92 W Main St

Rockville, CT 06066

$925,000B

21 bd · 10.5 ba · 5,928 sqft · Built 1910 · MultiFamily · Under Contract · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,521/mo
• Mortgage (P&I): −$4,851
• Tax + insurance: −$1,150
• HOA: −$0
• Vac / Maint / Mgmt: −$2,839
• Net cashflow: $4,681/mo
• Annual: $56,175/yr
• Cap rate: 12.37%
• Cash-on-cash: 21.69%
• DSCR: 1.97
• 1% rule: 1.46%
• Cash to close: $259,000

Investor read

• This is a 6×3.0bd/1.5ba + 1×1.0bd/1.0ba units multifamily listed at $925k.
• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $669/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $925k).
• It's been on market 101 days — a 9% lower offer ($842k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $842k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#73 in CT) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime B+; Watch: employment D, amenities F, commute F.
• Vernon School District (suburban): math 34% / reading 48% proficiency, ranked #97 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rockville High School (math 22% / reading 52%, grade F, #112 of 194 statewide, top 60%, 932 students, 48% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.7%/yr); 81 active listings in the ZIP; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 11 sale attempts since 19y 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 $750k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $259k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.4% vs local median 3.4% in Rockville — 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 $13,521/mo this rent would consume 190% of the median local household income ($85k/yr) (locally 1140% 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 101 days. Have you received any prior offers? Is the seller open to a 9% 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 1910 — 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.
• 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.