280 Capen St

Hartford, CT 06112

$60,000B+

2 bd · 1.0 ba · 850 sqft · Built 1968 · Condo · Under Contract · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,369/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$166
• HOA: −$920
• Vac / Maint / Mgmt: −$498
• Net cashflow: $470/mo
• Annual: $5,646/yr
• Cap rate: 17.03%
• Cash-on-cash: 38.35%
• DSCR: 2.71
• 1% rule: 3.95%
• Cash to close: $16,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($415 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wish Museum School (math 8% / reading 8%, grade F, #529 of 553 statewide, top 97%, 291 students, 90% FRL).
• Watch-outs: flood insurance adds $66/mo; HOA is 39% of rent.
• Market conditions: 47 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; 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.
• At $2,369/mo this rent would consume 64% of the median local household income ($44k/yr) (locally 1466% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen clutter — Cleaning and organizing the kitchen will improve its appearance and functionality.
• Minor: Bathroom clutter — Cleaning and organizing the bathroom will improve its appearance and functionality.
• Minor: Exterior cleaning — Cleaning the exterior will remove snow and debris, improving curb appeal.