325 Kelly Rd Lot O9

Vernon, CT 06066

$69,000B-

2 bd · 2.0 ba · 924 sqft · Built 1984 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,838/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$97
• HOA: −$460
• Vac / Maint / Mgmt: −$386
• Net cashflow: $533/mo
• Annual: $6,395/yr
• Cap rate: 15.56%
• Cash-on-cash: 33.10%
• DSCR: 2.47
• 1% rule: 2.66%
• Cash to close: $19,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $69k.
• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• It's been on market 28 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Vernon School District (suburban): math 34% / reading 48% proficiency, ranked #97 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Skinner Road School (math 32% / reading 47%, grade F, #298 of 553 statewide, top 56%, 321 students, 52% FRL); Rockville High School (math 22% / reading 52%, grade F, #112 of 194 statewide, top 60%, 932 students, 48% FRL).
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents rising fast (+4.7%/yr); 81 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Current owner paid $20k; list at $69k implies a 245% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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.