40 Evergreen Park

Clinton, CT 06413

$169,000D-

3 bd · 2.0 ba · 1,680 sqft · Built 2000 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,306/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$194
• HOA: −$939
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-197/mo
• Annual: $-2,369/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.01%
• DSCR: 0.78
• 1% rule: 1.36%
• Cash to close: $47,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $169k.
• At list price, monthly cash flow is $-197 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (20.6% below list).
• Meets the 1% rule at list price ($2k rent vs $169k).
• It's been on market 20 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (20.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#34 in CT, #2,393 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A-, employment B+; Watch: amenities C-, cost of living C-, commute D+.
• Clinton School District (suburban): math 47% / reading 56% proficiency, ranked #76 of 153 in CT (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Lewin G. Joel Jr. School (math 52% / reading 52%, grade C-, #213 of 553 statewide, top 41%, 549 students, 40% FRL); Jared Eliot School (math 44% / reading 54%, grade C-, #81 of 175 statewide, top 47%, 418 students, 37% FRL); The Morgan School (math 47% / reading 67%, grade C, #52 of 194 statewide, top 31%, 524 students, 30% FRL) — zoned schools average 36% FRL vs 16% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 84 active listings in the ZIP; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 2.5% in Clinton — 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

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.