38 Mary Belle Dr

Mansfield, CT 06268

$135,000C

2 bd · 2.5 ba · 924 sqft · Built 2022 · Manufactured · Under Contract · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,040/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$161
• HOA: −$575
• Vac / Maint / Mgmt: −$428
• Net cashflow: $167/mo
• Annual: $2,008/yr
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• 1% rule: 1.51%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.5-bath manufactured listed at $135k.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 24 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Mansfield School District (rural): math 59% / reading 70% proficiency, ranked #36 of 153 in CT (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mansfield Elementary At Vinton (math 62% / reading 57%, grade B-, #159 of 553 statewide, top 31%, 271 students, 24% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: 37 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 4y 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 $108k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• 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.
• 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.