100 Bolivia St

Windham, CT 06226

$275,000C-

2 bd · 2.0 ba · 2,210 sqft · Built 1860 · MultiFamily · Under Contract · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,055/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$501
• HOA: −$0
• Vac / Maint / Mgmt: −$642
• Net cashflow: $470/mo
• Annual: $5,646/yr
• Cap rate: 8.35%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• 1% rule: 1.11%
• Cash to close: $77,000

Investor read

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $470 ($6k/yr) — positive. Per door: $235/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 6 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 $8k of value loss. Plan a longer hold.
• Location reads: area grade C — 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.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 3 sale attempts since 17y 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 $130k; list at $275k implies a 112% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• At $3,055/mo this rent would consume 78% of the median local household income ($47k/yr) (locally 1122% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1860 — 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.