51 Old Springfield Rd #123

Stafford Springs, CT 06076

$60,000B+

1 bd · 1.0 ba · 450 sqft · Built 1988 · Condo · Under Contract · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,222/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$117
• Vac / Maint / Mgmt: −$257
• Net cashflow: $434/mo
• Annual: $5,207/yr
• Cap rate: 14.97%
• Cash-on-cash: 31.00%
• DSCR: 2.38
• 1% rule: 2.04%
• Cash to close: $16,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 50 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#114 in CT) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: amenities F, commute F, health & safety F.
• Stafford School District (town): math 33% / reading 48% proficiency, ranked #99 of 153 in CT (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $60k implies a 58% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.0% vs local median 2.8% in Stafford Springs — 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

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: Appliances — Outdated and worn
• Major: Bathroom fixtures — Signs of wear
• Major: Exterior siding — Significant wear and discoloration
• Major: Flooring — Worn and uneven
• Major: Paint — Chipped and faded in some areas
• Major: Windows — Signs of wear