145 Prince St

Wallingford, CT 06492

$729,900C

4 bd · 2.5 ba · 4,032 sqft · Built 1910 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,902/mo
• Mortgage (P&I): −$3,828
• Tax + insurance: −$860
• HOA: −$0
• Vac / Maint / Mgmt: −$1,659
• Net cashflow: $1,555/mo
• Annual: $18,657/yr
• Cap rate: 8.85%
• Cash-on-cash: 9.13%
• DSCR: 1.41
• 1% rule: 1.08%
• Cash to close: $204,372

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $730k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $730k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Wallingford School District (suburban): math 34% / reading 49% proficiency, ranked #94 of 153 in CT (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Moses Y. Beach School (332 students, 30% FRL); Lyman Hall High School (math 26% / reading 61%, grade F, #98 of 194 statewide, top 51%, 930 students, 32% FRL) — zoned schools average 31% FRL vs 16% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 111 active listings in the ZIP; solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• 7 sale attempts since 22y ago; this cycle's ask is 62% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $225k; list at $730k implies a 224% gain — meaningful room to come down on a strong offer.
• At $7,902/mo this rent would consume 90% of the median local household income ($105k/yr) (locally 959% 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 1910 — 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.