5 Fairway Dr · Windham, CT 06256

$118,999

2 bd · 1.0 ba · 1,012 sqft · Manufactured public records · 20 Days on market

Built 1989 $118/sqft · 59% below area $550/mo HOA · 35% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.4/30.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Appreciation +4.9/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

Key facts

• Open floor plan
• Updated to propane
• $550 HOA

Tags

• OPEN FLOOR PLAN
• UPDATED TO PROPANE
• NEAR SHOPPING CENTERS

Property features AI

Finance

• Other: Part of a multi-unit community (50 total units)
• HOA & community: Homeowners association with monthly fee; Monthly HOA fee of $550; HOA includes trash pickup, water, and sewer; Pets allowed (per mobile park rules)

Exterior

• Parking: Off-street unpaved parking; 4 parking spaces
• Utilities: Public water connected; Public sewer connected; Above-ground propane tank
• Home design: Co-op unit (Condo/Co-Op For Sale); Frame construction
• Construction: Frame construction; Vinyl siding
• Exterior features: Vinyl siding; Level lot; On leased land

Interior

• Kitchen: Oven/Range; Range hood; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot air heating; Propane-fired heat; Ceiling fans; Central air
• Interior features: Accessible bathroom with grab bars; Ramps for accessibility; Ceiling fans; Central air conditioning; One fireplace; Main-level laundry; No basement; 6 total rooms; Single-level unit
• Laundry & utility: Washer; Electric dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $119k.

Deal economics

• At list price, monthly cash flow is $-63 ($-753/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (9.3% below list).
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $108k (9.3% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Windham School District (town): math 15% / reading 25% proficiency, ranked #143 of 153 in CT (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: North Windham School (math 12% / reading 12%, grade F, #500 of 553 statewide, top 91%, 421 students, 77% FRL); Windham High School (math 12% / reading 27%, grade F, #170 of 194 statewide, top 88%, 662 students, 76% FRL).
• Market conditions: 18 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $649 of equity ($822 loan paydown + $-173 appreciation (-0.1% local appreciation)).

Negotiation context

• It's been on market 20 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $58k; list at $119k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $107,921 (9.3% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 5.66%
• Cash-on-cash: -2.26%
• DSCR: 0.90
• GRM: 6.4

CMA / ARV

• ARV (median comp): $288,671
• List price: $118,999
• Delta: -58.78%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-0.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.76×
• Total profit: $-7,970
• Equity at exit: $33,693

10-year hold

• IRR: 1.1%
• Equity multiple: 1.12×
• Total profit: $3,897
• Equity at exit: $39,821

Cash invested: $33,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06256

• Home prices YoY: -0.1%
• Active inventory: 18
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,560 high
• Mortgage (P&I): −$624
• Tax from tax record: −$72 /mo · $858/yr
• Insurance: −$50
• HOA: −$550
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-63

Break-even live

Break-even rent $1,639

Max offer price $107,921

Occupancy floor 99%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
82 Boston Post Rd Unit A1 North Windham, CT	1.0	1.0	700	$1,600	$2.29	14d	1	0.57mi
145 Foster Dr Willimantic, CT	2.0	1.0–1.5	687	$1,830	$2.66	1d	1	1.08mi
84 Ash St Willimantic, CT	2.0	1.0	900	$1,600	$1.78	1d	1	1.25mi
49 Brook St Apt 3 Willimantic, CT	2.0	1.0	1200	$1,450	$1.21	14d	1	1.31mi
466 Ash St Willimantic, CT	2.0	1.5	900	$1,300	$1.44	1d	1	1.31mi

HOA detail

• Monthly dues: $550 · $6,600/yr

Listing history 9 events

1. 2026-05-03
   listed $118,999 Active 299-char remark
2. 2024-07-02
   soldstatus $57,500 Closed 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

3. 2024-06-29
   status Under Contract 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

4. 2024-06-10
   historical Under Contract - Continue to Show 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

5. 2024-06-05
   status Active 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

6. 2024-05-24
   historical Under Contract - Continue to Show 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

7. 2024-05-22
   status Active 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

8. 2024-05-22
   historical 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

9. 2024-05-18
   listed $59,999 Active 389-char remark

   Show marketing remark (389 chars)

   This two bedroom, two bath manufactured home is located in Country Club Estates, Windham Connecticut. This 1012 square foot home consist of kitchen, dining room and living room with a wood burning burning fireplace along with the two bedroom and 2 full baths. The bathrooms have been modified to include step in showers. Off street parking for two cars. Seller is looking for a quick sale.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $858 · $72/mo
• Projected year-2 tax: $1,702 · $142/mo
• Expected delta: +$844/yr (+$70/mo · 98.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,720
• − Mortgage interest: −$6,666
• − Property taxes: −$858
• − Insurance: −$595
• − Repairs & maintenance: −$1,498
• − Management: −$1,498
• − HOA: −$6,600
• − Depreciation: −$3,462
• Taxable loss: −$2,456
• Est. tax savings @ 24.0%: +$589
• After-tax cash flow: $-163/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Windham School District
• NCES district ID: 0905190
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $40,956
• Composite: 17.01/100
• National rank: #9128
• State rank: #143 of 153 in CT

Livability — Windham

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Willimantic, CT
• Population (ZIP): 1,796

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 15% Two or more races 4% Black 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 5%
• Common ancestry: Romanian 18% Lithuanian 11% Russian 2%
• Foreign-born: 4% · Canada
• Languages at home: 87% English-only · Spanish 10% German/W. Germanic 2%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.14%
• Current HPI: 269.7593
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+98.3% since first listed

10 events — show timeline

• 2026-05-23 Pending — Smart MLS
• 2026-05-03 Listed $118,999 Smart MLS
• 2024-07-02 Sold (MLS) $57,500 Smart MLS
• 2024-06-29 Pending — Smart MLS
• 2024-06-10 Contingent — Smart MLS
• 2024-06-05 Relisted — Smart MLS
• 2024-05-24 Contingent — Smart MLS
• 2024-05-22 Relisted — Smart MLS
• 2024-05-22 Listing Removed — Smart MLS
• 2024-05-18 Listed $59,999 Smart MLS

Property tax history

-0.4%/yr

Latest (2023): $858 · +2.6% YoY. Source: county tax records.