366 Dover St

Bridgeport, CT 06610

$280,000F

3 bd · 1.5 ba · 1,239 sqft · Built 1917 · SingleFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,350/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$493
• HOA: −$0
• Vac / Maint / Mgmt: −$494
• Net cashflow: $-105/mo
• Annual: $-1,257/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• 1% rule: 0.84%
• Cash to close: $78,400

Investor read

• This is a 3-bed/1.5-bath single-family listed at $280k. Condition is rated good.
• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (16.1% below list).
• It's been on market 21 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+, schools D-.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 99d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 8 sale attempts since 29y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,350/mo this rent would consume 55% of the median local household income ($52k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1917 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.