15 Stonewood Ter

Vernon, CT 06066

$95,000B-

2 bd · 1.0 ba · 910 sqft · Built 1983 · Manufactured · Under Contract · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,807/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$107
• HOA: −$512
• Vac / Maint / Mgmt: −$380
• Net cashflow: $310/mo
• Annual: $3,725/yr
• Cap rate: 10.21%
• Cash-on-cash: 14.00%
• DSCR: 1.62
• 1% rule: 1.90%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $310 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 146 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 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.
• Vernon School District (suburban): math 34% / reading 48% proficiency, ranked #97 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rockville High School (math 22% / reading 52%, grade F, #112 of 194 statewide, top 60%, 932 students, 48% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising fast (+4.7%/yr); 81 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 4 sale attempts since 5y ago; this cycle's ask has dropped $25k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $95k implies a 107% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $27k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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 146 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.
• 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.