107 Woodland Dr Unit B

Oxoboxo River, CT 06382

$150,000C+

2 bd · 1.5 ba · 1,152 sqft · Built 1968 · Condo · Under Contract · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,263/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$178
• HOA: −$500
• Vac / Maint / Mgmt: −$475
• Net cashflow: $323/mo
• Annual: $3,880/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• 1% rule: 1.51%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $150k.
• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 56 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#131 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: schools F, amenities F, commute F.
• Montville School District (suburban): math 36% / reading 53% proficiency, ranked #91 of 153 in CT (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 22% of rent.
• Market conditions: 39 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• 4 sale attempts since 9y 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 $112k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 71% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.9% vs local median 3.9% in Oxoboxo River — 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 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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.