11 Georgetown Dr Unit E

Hazardville, CT 06082

$189,900D

2 bd · 2.0 ba · 1,040 sqft · Built 1969 · Condo · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,038/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$286
• HOA: −$266
• Vac / Maint / Mgmt: −$428
• Net cashflow: $62/mo
• Annual: $749/yr
• Cap rate: 6.69%
• Cash-on-cash: 1.41%
• DSCR: 1.06
• 1% rule: 1.07%
• Cash to close: $53,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $190k.
• At list price, monthly cash flow is $62 ($749/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 72/100 on livability (#82 in CT) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Enfield School District (suburban): math 25% / reading 41% proficiency, ranked #114 of 153 in CT (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eli Whitney School (math 28% / reading 39%, grade F, #353 of 553 statewide, top 64%, 339 students, 48% FRL); John F. Kennedy Middle School (math 22% / reading 39%, grade F, #138 of 175 statewide, top 79%, 1,096 students, 46% FRL); Enfield High School (math 29% / reading 54%, grade F, #102 of 194 statewide, top 53%, 1,490 students, 40% FRL) — zoned schools average 45% FRL vs 29% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.9%/yr); 188 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Current owner paid $40k; list at $190k implies a 376% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.3% in Hazardville — 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

• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.