855 Brewster St

Bridgeport, CT 06605

$690,000C-

6 bd · 3.0 ba · 2,483 sqft · Built 1930 · MultiFamily · Active · 315 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,942/mo
• Mortgage (P&I): −$3,618
• Tax + insurance: −$1,056
• HOA: −$0
• Vac / Maint / Mgmt: −$1,668
• Net cashflow: $1,599/mo
• Annual: $19,191/yr
• Cap rate: 9.07%
• Cash-on-cash: 9.93%
• DSCR: 1.44
• 1% rule: 1.15%
• Cash to close: $193,200

Investor read

• This is a 2×5bd/3.0ba + 1×1bd/1.0ba units multifamily listed at $690k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $533/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $690k).
• It's been on market 315 days — a 12% lower offer ($607k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $607k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+, schools D-.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 47 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 8 sale attempts since 29y ago; this cycle's ask is 32757% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $136k; list at $690k implies a 407% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.1% vs local median 5.0% in Bridgeport — 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.
• At $7,942/mo this rent would consume 170% of the median local household income ($56k/yr) (locally 2367% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 315 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.