148 Main St

Baltic, CT 06330

$209,900B+

5 bd · 2.0 ba · 2,376 sqft · Built 1856 · MultiFamily · Under Contract · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,526/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$903
• HOA: −$0
• Vac / Maint / Mgmt: −$740
• Net cashflow: $781/mo
• Annual: $9,377/yr
• Cap rate: 13.39%
• Cash-on-cash: 25.36%
• DSCR: 2.13
• 1% rule: 1.68%
• Cash to close: $58,772

Investor read

• This is a 1×2.0bd/1.0ba + 1×3.0bd/1.0ba units multifamily listed at $210k.
• At list price, monthly cash flow is $781 ($9k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• It's been on market 44 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• 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 69/100 on livability (#104 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: schools F, amenities F, commute F.
• Sprague School District (suburban): math 25% / reading 40% proficiency, ranked #170 of 192 in CT (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $460/mo; built in 1856 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 3 sale attempts since 8y 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 $32k; list at $210k implies a 546% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 1856 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.