184 Pauline St

Lordship, CT 06615

$549,500F

2 bd · 1.5 ba · 1,466 sqft · Built 1927 · SingleFamily · Under Contract · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,731/mo
• Mortgage (P&I): −$2,882
• Tax + insurance: −$888
• HOA: −$0
• Vac / Maint / Mgmt: −$574
• Net cashflow: $-1,612/mo
• Annual: $-19,344/yr
• Cap rate: 2.77%
• Cash-on-cash: -12.57%
• DSCR: 0.44
• 1% rule: 0.50%
• Cash to close: $153,860

Investor read

• This is a 2-bed/1.5-bath single-family listed at $550k.
• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (51.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (50.3% below list).
• It's been on market 40 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (51.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Stratford School District (urban): math 22% / reading 38% proficiency, ranked #122 of 153 in CT (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lordship School (math 22% / reading 32%, grade F, #401 of 553 statewide, top 74%, 177 students, 48% FRL); David Wooster Middle School (math 18% / reading 40%, grade F, #143 of 175 statewide, top 83%, 539 students, 51% FRL); Stratford High School (math 19% / reading 46%, grade F, #125 of 194 statewide, top 66%, 1,127 students, 45% FRL) — zoned schools average 48% FRL vs 31% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 76 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 40% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 40 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.