55 Sage Dr #55 · Waterbury, CT 06704

$129,000

3 bd · 1.5 ba · 1,302 sqft · Condo · 3 Days on market

Built 1994 Fair condition $99/sqft · 24% below area Est $169k · 24% under $80/mo HOA · 4% of rent

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Appreciation +1.5/10.0
• Schools +1.5/10.0

Listing remarks MLS

Bank owned. Sold "as is". Limited service listing. No additional information available. See attachment for details and fees to buyer.

Key facts

• $80 HOA
• Garage
• Built 1994

Property features AI

Finance

• Other: Pets allowed with restrictions (see condo documents)
• HOA & community: Monthly HOA fee of $125; HOA maintains grounds, trash pickup, and snow removal; Has homeowners association

Exterior

• Parking: Under-house garage; Paved driveway; Off-street parking; Two total parking spaces; One garage space
• Utilities: Public water connected; Public sewer connected; Natural gas
• Home design: Condominium on leased land; Part of Old Farm Ridge complex; Gray exterior color; End unit
• Construction: Frame construction
• Exterior features: Vinyl siding; Level lot

Interior

• Kitchen: Gas range; Refrigerator; Dishwasher
• Bedrooms: Three bedrooms
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Hot air heat; Natural gas hot water and heating fuel
• Interior features: Six total rooms; Three levels in unit; Full, partially finished, heated basement with walk-out and garage access
• Laundry & utility: Laundry in basement (lower level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $129k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Cap rate 10.9% vs local median 3.6% in Waterbury — 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 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.0%/yr); 100 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $1,854/mo this rent would consume 46% of the median local household income ($49k/yr) (locally 1981% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $50k; list at $129k implies a 158% gain — meaningful room to come down on a strong offer.

Recommended offer $129,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.44% ✓
• Cap rate: 10.88%
• Cash-on-cash: 16.38%
• DSCR: 1.73
• GRM: 5.8

CMA / ARV

• ARV (median comp): $169,146
• List price: $129,000
• Delta: -23.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.56×
• Total profit: $20,383
• Equity at exit: $19,234

10-year hold

• IRR: 25.9%
• Equity multiple: 3.85×
• Total profit: $103,105
• Equity at exit: $11,154

Cash invested: $36,120 (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 06704

• Home prices YoY: -2.0%
• Rents YoY: 8.0%
• Active inventory: 100
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,854 high
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• HOA: −$80
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $493

Break-even live

Break-even rent $1,230

Max offer price $129,000

Occupancy floor 68%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Wakelee Rd #20 Waterbury, CT	3.0	1.5	1053	$2,000	$1.90	43d	1	0.66mi
417 N Walnut St Unit 2 Waterbury, CT	3.0	1.0	950	$1,600	$1.68	14d	1	0.75mi
150 Platt St Waterbury, CT	4.0	1.5	1602	$2,250	$1.40	44d	1	1.06mi
1105 N Main St Unit 3 Waterbury, CT	4.0	1.0	1316	$2,200	$1.67	43d	1	1.07mi
1105 N Main St Unit 1 Waterbury, CT	4.0	1.0	1316	$2,200	$1.67	21d	1	1.07mi
105 Division St Unit 3rd Floor Waterbury, CT	2.0	1.0	900	$1,300	$1.44	14d	1	1.24mi
152 E Farm St #1 Waterbury, CT	2.0	1.0	1182	$1,550	$1.31	43d	1	1.35mi
48 Irion St Apt 3 Waterbury, CT	2.0	1.0	1000	$1,399	$1.40	43d	1	1.39mi
132 Locust St Unit 16 Waterbury, CT	2.0	1.0	950	$1,250	$1.32	23d	1	1.39mi
446 Perkins Ave Unit 8H Waterbury, CT	2.0	1.5	1035	$1,950	$1.88	2d	1	1.40mi
52 Oak St Waterbury, CT	3.0	1.5	1024	$1,800	$1.76	3d	1	1.41mi
76 Oak St Waterbury, CT	2.0	1.0	900	$1,249	$1.39	43d	1	1.44mi
46 Ward St Waterbury, CT	3.0	1.0	1000	$1,900	$1.90	23d	1	1.46mi
5 Hill St Unit B,D Waterbury, CT	3.0	1.0	1100	$1,450	$1.32	14d	1	1.47mi
2 Oakland Ave Waterbury, CT	3.0	1.5	1775	$2,700	$1.52	14d	1	1.49mi

HOA detail condo

• Monthly dues: $80 · $960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-05
   status Under Contract 305-char remark
2. 2026-05-02
   listed $129,000 Active 305-char remark
3. 2014-10-17
   soldstatus $50,001 143-char remark

   Show marketing remark (143 chars)

   Bank owned. Sold "as is". Limited service listing. No additional information available. See attachment for details and fees to buyer.

4. 2014-07-10
   listed $44,500 143-char remark

   Show marketing remark (143 chars)

   Bank owned. Sold "as is". Limited service listing. No additional information available. See attachment for details and fees to buyer.

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

Taxation est. · year 1

• Rental income: $22,248
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$645
• − Repairs & maintenance: −$1,780
• − Management: −$1,780
• − HOA: −$960
• − Depreciation: −$3,753
• Taxable income: $4,170
• Est. tax owed @ 24.0%: −$1,001
• After-tax cash flow: $4,917/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and appeal to buyers. Exterior painting and interior updates will significantly enhance its resale value.

Repairs flagged

• Moderate kitchen cabinets — Worn and dated
• Moderate bathroom tile — Dated and worn
• Moderate flooring — Worn and dated
• Moderate interior paint — Some wear

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Resale Replace kitchen cabinets — Modernizes the space
• Resale Replace bathroom tile — Modernizes the space
• Resale Replace flooring — Modernizes the space
• Resale Paint interior — Enhances the space

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Worn and dated	Moderate	$3,000–15,000
bathroom tile · Dated and worn	Moderate	$3,000–15,000
flooring · Worn and dated	Moderate	$3,000–15,000
interior paint · Some wear	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Resale Replace kitchen cabinets — Modernizes the space ↑
• Resale Replace bathroom tile — Modernizes the space ↑
• Resale Replace flooring — Modernizes the space ↑
• Resale Paint interior — Enhances the space ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 31,713
• Household income: $48,718
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1981.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% Black 28% Two or more races 20% White 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 30% Dominican 8%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 38% Other Indo-European 3% French/Haitian/Cajun 1%

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: ▼ -7.05%
• Current HPI: 340.0917
• Rent YoY: ▲ 8.02%
• Metro: New Haven-Milford, CT
• 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

+189.9% since first listed

4 events — show timeline

• 2026-05-05 Pending — Smart MLS
• 2026-05-02 Listed $129,000 Smart MLS
• 2014-10-17 Sold (MLS) $50,001 Smart MLS
• 2014-07-10 Listed $44,500 Smart MLS