303 Mohegan Park Rd Lot 122

Norwich, CT 06360

$114,900D

2 bd · 1.0 ba · 954 sqft · Built 1980 · Manufactured · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,558/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$94
• HOA: −$570
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-36/mo
• Annual: $-430/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.34%
• DSCR: 0.94
• 1% rule: 1.36%
• Cash to close: $32,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $-36 ($-430/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (5.5% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#18 in CT, #1,391 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A-.
• Norwich School District (urban): math 19% / reading 29% proficiency, ranked #139 of 153 in CT (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Moriarty Magnet School (math 26% / reading 31%, grade F, #396 of 553 statewide, top 72%, 368 students, 62% FRL); Kelly Steam Magnet Middle School (math 15% / reading 32%, grade F, #156 of 175 statewide, top 90%, 556 students, 72% FRL).
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents rising fast (+6.6%/yr); 243 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.9% vs local median 4.1% in Norwich — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.