29 Union St

Moosup, CT 06354

$205,000C+

4 bd · 1.0 ba · 1,865 sqft · Built 1870 · SingleFamily · Under Contract · 170 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,927/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$405
• Net cashflow: $147/mo
• Annual: $1,765/yr
• Cap rate: 7.15%
• Cash-on-cash: 3.07%
• DSCR: 1.14
• 1% rule: 0.94%
• Cash to close: $57,400

Investor read

• This is a 4-bed/1.0-bath single-family listed at $205k.
• At list price, monthly cash flow is $147 ($2k/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 $193k (6.0% below list).
• It's been on market 170 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• In year one you build about $20k of equity ($1k loan paydown + $19k 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.
• Zoned schools: Plainfield High School (math 17% / reading 42%, grade F, #139 of 194 statewide, top 74%, 535 students, 49% FRL).
• Watch-outs: built in 1870 — 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).
• 7 sale attempts since 23y ago; this cycle's ask has dropped $55k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (9.2% appreciation + 3.0% rent growth), your $57k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 170 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1870 — 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.
• 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.