185-187 Main St

Plainfield, CT 06354

$329,900B-

6 bd · 2.0 ba · 3,211 sqft · Built 1900 · MultiFamily · Coming Soon · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,516/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$550
• HOA: −$0
• Vac / Maint / Mgmt: −$738
• Net cashflow: $498/mo
• Annual: $5,973/yr
• Cap rate: 8.10%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $92,372

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $330k. Condition is rated average.
• At list price, monthly cash flow is $498 ($6k/yr) — positive. Per door: $249/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $33k of equity ($2k loan paydown + $30k appreciation (9.2% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Plainfield School District (town): math 24% / reading 41% proficiency, ranked #117 of 153 in CT (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• At projected returns (9.2% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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 1900 — 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.

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and faded appearance.
• Moderate: Paint — Chipped and faded in some areas.
• Moderate: Landscaping — Overgrown and needs trimming.