2288 Main St · Coventry Lake, CT 06238

$359,900

3 bd · 2.0 ba · 1,643 sqft · SingleFamily public records · 6 Days on market

Built 1939 0.42 ac lot $219/sqft · 7% below area Est $386k · 7% under

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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 +15.6/30.0
• ARV discount +10.5/15.0
• Schools +5.8/10.0
• DSCR +4.8/10.0
• 1% rule +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the perfect blend of comfort and lifestyle in this 1,643 sq ft, 3-bedroom, 2-bath home offering beautiful lake views and easy walkable access to the water. The spacious layout features a large primary bedroom, providing a relaxing retreat at the end of the day. Step outside to a fully fenced yard-ideal for entertaining, pets, or simply unwinding while taking in the peaceful surroundings. A rare opportunity to enjoy lakeside living with everyday convenience.

Key facts

• 0.42 acre lot
• Built 1939
• Listed 6 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (11.1% below list).
• Recommended offer: $320k (11.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.4% in Coventry Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#92 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Coventry School District (rural): math 57% / reading 71% proficiency, ranked #30 of 153 in CT (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Coventry Grammar School (375 students, 24% FRL); Capt. Nathan Hale School (math 56% / reading 74%, grade A-, #29 of 175 statewide, top 17%, 389 students, 25% FRL); Coventry High School (math 47% / reading 67%, grade C, #52 of 194 statewide, top 31%, 404 students, 21% FRL).
• Market conditions: 60 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 25y 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 $245k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $320,000 (11.1% below list)

Questions for the listing agent

1. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.89% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.84%
• DSCR: 1.08
• GRM: 9.4

CMA / ARV

• ARV (median comp): $385,695
• List price: $359,900
• Delta: -6.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2288 Main St	0.00mi	4/2.0 (+1)	1,643 (0%)	1mo	$375,000	$228	94
26 Dover Trl	0.15mi	3/2.0	1,722 (+5%)	9mo	$385,000	$224	78
28 Arlington Rd	0.29mi	3/2.0	1,552 (-6%)	10mo	$320,000	$206	69
410 Old Tolland Tpke	0.42mi	3/2.0	1,778 (+8%)	11mo	$334,900	$188	58
40 Old Tolland Tpke	0.64mi	3/1.5	1,738 (+6%)	7mo	$450,000	$259	52
1944 Main St	0.60mi	3/2.0	1,684 (+2%)	23mo	$390,000	$232	49
70 Sam Green Rd	0.62mi	3/1.5	1,878 (+14%)	23mo	$350,000	$186	26
1943 Main St	0.63mi	2/1.0 (-1)	1,400 (-15%)	20mo	$275,000	$196	20

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -13.4%
• Equity multiple: 0.52×
• Total profit: $-48,484
• Equity at exit: $53,662

10-year hold

• IRR: -4.5%
• Equity multiple: 0.71×
• Total profit: $-29,614
• Equity at exit: $31,118

Cash invested: $100,772 (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 06238

• Home prices YoY: -31.6%
• Active inventory: 60
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$336 /mo · $4,031/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $155

Break-even live

Break-even rent $3,004

Max offer price $359,900

Occupancy floor 90%

Sensitivity live

Price	-10% $359	-5% $257	+0% $155	+5% $53	+10% $-49
Rent	-10% $-98	-5% $28	+0% $155	+5% $281	+10% $408
Rate	-1.0pp $336	-0.5pp $246	base $155	+0.5pp $62	+1.0pp $-33

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
157 S River Rd Coventry, CT	2.0	1.0	1080	$3,200	$2.96	3d	1	1.43mi

Listing history 30 events

1. 2026-05-05
   status Under Contract 467-char remark

   Show marketing remark (467 chars)

   Enjoy the perfect blend of comfort and lifestyle in this 1,643 sq ft, 3-bedroom, 2-bath home offering beautiful lake views and easy walkable access to the water. The spacious layout features a large primary bedroom, providing a relaxing retreat at the end of the day. Step outside to a fully fenced yard-ideal for entertaining, pets, or simply unwinding while taking in the peaceful surroundings. A rare opportunity to enjoy lakeside living with everyday convenience.

2. 2026-04-30
   listed $359,900 Active 467-char remark

   Show marketing remark (467 chars)

   Enjoy the perfect blend of comfort and lifestyle in this 1,643 sq ft, 3-bedroom, 2-bath home offering beautiful lake views and easy walkable access to the water. The spacious layout features a large primary bedroom, providing a relaxing retreat at the end of the day. Step outside to a fully fenced yard-ideal for entertaining, pets, or simply unwinding while taking in the peaceful surroundings. A rare opportunity to enjoy lakeside living with everyday convenience.

3. 2026-04-16
   historical $359,900 467-char remark

   Show marketing remark (467 chars)

   Enjoy the perfect blend of comfort and lifestyle in this 1,643 sq ft, 3-bedroom, 2-bath home offering beautiful lake views and easy walkable access to the water. The spacious layout features a large primary bedroom, providing a relaxing retreat at the end of the day. Step outside to a fully fenced yard-ideal for entertaining, pets, or simply unwinding while taking in the peaceful surroundings. A rare opportunity to enjoy lakeside living with everyday convenience.

