94 Warpas Rd

Madison, CT 06443

$639,000B

4 bd · 2.0 ba · 2,137 sqft · Built 1958 · SingleFamily · Coming Soon · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,981/mo
• Mortgage (P&I): −$3,351
• Tax + insurance: −$822
• HOA: −$0
• Vac / Maint / Mgmt: −$2,306
• Net cashflow: $4,502/mo
• Annual: $54,025/yr
• Cap rate: 14.75%
• Cash-on-cash: 30.19%
• DSCR: 2.34
• 1% rule: 1.72%
• Cash to close: $178,920

Investor read

• This is a 4-bed/2.0-bath single-family listed at $639k.
• At list price, monthly cash flow is $5k ($54k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $639k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Madison School District (suburban): math 69% / reading 75% proficiency, ranked #10 of 153 in CT (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Daniel Hand High School (math 69% / reading 86%, grade A-, #8 of 194 statewide, top 4%, 828 students, 5% FRL) — zoned schools at 5% FRL track the district average.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• Current owner paid $166k; list at $639k implies a 285% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $179k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1958 — 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 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.