1121 Success Ave

Bridgeport, CT 06614

$65,500B+

2 bd · 1.0 ba · 708 sqft · Built 1941 · Condo · Under Contract · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$343
• Tax + insurance: −$109
• HOA: −$576
• Vac / Maint / Mgmt: −$363
• Net cashflow: $337/mo
• Annual: $4,049/yr
• Cap rate: 12.47%
• Cash-on-cash: 22.08%
• DSCR: 1.98
• 1% rule: 2.64%
• Cash to close: $18,340

Investor read

• This is a 2-bed/1.0-bath condo listed at $66k. Condition is rated fair.
• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $66k).
• It's been on market 145 days — a 12% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $453 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+, schools D-.
• Stratford School District (urban): math 22% / reading 38% proficiency, ranked #122 of 153 in CT (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 33% of rent; built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 142 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• 3 sale attempts; this cycle's ask has dropped $14k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.5% vs local median 5.0% in Bridgeport — 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.

Questions for listing agent

• It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1941 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and damage
• Major: paint — Peeling and uneven
• Major: roof — Visible damage and potential leaks
• Minor: flooring — Worn but not damaged
• Major: bathroom walls — Exposed drywall and uneven surfaces