2392 Main St · Coventry Lake, CT 06238

$179,000

1 bd · 1.0 ba · 684 sqft · SingleFamily public records · 3 Days on market

Built 1945 0.34 ac lot Est $260k · 31% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.9/30.0
• Schools +5.8/10.0
• DSCR +4.6/10.0
• 1% rule +3.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great place to call home. Finished attic can be br2.Short walk to great association beach and pristine coventry lake. New furnace, sewer is hooked up.Stockade fence ensures privacy,nice side yard and all just a 2 minute walk to awesome association beach. Finished attic makes for possible second bedroom and is in fact being used as that now.There is a $10,000 sewer benefit assesment on property.

Key facts

• Centrally located
• Lake rights
• Well maintained

Tags

• WELL MAINTAINED
• MOVE IN READY
• CENTRALLY LOCATED
• UNFINISHED UPPER LEVEL
• LAKE RIGHTS
• ASSOCIATION BEACH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $53 ($631/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (11.5% below list).
• Recommended offer: $158k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.4% in Coventry Lake — 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.

Location & tenants

• Location reads 71/100 on livability (#92 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Coventry School District (rural): math 57% / reading 71% proficiency, ranked #30 of 153 in CT (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Coventry Grammar School (375 students, 24% FRL); Capt. Nathan Hale School (math 56% / reading 74%, grade A-, #29 of 175 statewide, top 17%, 389 students, 25% FRL); Coventry Academy (18 students, 0% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $63k; list at $179k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,385 (11.5% below list)

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $259,920
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2392 Main St	0.00mi	1/1.0	684 (0%)	1mo	$210,000	$307	100
71 Standish Rd	0.14mi	1/1.0	684 (0%)	17mo	$510,000	$746	79
2517 Main St	0.22mi	2/1.0 (+1)	720 (+5%)	11mo	$152,000	$211	67
102 Lake Rd	0.42mi	2/1.0 (+1)	630 (-8%)	11mo	$280,000	$444	53
2627 Main St	0.37mi	1/1.0	624 (-9%)	21mo	$237,000	$380	50
390 Sam Green Rd	0.69mi	2/1.0 (+1)	704 (+3%)	16mo	$207,000	$294	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.49×
• Total profit: $-25,659
• Equity at exit: $26,689

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-18,032
• Equity at exit: $15,477

Cash invested: $50,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06238

• Home prices YoY: -31.6%
• Active inventory: 60
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,584 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$185 /mo · $2,225/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $53

Break-even live

Break-even rent $1,517

Max offer price $179,000

Occupancy floor 92%

Sensitivity live

Price	-10% $154	-5% $103	+0% $53	+5% $2	+10% $-49
Rent	-10% $-73	-5% $-10	+0% $53	+5% $115	+10% $178
Rate	-1.0pp $143	-0.5pp $98	base $53	+0.5pp $6	+1.0pp $-41

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-27
   status Under Contract
2. 2026-04-24
   listed $179,000 Active
3. 2013-12-04
   soldstatus $62,900 397-char remark

   Show marketing remark (397 chars)

   Great place to call home. Finished attic can be br2.Short walk to great association beach and pristine coventry lake. New furnace, sewer is hooked up.Stockade fence ensures privacy,nice side yard and all just a 2 minute walk to awesome association beach. Finished attic makes for possible second bedroom and is in fact being used as that now.There is a $10,000 sewer benefit assesment on property.

4. 2012-09-24
   listed $62,900 397-char remark

   Show marketing remark (397 chars)

   Great place to call home. Finished attic can be br2.Short walk to great association beach and pristine coventry lake. New furnace, sewer is hooked up.Stockade fence ensures privacy,nice side yard and all just a 2 minute walk to awesome association beach. Finished attic makes for possible second bedroom and is in fact being used as that now.There is a $10,000 sewer benefit assesment on property.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $2,225 · $185/mo
• Projected year-2 tax: $3,028 · $252/mo
• Expected delta: +$803/yr (+$67/mo · 36.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,006
• − Mortgage interest: −$10,027
• − Property taxes: −$2,225
• − Insurance: −$895
• − Repairs & maintenance: −$1,520
• − Management: −$1,520
• − Depreciation: −$5,207
• Taxable loss: −$2,389
• Est. tax savings @ 24.0%: +$573
• After-tax cash flow: $1,204/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Coventry School District
• NCES district ID: 0900960
• Math proficiency: 57% ▼ -11.00%
• Reading proficiency: 71% ▼ -6.00%
• Median HH income: $88,074
• Composite: 57.98/100
• National rank: #1037
• State rank: #30 of 153 in CT

Livability — Coventry Lake

• Score: 71/100
• State rank: #92
• US rank: #7117

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment A- Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coventry Lake, CT
• City population: 12,267
• Population (ZIP): 12,267

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4% Asian 2%
• Common ancestry: Romanian 9% Lithuanian 7% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.22%
• Current HPI: 258.0578
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+184.6% since first listed

4 events — show timeline

• 2026-04-27 Pending — Smart MLS
• 2026-04-24 Listed $179,000 Smart MLS
• 2013-12-04 Sold (MLS) $62,900 Smart MLS
• 2012-09-24 Listed $62,900 Smart MLS

Property tax history

-0.4%/yr

Latest (2023): $2,225 · +1.9% YoY. Source: county tax records.