170 Smith Rd

Woodstock, CT 06281

$350,000C+

3 bd · 3.0 ba · 1,754 sqft · Built 1973 · MultiFamily · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,104/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$518
• HOA: −$0
• Vac / Maint / Mgmt: −$862
• Net cashflow: $889/mo
• Annual: $10,671/yr
• Cap rate: 9.34%
• Cash-on-cash: 10.89%
• DSCR: 1.48
• 1% rule: 1.17%
• Cash to close: $98,000

Investor read

• This is a 3-bed/3.0-bath multifamily listed at $350k.
• At list price, monthly cash flow is $889 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Woodstock School District (rural): math 32% / reading 55% proficiency, ranked #89 of 153 in CT (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Woodstock Elementary School (math 42% / reading 52%, grade D-, #256 of 553 statewide, top 48%, 427 students, 21% FRL).
• Market conditions: 57 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 46% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1973 — 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.
• 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.