106 Oakwood Ave Unit B3

West Hartford, CT 06119

$174,900D

2 bd · 1.0 ba · 891 sqft · Built 1964 · Condo · Under Contract · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,157/mo
• Mortgage (P&I): −$917
• Tax + insurance: −$333
• HOA: −$592
• Vac / Maint / Mgmt: −$453
• Net cashflow: $-138/mo
• Annual: $-1,658/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• 1% rule: 1.23%
• Cash to close: $48,972

Investor read

• This is a 2-bed/1.0-bath condo listed at $175k.
• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (14.0% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $150k (14.0% below list) — sets the bar for cash-flow.
• 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 79/100 on livability (#27 in CT, #1,989 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, cost of living F.
• West Hartford School District (urban): math 56% / reading 67% proficiency, ranked #39 of 153 in CT (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Smith School (math 57% / reading 62%, grade B-, #159 of 553 statewide, top 31%, 344 students, 47% FRL); King Philip Middle School (math 53% / reading 69%, grade B+, #41 of 175 statewide, top 25%, 815 students, 26% FRL); Hall High School (math 62% / reading 82%, grade B+, #14 of 194 statewide, top 8%, 1,408 students, 20% FRL) — zoned schools average 31% FRL vs 16% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents rising fast (+5.4%/yr); 39 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• 4 sale attempts since 25y 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 $120k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.3% vs local median 3.3% in West Hartford — 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?
• Built in 1964 — 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 A-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?
• 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.