187-189 Prospect St

Moosup, CT 06354

$275,000A-

8 bd · 4.0 ba · 2,033 sqft · Built 1880 · MultiFamily · Under Contract · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,000/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$0
• Vac / Maint / Mgmt: −$840
• Net cashflow: $1,260/mo
• Annual: $15,114/yr
• Cap rate: 11.79%
• Cash-on-cash: 19.63%
• DSCR: 1.87
• 1% rule: 1.45%
• Cash to close: $77,000

Investor read

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $275k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $630/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• It's been on market 51 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (9.2% local appreciation)).
• Location reads 67/100 on livability (#113 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: employment D+, amenities F, commute F.
• Plainfield School District (town): math 24% / reading 41% proficiency, ranked #117 of 153 in CT (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).
• At projected returns (9.2% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage and wear
• Major: exterior siding — Peeling and in need of repainting
• Major: landscaping — Minimal and in need of improvement
• Major: fencing — In poor condition
• Major: porch and steps — In poor condition