33 Washington St

Bristol, CT 06062

$345,000F

4 bd · 2.5 ba · 1,282 sqft · Built 1950 · SingleFamily · Under Contract · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,030/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$609
• HOA: −$0
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-815/mo
• Annual: $-9,782/yr
• Cap rate: 3.46%
• Cash-on-cash: -10.13%
• DSCR: 0.55
• 1% rule: 0.59%
• Cash to close: $96,600

Investor read

• This is a 4-bed/2.5-bath single-family listed at $345k.
• At list price, monthly cash flow is $-815 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (41.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (41.2% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $201k (41.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#21 in CT, #1,585 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: commute F.
• Plainville School District (suburban): math 40% / reading 58% proficiency, ranked #82 of 153 in CT (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Plainville High School (math 42% / reading 62%, grade D+, #80 of 194 statewide, top 44%, 686 students, 42% FRL) — zoned schools average 42% FRL vs 23% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 24y 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 $137k; list at $345k implies a 152% gain — meaningful room to come down on a strong offer.

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?
• Built in 1950 — 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.
• 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?
• 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.