38 Woodland St

Simsbury Center, CT 06070

$259,000C

3 bd · 1.0 ba · 936 sqft · Built 1927 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,594/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$481
• HOA: −$0
• Vac / Maint / Mgmt: −$545
• Net cashflow: $210/mo
• Annual: $2,520/yr
• Cap rate: 7.27%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• 1% rule: 1.00%
• Cash to close: $72,520

Investor read

• This is a 3-bed/1.0-bath single-family listed at $259k.
• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $259k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 77/100 on livability (#47 in CT, #3,177 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Simsbury School District (suburban): math 62% / reading 78% proficiency, ranked #14 of 153 in CT (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Central School (math 63% / reading 79%, grade A-, #73 of 553 statewide, top 13%, 394 students, 18% FRL); Henry James Memorial School (math 58% / reading 81%, grade A, #17 of 175 statewide, top 9%, 620 students, 16% FRL); Simsbury High School (math 60% / reading 83%, grade B+, #17 of 194 statewide, top 8%, 1,217 students, 14% FRL).
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Cap rate 7.3% vs local median 3.2% in Simsbury Center — 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 1927 — 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 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.