remark
3. 2021-05-28
   soldstatus $169,000
4. 2021-05-27
   soldstatus $169,000 Closed 729-char remark

   Show marketing remark (729 chars)

   Location, location, location! This cluster is smaller and easy to find. Close to town and yet secluded and quiet! Welcome Home to 428a where the new owners will enjoy serenity, gardening and a short flat walk! Only two steps down to this Heritage model. Recent upgrades done by the current owner include new water heater, new dishwasher, new kitchen sink compactor, new washer/dryer, new awning, new thermostat. A window was added in the living room that adds so much light into the space, and the unit was fully painted 2 years ago. End garage is closest to the condo. AC maintained yearly, fireplace has not been used by the current owner. Unit to be sold "AS-IS" inspections would be for informational purposes only.

5. 2021-05-05
   historical Under Contract - Continue to Show 729-char remark

   Show marketing remark (729 chars)

   Location, location, location! This cluster is smaller and easy to find. Close to town and yet secluded and quiet! Welcome Home to 428a where the new owners will enjoy serenity, gardening and a short flat walk! Only two steps down to this Heritage model. Recent upgrades done by the current owner include new water heater, new dishwasher, new kitchen sink compactor, new washer/dryer, new awning, new thermostat. A window was added in the living room that adds so much light into the space, and the unit was fully painted 2 years ago. End garage is closest to the condo. AC maintained yearly, fireplace has not been used by the current owner. Unit to be sold "AS-IS" inspections would be for informational purposes only.

6. 2021-05-02
   listed $149,000 Active 729-char remark

   Show marketing remark (729 chars)

   Location, location, location! This cluster is smaller and easy to find. Close to town and yet secluded and quiet! Welcome Home to 428a where the new owners will enjoy serenity, gardening and a short flat walk! Only two steps down to this Heritage model. Recent upgrades done by the current owner include new water heater, new dishwasher, new kitchen sink compactor, new washer/dryer, new awning, new thermostat. A window was added in the living room that adds so much light into the space, and the unit was fully painted 2 years ago. End garage is closest to the condo. AC maintained yearly, fireplace has not been used by the current owner. Unit to be sold "AS-IS" inspections would be for informational purposes only.

7. 2018-05-30
   soldstatus $100,000
8. 2005-12-02
   soldstatus $146,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $2,305 · $192/mo
• Projected year-2 tax: $3,501 · $292/mo
• Expected delta: +$1,196/yr (+$100/mo · 51.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $27,857
• − Mortgage interest: −$12,295
• − Property taxes: −$2,305
• − Insurance: −$1,098
• − Repairs & maintenance: −$2,229
• − Management: −$2,229
• − HOA: −$8,184
• − Depreciation: −$6,385
• Taxable loss: −$6,867
• Est. tax savings @ 24.0%: +$1,648
• After-tax cash flow: $-1,744/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Regional School District 15
• NCES district ID: 0903537
• Math proficiency: 56% ▼ -15.00%
• Reading proficiency: 64% ▼ -11.00%
• Median HH income: $84,697
• Composite: 54.36/100
• National rank: #1361
• State rank: #46 of 153 in CT

Livability — Heritage Village

• Score: 68/100
• State rank: #112
• US rank: #9662

Category grades

Amenities F Commute F Cost of living B Crime A+ Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Heritage Village, CT
• City population: 19,973
• Population (ZIP): 19,973

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Asian 3% Black 2%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 5% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 8% · China, Canada, Jamaica
• Languages at home: 89% English-only · Spanish 4% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.35%
• Current HPI: 165.0514
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+53.6% since first listed

10 events — show timeline

• 2026-06-05 Sold (MLS) $225,000 Smart MLS
• 2026-05-27 Pending — Smart MLS
• 2026-05-03 Contingent — Smart MLS
• 2026-04-25 Listed $219,500 Smart MLS
• 2021-05-28 Sold (Public Records) $169,000 Public Records
• 2021-05-27 Sold (MLS) $169,000 Smart MLS
• 2021-05-05 Contingent — Smart MLS
• 2021-05-02 Listed $149,000 Smart MLS
• 2018-05-30 Sold (Public Records) $100,000 Public Records
• 2005-12-02 Sold (Public Records) $146,500 Public Records

Property tax history

+4.3%/yr

Latest (2023): $2,305 · +57.0% YoY. Source: county tax records.