4. 2021-07-19
   soldstatus $245,000
5. 2021-05-26
   soldstatus $245,000
6. 2021-05-25
   soldstatus $245,000 Closed 452-char remark

   Show marketing remark (452 chars)

   Charming country home with lake views and association! Spacious updated kitchen with dining area. Beautiful hardwood floors. Private office, 4 season sunroom with natural wood. First floor laundry. Large master bedroom with ample closets. Two full bathrooms. The exterior offers a nice deck, fenced-in yard, storage shed, and paved driveway. This home sits up from the road, close to the public beach and park. Easy to show, book your appointment soon!

7. 2021-05-02
   historical Under Contract - Continue to Show 452-char remark

   Show marketing remark (452 chars)

   Charming country home with lake views and association! Spacious updated kitchen with dining area. Beautiful hardwood floors. Private office, 4 season sunroom with natural wood. First floor laundry. Large master bedroom with ample closets. Two full bathrooms. The exterior offers a nice deck, fenced-in yard, storage shed, and paved driveway. This home sits up from the road, close to the public beach and park. Easy to show, book your appointment soon!

8. 2021-04-30
   listed $239,900 Active 452-char remark

   Show marketing remark (452 chars)

   Charming country home with lake views and association! Spacious updated kitchen with dining area. Beautiful hardwood floors. Private office, 4 season sunroom with natural wood. First floor laundry. Large master bedroom with ample closets. Two full bathrooms. The exterior offers a nice deck, fenced-in yard, storage shed, and paved driveway. This home sits up from the road, close to the public beach and park. Easy to show, book your appointment soon!

9. 2017-09-28
   soldstatus $195,000
10. 2017-09-26
    soldstatus $195,000
11. 2017-08-31
    historical
12. 2017-06-20
    listed $199,900
13. 2014-09-03
    historical
14. 2014-04-20
    listed $189,900
15. 2012-09-21
    historical
16. 2012-06-21
    listed $219,000
17. 2012-06-17
    historical
18. 2012-01-17
    listed $225,000
19. 2007-06-25
    soldstatus $220,000
20. 2007-06-22
    soldstatus $220,000
21. 2007-03-20
    listed $229,900
22. 2003-11-13
    soldstatus $160,000
23. 2003-11-10
    soldstatus $160,000
24. 2003-11-10
    soldstatus $160,000
25. 2003-09-05
    listed $169,900
26. 2003-09-05
    listed $169,900
27. 2001-06-15
    soldstatus $145,000
28. 2001-06-15
    soldstatus $145,000
29. 2001-02-27
    listed $149,900
30. 1989-04-17
    soldstatus $127,000

ⓘ 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: $4,031 · $336/mo
• Projected year-2 tax: $5,866 · $489/mo
• Expected delta: +$1,835/yr (+$153/mo · 45.5%)

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

Taxation est. · year 1

• Rental income: $38,400
• − Mortgage interest: −$20,160
• − Property taxes: −$4,031
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$10,470
• Taxable loss: −$4,204
• Est. tax savings @ 24.0%: +$1,009
• After-tax cash flow: $2,866/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: Coventry School District
• NCES district ID: 0900960
• Math proficiency: 57% ▼ -11.00%
• Reading proficiency: 71% ▼ -6.00%
• Median HH income: $88,074
• Composite: 57.98/100
• National rank: #1037
• State rank: #30 of 153 in CT

Livability — Coventry Lake

• Score: 71/100
• State rank: #92
• US rank: #7117

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment A- Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coventry Lake, CT
• City population: 12,267
• Population (ZIP): 12,267

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4% Asian 2%
• Common ancestry: Romanian 9% Lithuanian 7% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.22%
• Current HPI: 258.0578
• 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

+183.4% since first listed

30 events — show timeline

• 2026-05-05 Pending — Smart MLS
• 2026-04-30 Listed $359,900 Smart MLS
• 2026-04-16 Coming Soon $359,900 Smart MLS
• 2021-07-19 Sold (Public Records) $245,000 Public Records
• 2021-05-26 Sold (Public Records) $245,000 Public Records
• 2021-05-25 Sold (MLS) $245,000 Smart MLS
• 2021-05-02 Contingent — Smart MLS
• 2021-04-30 Listed $239,900 Smart MLS
• 2017-09-28 Sold (MLS) $195,000 Smart MLS
• 2017-09-26 Sold (Public Records) $195,000 Public Records
• 2017-08-31 Listing Removed — Smart MLS
• 2017-06-20 Listed $199,900 Smart MLS
• 2014-09-03 Listing Removed — Smart MLS
• 2014-04-20 Listed $189,900 Smart MLS
• 2012-09-21 Listing Removed — Smart MLS
• 2012-06-21 Listed $219,000 Smart MLS
• 2012-06-17 Listing Removed — Smart MLS
• 2012-01-17 Listed $225,000 Smart MLS
• 2007-06-25 Sold (Public Records) $220,000 Public Records
• 2007-06-22 Sold (MLS) $220,000 Smart MLS
• 2007-03-20 Listed $229,900 Smart MLS
• 2003-11-13 Sold (Public Records) $160,000 Public Records
• 2003-11-10 Sold (MLS) $160,000 Smart MLS
• 2003-11-10 Sold (MLS) $160,000 Smart MLS
• 2003-09-05 Listed $169,900 Smart MLS
• 2003-09-05 Listed $169,900 Smart MLS
• 2001-06-15 Sold (Public Records) $145,000 Public Records
• 2001-06-15 Sold (MLS) $145,000 Smart MLS
• 2001-02-27 Listed $149,900 Smart MLS
• 1989-04-17 Sold (Public Records) $127,000 Public Records

Property tax history

-0.6%/yr

Latest (2023): $4,031 · +1.9% YoY. Source: county tax records.