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Griswold, CT 06351

$39,000B-

2 bd · 1.0 ba · 728 sqft · Built 1981 · Manufactured · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,543/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$34
• HOA: −$570
• Vac / Maint / Mgmt: −$324
• Net cashflow: $411/mo
• Annual: $4,928/yr
• Cap rate: 18.93%
• Cash-on-cash: 45.12%
• DSCR: 3.01
• 1% rule: 3.96%
• Cash to close: $10,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $39k.
• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $39k).
• It's been on market 59 days — a 3% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $38k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Griswold School District (rural): math 29% / reading 42% proficiency, ranked #111 of 153 in CT (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 37% of rent.
• Market conditions: 75 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• Current owner paid $14k; list at $39k implies a 179% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.