280 E Main St Apt E2

Clinton, CT 06413

$250,000C+

2 bd · 1.5 ba · 1,170 sqft · Built 1965 · Condo · Under Contract · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,263/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$316
• HOA: −$475
• Vac / Maint / Mgmt: −$685
• Net cashflow: $476/mo
• Annual: $5,706/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• 1% rule: 1.31%
• Cash to close: $70,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $250k.
• At list price, monthly cash flow is $476 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 127 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• 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 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.
• Market conditions: 83 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• 2 sale attempts since 3y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $136k; list at $250k implies a 84% gain — meaningful room to come down on a strong offer.
• Cap rate 8.6% 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

• It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• 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.