109 Barclay St

Bridgeport, CT 06610

$359,000C-

4 bd · 2.0 ba · 1,739 sqft · Built 1943 · SingleFamily · Under Contract · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,549/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$747
• HOA: −$0
• Vac / Maint / Mgmt: −$745
• Net cashflow: $174/mo
• Annual: $2,089/yr
• Cap rate: 6.87%
• Cash-on-cash: 2.08%
• DSCR: 1.09
• 1% rule: 0.99%
• Cash to close: $100,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $359k.
• At list price, monthly cash flow is $174 ($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 $355k (1.1% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $355k (1.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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+.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Thomas Hooker School (math 12% / reading 27%, grade F, #447 of 553 statewide, top 82%, 262 students, 67% FRL); Warren Harding High School (math 2% / reading 8%, grade F, #192 of 194 statewide, top 100%, 1,109 students, 82% FRL) — zoned schools average 75% FRL vs 97% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 69 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% 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.
• At $3,549/mo this rent would consume 82% of the median local household income ($52k/yr) (locally 1368% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1943 — 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.
• 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?
• 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.