101 Heritage Vlg Unit D

Southbury, CT 06488

$215,000D

2 bd · 2.0 ba · 1,076 sqft · Built 1968 · Condo · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,364/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$315
• HOA: −$702
• Vac / Maint / Mgmt: −$496
• Net cashflow: $-277/mo
• Annual: $-3,329/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• 1% rule: 1.10%
• Cash to close: $60,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $215k.
• At list price, monthly cash flow is $-277 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (22.8% below list).
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 88 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (22.8% 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 $6k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Regional School District 15 (suburban): math 56% / reading 64% proficiency, ranked #46 of 153 in CT (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Gainfield Elementary School (math 67% / reading 67%, grade B+, #99 of 553 statewide, top 19%, 351 students, 13% FRL); Rochambeau Middle School (math 56% / reading 69%, grade B+, #36 of 175 statewide, top 21%, 384 students, 12% FRL); Pomperaug Regional High School (math 54% / reading 74%, grade B-, #37 of 194 statewide, top 19%, 1,039 students, 14% FRL).
• Watch-outs: HOA is 30% of rent.
• Market conditions: 159 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).

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 88 days. Have you received any prior offers? Is the seller open to a 23% 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?
• 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.
• 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?