20 Hillpond Dr

Storrs, CT 06268

$115,000C+

2 bd · 1.0 ba · 924 sqft · Built 1978 · Manufactured · Under Contract · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,905/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$134
• HOA: −$551
• Vac / Maint / Mgmt: −$400
• Net cashflow: $217/mo
• Annual: $2,602/yr
• Cap rate: 8.56%
• Cash-on-cash: 8.08%
• DSCR: 1.36
• 1% rule: 1.66%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 24 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#8 in CT, #1,066 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment F, housing F.
• Mansfield School District (rural): math 59% / reading 70% proficiency, ranked #36 of 153 in CT (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mansfield Elementary At Vinton (math 62% / reading 57%, grade B-, #159 of 553 statewide, top 31%, 271 students, 24% FRL).
• Watch-outs: HOA is 29% of rent.
• Market conditions: 37 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 46% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 3.8% in Storrs — 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

• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are A-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?
• 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.