86 Bristol St

Plantsville, CT 06489

$459,900C-

6 bd · 2.0 ba · 2,172 sqft · Built 1900 · MultiFamily · Under Contract · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,422/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$599
• HOA: −$0
• Vac / Maint / Mgmt: −$929
• Net cashflow: $482/mo
• Annual: $5,789/yr
• Cap rate: 7.55%
• Cash-on-cash: 4.50%
• DSCR: 1.20
• 1% rule: 0.96%
• Cash to close: $128,772

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $460k.
• At list price, monthly cash flow is $482 ($6k/yr) — positive. Per door: $241/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $442k (3.8% below list).
• It's been on market 51 days — a 3% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $442k (3.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#46 in CT, #3,164 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: cost of living C-, amenities F, commute F.
• Southington School District (suburban): math 52% / reading 64% proficiency, ranked #51 of 153 in CT (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 active listings in the ZIP; high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 4y 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.
• Current owner paid $258k; list at $460k implies a 78% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 2.7% in Plantsville — 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.
• This rent runs 42% of the median local income ($126k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 4% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.