10 Pineview Dr Unit C

East Haven, CT 06405

$249,990D

2 bd · 1.0 ba · 906 sqft · Built 1983 · Condo · Under Contract · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,374/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$304
• HOA: −$378
• Vac / Maint / Mgmt: −$499
• Net cashflow: $-118/mo
• Annual: $-1,414/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.02%
• DSCR: 0.91
• 1% rule: 0.95%
• Cash to close: $69,997

Investor read

• This is a 2-bed/1.0-bath condo listed at $250k.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (5.0% below list).
• It's been on market 38 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (8.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#99 in CT) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, health & safety B+; Watch: schools D, amenities F, commute F.
• Branford School District (suburban): math 41% / reading 52% proficiency, ranked #85 of 153 in CT (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.6%/yr); 114 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• 7 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.
• Cap rate 5.7% vs local median 3.8% in East Haven — 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?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.