119 Freeman Rd

Oxford, CT 06478

$565,000D+

4 bd · 4.0 ba · 1,704 sqft · Built 1977 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,018/mo
• Mortgage (P&I): −$2,963
• Tax + insurance: −$682
• HOA: −$0
• Vac / Maint / Mgmt: −$1,054
• Net cashflow: $319/mo
• Annual: $3,831/yr
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• 1% rule: 0.89%
• Cash to close: $158,200

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $565k.
• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $502k (11.2% below list).
• It's been on market 18 days — a 2% lower offer ($557k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $502k (11.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Oxford School District (rural): math 42% / reading 61% proficiency, ranked #67 of 153 in CT (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Quaker Farms School (405 students, 15% FRL); Oxford Middle School (math 33% / reading 57%, grade D, #92 of 175 statewide, top 52%, 410 students, 15% FRL); Oxford High School (math 47% / reading 67%, grade C, #52 of 194 statewide, top 31%, 527 students, 12% FRL).
• Market conditions: 71 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• 2 sale attempts since 6y 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 $318k; list at $565k 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.

Questions for listing agent

• Built in 1977 — 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.
• 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 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.