181 Snake Meadow Rd

Moosup, CT 06354

$299,000D+

3 bd · 2.5 ba · 2,050 sqft · Built 1695 · SingleFamily · Under Contract · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,909/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$455
• HOA: −$0
• Vac / Maint / Mgmt: −$401
• Net cashflow: $-515/mo
• Annual: $-6,176/yr
• Cap rate: 4.45%
• Cash-on-cash: -6.58%
• DSCR: 0.71
• 1% rule: 0.64%
• Cash to close: $83,720

Investor read

• This is a 3-bed/2.5-bath single-family listed at $299k.
• At list price, monthly cash flow is $-515 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (30.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (36.2% below list).
• It's been on market 102 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $191k (36.2% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($2k loan paydown + $27k appreciation (9.2% local appreciation)).
• Location reads 67/100 on livability (#113 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: employment D+, amenities F, commute F.
• Plainfield School District (town): math 24% / reading 41% proficiency, ranked #117 of 153 in CT (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Moosup Elementary School (math 32% / reading 47%, grade F, #298 of 553 statewide, top 56%, 291 students, 57% FRL); Plainfield Central School (math 25% / reading 44%, grade F, #124 of 175 statewide, top 72%, 445 students, 57% FRL); Plainfield High School (math 17% / reading 42%, grade F, #139 of 194 statewide, top 74%, 535 students, 49% FRL) — zoned schools average 54% FRL vs 37% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $56/mo; built in 1695 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• 9 sale attempts since 23y ago; this cycle's ask has dropped $86k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $299k implies a 371% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; major wind risk, 56% 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?
• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Built in 1695 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.