29 Salt Island Rd

Westbrook Center, CT 06498

$375,000B+

4 bd · 2.0 ba · 1,665 sqft · Built 1870 · MultiFamily · Active · 289 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,000/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$633
• HOA: −$0
• Vac / Maint / Mgmt: −$1,470
• Net cashflow: $2,930/mo
• Annual: $35,162/yr
• Cap rate: 15.67%
• Cash-on-cash: 33.49%
• DSCR: 2.49
• 1% rule: 1.87%
• Cash to close: $105,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $375k.
• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $375k).
• It's been on market 289 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#69 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment A-; Watch: amenities F, commute F, cost of living F.
• Westbrook School District (suburban): math 51% / reading 69% proficiency, ranked #49 of 153 in CT (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• 5 sale attempts since 26y ago; this cycle's ask has dropped $100k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $375k implies a 168% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/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 289 days. Have you received any prior offers? Is the seller open to a 12% 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 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.