7 Sutton Pl #7

Blue Hills, CT 06002

$179,900C-

2 bd · 1.5 ba · 1,344 sqft · Built 1972 · Condo · Under Contract · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,448/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$525
• Vac / Maint / Mgmt: −$514
• Net cashflow: $166/mo
• Annual: $1,987/yr
• Cap rate: 7.40%
• Cash-on-cash: 3.94%
• DSCR: 1.18
• 1% rule: 1.36%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.5-bath condo listed at $180k. Condition is rated fair.
• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#14 in CT, #1,343 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• Bloomfield School District (suburban): math 16% / reading 30% proficiency, ranked #137 of 153 in CT (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bloomfield High School (math 17% / reading 47%, grade F, #129 of 194 statewide, top 69%, 525 students, 58% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+3.1%/yr); 64 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 5 sale attempts since 20y ago; this cycle's ask is 70% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $95k; list at $180k implies a 89% gain — meaningful room to come down on a strong offer.

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 1972 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — dated and could be replaced
• Minor: kitchen flooring — tile could be replaced
• Minor: bathroom fixtures — standard fixtures could be upgraded