11 Elliott Pl

Hartford, CT 06114

$239,000C-

3 bd · 1.5 ba · 1,651 sqft · Built 1890 · SingleFamily · Under Contract · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,197/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$387
• HOA: −$0
• Vac / Maint / Mgmt: −$461
• Net cashflow: $95/mo
• Annual: $1,140/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.70%
• DSCR: 1.08
• 1% rule: 0.92%
• Cash to close: $66,920

Investor read

• This is a 3-bed/1.5-bath single-family listed at $239k.
• At list price, monthly cash flow is $95 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (8.1% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $220k (8.1% below list) — sets the bar for 1% rule.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hartford Public High School (math 2% / reading 12%, grade F, #188 of 194 statewide, top 98%, 709 students, 82% FRL) — zoned schools at 82% FRL track the district average.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.5%/yr); 54 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 4 sale attempts since 7y 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.
• At projected returns (10.0% appreciation + 1.5% rent growth), your $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,197/mo this rent would consume 51% of the median local household income ($52k/yr) (locally 1897% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.