213 Mamanasco Rd

Mamanasco Lake, CT 06877

$405,000D

1 bd · 1.5 ba · 746 sqft · Built 1945 · SingleFamily · Active · 281 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,609/mo
• Mortgage (P&I): −$2,124
• Tax + insurance: −$246
• HOA: −$0
• Vac / Maint / Mgmt: −$548
• Net cashflow: $-309/mo
• Annual: $-3,705/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.27%
• DSCR: 0.85
• 1% rule: 0.64%
• Cash to close: $113,400

Investor read

• This is a 1-bed/1.5-bath single-family listed at $405k.
• At list price, monthly cash flow is $-309 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $350k (13.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (35.6% below list).
• It's been on market 281 days — a 12% lower offer ($356k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (35.6% 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 $12k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ridgefield School District (suburban): math 69% / reading 79% proficiency, ranked #6 of 153 in CT (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Barlow Mountain Elementary School (math 67% / reading 82%, grade A, #44 of 553 statewide, top 10%, 371 students, 7% FRL); Scotts Ridge Middle School (math 60% / reading 72%, grade A-, #25 of 175 statewide, top 14%, 525 students, 5% FRL); Ridgefield High School (math 66% / reading 91%, grade A-, #7 of 194 statewide, top 3%, 1,474 students, 7% FRL) — zoned schools at 6% FRL track the district average.
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 143 active listings in the ZIP; high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 5 sale attempts since 4y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• This rent is only 17% of the median local income ($179k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• It's been on market 281 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.