None

Windsor Locks, CT 06096

$165,000D

2 bd · 1.0 ba · 832 sqft · Built 1941 · Condo · Under Contract · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,886/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$365
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-15/mo
• Annual: $-181/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• 1% rule: 1.14%
• Cash to close: $46,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $165k. Condition is rated good.
• At list price, monthly cash flow is $-15 ($-181/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (1.3% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $163k (1.3% 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 $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#65 in CT, #4,599 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Windsor Locks School District (suburban): math 34% / reading 45% proficiency, ranked #102 of 153 in CT (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Street School (397 students, 42% FRL); Windsor Locks Middle School (math 35% / reading 46%, grade F, #104 of 175 statewide, top 60%, 318 students, 46% FRL); Windsor Locks High School (math 27% / reading 62%, grade F, #94 of 194 statewide, top 49%, 415 students, 39% FRL).
• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Cap rate 6.2% vs local median 3.9% in Windsor Locks — 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?
• Built in 1941 — 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.