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Mansfield Center, CT 06235

$229,000D+

2 bd · 1.0 ba · 928 sqft · Built 1977 · SingleFamily · Under Contract · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,664/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$336
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-222/mo
• Annual: $-2,669/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.16%
• DSCR: 0.81
• 1% rule: 0.73%
• Cash to close: $64,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $229k.
• At list price, monthly cash flow is $-222 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (17.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (27.3% below list).
• It's been on market 60 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (27.3% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($2k loan paydown + $9k appreciation (3.9% local appreciation)).
• Location reads 76/100 on livability (#54 in CT, #3,465 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D+, amenities F.
• Regional School District 11 (rural): math 40% / reading 65% proficiency, ranked #118 of 192 in CT (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Parish Hill High School (math 47% / reading 62%, grade C-, #63 of 194 statewide, top 39%, 220 students, 38% FRL) — zoned schools average 38% FRL vs 22% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 13 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 50% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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 60 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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.
• Schools are A-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?
• 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.