127 Canaan Bldg 82 Ct #28

Stratford, CT 06614

$56,000B

2 bd · 1.0 ba · 622 sqft · Built 1943 · Condo · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,695/mo
• Mortgage (P&I): −$294
• Tax + insurance: −$93
• HOA: −$756
• Vac / Maint / Mgmt: −$356
• Net cashflow: $196/mo
• Annual: $2,354/yr
• Cap rate: 10.50%
• Cash-on-cash: 15.01%
• DSCR: 1.67
• 1% rule: 3.03%
• Cash to close: $15,680

Investor read

• This is a 2-bed/1.0-bath condo listed at $56k. Condition is rated fair.
• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $56k).
• It's been on market 127 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $387 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#56 in CT, #3,523 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: commute F.
• Stratford School District (urban): math 22% / reading 38% proficiency, ranked #122 of 153 in CT (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 45% of rent; built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 138 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1943 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior paint — Paint appears faded and needs repainting.
• Major: Interior paint — Paint appears faded and needs repainting.
• Major: Flooring — Carpeted floors appear worn and need replacement or cleaning.
• Major: Kitchen appliances — Appliances appear used and may need replacement.
• Major: Living room furniture — Furniture appears outdated and may need replacement or updating.
• Major: Landscaping — No visible landscaping or curb appeal features, needs improvement.