18 Kimberly Cir

North Haven, CT 06473

$379,900D

3 bd · 2.0 ba · 1,294 sqft · Built 1962 · SingleFamily · Under Contract · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,800/mo
• Mortgage (P&I): −$1,992
• Tax + insurance: −$562
• HOA: −$0
• Vac / Maint / Mgmt: −$588
• Net cashflow: $-343/mo
• Annual: $-4,111/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.87%
• DSCR: 0.83
• 1% rule: 0.74%
• Cash to close: $106,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $380k.
• At list price, monthly cash flow is $-343 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $319k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (26.3% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $280k (26.3% 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 $11k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#39 in CT, #2,723 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living D-.
• North Haven School District (suburban): math 49% / reading 64% proficiency, ranked #55 of 153 in CT (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: North Haven Middle School (math 45% / reading 68%, grade B, #59 of 175 statewide, top 34%, 724 students, 22% FRL); North Haven High School (math 41% / reading 64%, grade C-, #79 of 194 statewide, top 40%, 921 students, 25% FRL) — zoned schools average 24% FRL vs 8% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 78 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• Cap rate 5.2% vs local median 4.2% in North Haven — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• Built in 1962 — 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.