Clark Ave #28

Bristol, CT 06010

$199,900D

2 bd · 1.5 ba · 968 sqft · Built 1989 · Condo · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,868/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$268
• Vac / Maint / Mgmt: −$392
• Net cashflow: $-173/mo
• Annual: $-2,082/yr
• Cap rate: 5.25%
• Cash-on-cash: -3.72%
• DSCR: 0.83
• 1% rule: 0.93%
• Cash to close: $55,972

Investor read

• This is a 2-bed/1.5-bath condo listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $-173 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (6.5% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $175k (12.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#21 in CT, #1,585 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: commute F.
• Bristol School District (suburban): math 28% / reading 44% proficiency, ranked #109 of 153 in CT (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Bristol School (math 19% / reading 32%, grade F, #418 of 553 statewide, top 76%, 819 students, 65% FRL); Bristol Central High School (math 25% / reading 55%, grade F, #106 of 194 statewide, top 54%, 1,246 students, 52% FRL) — zoned schools average 58% FRL vs 37% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 224 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• Cap rate 5.3% vs local median 3.3% in Bristol — 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.

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?
• 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.
• 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.