138 Main St

Somers, CT 06071

$429,900C+

16 bd · 6.0 ba · 2,992 sqft · Built 1900 · MultiFamily · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,405/mo
• Mortgage (P&I): −$2,254
• Tax + insurance: −$716
• HOA: −$0
• Vac / Maint / Mgmt: −$1,975
• Net cashflow: $4,459/mo
• Annual: $53,508/yr
• Cap rate: 18.74%
• Cash-on-cash: 44.45%
• DSCR: 2.98
• 1% rule: 2.19%
• Cash to close: $120,372

Investor read

• This is a 4 × 4-bed/1.5-bath units multifamily listed at $430k. Condition is rated good.
• At list price, monthly cash flow is $4k ($54k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $430k).
• It's been on market 103 days — a 9% lower offer ($391k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $391k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#109 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Somers School District (suburban): math 49% / reading 63% proficiency, ranked #53 of 153 in CT (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 5 sale attempts since 23y 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.
• Current owner paid $162k; list at $430k implies a 165% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $120k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.7% vs local median 2.9% in Somers — 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

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.