157 Burritt St #9

Southington, CT 06479

$449,000D+

3 bd · 2.5 ba · 2,277 sqft · Built 2004 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,500/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$720
• HOA: −$423
• Vac / Maint / Mgmt: −$945
• Net cashflow: $57/mo
• Annual: $684/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.54%
• DSCR: 1.02
• 1% rule: 1.00%
• Cash to close: $125,720

Investor read

• This is a 3-bed/2.5-bath condo listed at $449k.
• At list price, monthly cash flow is $57 ($684/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $449k).
• It's been on market 39 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $436k (3.0% 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Southington School District (suburban): math 52% / reading 64% proficiency, ranked #51 of 153 in CT (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Southington High School (math 48% / reading 68%, grade C, #50 of 194 statewide, top 25%, 1,945 students, 22% FRL).
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 4 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 $290k; list at $449k implies a 55% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.