31 Suffield St

Windsor Locks, CT 06096

$329,900B

3 bd · 2.0 ba · 1,734 sqft · Built 1880 · MultiFamily · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,342/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$592
• HOA: −$0
• Vac / Maint / Mgmt: −$912
• Net cashflow: $1,108/mo
• Annual: $13,298/yr
• Cap rate: 10.32%
• Cash-on-cash: 14.40%
• DSCR: 1.64
• 1% rule: 1.32%
• Cash to close: $92,372

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $330k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#65 in CT, #4,599 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Windsor Locks School District (suburban): math 34% / reading 45% proficiency, ranked #102 of 153 in CT (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Street School (397 students, 42% FRL); Windsor Locks High School (math 27% / reading 62%, grade F, #94 of 194 statewide, top 49%, 415 students, 39% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 17y 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 $116k; list at $330k implies a 184% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% vs local median 4.1% in Windsor Locks — 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.
• At $4,342/mo this rent would consume 64% of the median local household income ($81k/yr) (locally 472% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1880 — 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.
• 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.