46 Vought Pl

Stratford, CT 06614

$90,000B+

2 bd · 1.0 ba · 1,024 sqft · Built 1942 · Condo · Under Contract · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,210/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$576
• Vac / Maint / Mgmt: −$464
• Net cashflow: $548/mo
• Annual: $6,572/yr
• Cap rate: 13.60%
• Cash-on-cash: 26.08%
• DSCR: 2.16
• 1% rule: 2.46%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $90k. Condition is rated poor.
• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#56 in CT, #3,523 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: commute F.
• Stratford School District (urban): math 22% / reading 38% proficiency, ranked #122 of 153 in CT (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 26% of rent; built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 138 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed wiring in kitchen — Safety hazard
• Major: Missing countertops in kitchen — Aesthetic and functionality
• Major: Missing fixtures in bathroom — Aesthetic and functionality
• Major: Peeling paint throughout — Safety and aesthetics
• Major: Exposed subfloor in kitchen — Safety and functionality
• Major: Old windows — Safety and energy efficiency