1290 North Rd Lot 23

Conning Towers-Nautilus Park, CT 06340

$110,000B-

2 bd · 1.0 ba · 728 sqft · Built 1985 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,042/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$429
• Net cashflow: $962/mo
• Annual: $11,547/yr
• Cap rate: 16.79%
• Cash-on-cash: 37.49%
• DSCR: 2.67
• 1% rule: 1.86%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $962 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 28 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Groton School District (suburban): math 32% / reading 50% proficiency, ranked #96 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.8%/yr); 92 active listings in the ZIP; solid renter incomes; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 3 sale attempts since 7y ago; this cycle's ask has dropped $16k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $110k implies a 588% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• 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.