2719 Main St

Wethersfield, CT 06067

$261,900D

2 bd · 1.0 ba · 1,354 sqft · Built 1830 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,034/mo
• Mortgage (P&I): −$1,373
• Tax + insurance: −$452
• HOA: −$0
• Vac / Maint / Mgmt: −$427
• Net cashflow: $-219/mo
• Annual: $-2,625/yr
• Cap rate: 5.29%
• Cash-on-cash: -3.58%
• DSCR: 0.84
• 1% rule: 0.78%
• Cash to close: $73,332

Investor read

• This is a 2-bed/1.0-bath single-family listed at $262k.
• At list price, monthly cash flow is $-219 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (14.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (22.4% below list).
• It's been on market 59 days — a 3% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (22.4% below list) — sets the bar for 1% rule.
• 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 78/100 on livability (#37 in CT, #2,561 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Rocky Hill School District (suburban): math 59% / reading 67% proficiency, ranked #34 of 153 in CT (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Myrtle H. Stevens School (math 62% / reading 57%, grade B-, #159 of 553 statewide, top 31%, 410 students, 23% FRL); Albert D. Griswold Middle School (math 55% / reading 70%, grade B+, #36 of 175 statewide, top 21%, 633 students, 20% FRL); Rocky Hill High School (math 57% / reading 77%, grade B, #26 of 194 statewide, top 16%, 722 students, 21% FRL).
• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 56 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Cap rate 5.3% vs local median 3.4% in Wethersfield — 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.

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 59 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1830 — 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 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?
• 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.