88 Wellington Dr · Farmington, CT 06032

$179,000

2 bd · 1.0 ba · 887 sqft · Condo public records · 11 Days on market

Built 1994

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +6.4/10.0
• DSCR +5.2/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This unit is one of the best-located within this community, offering both privacy and convenience. Please note that the property is being sold & quot; as-is. & quot;

Key facts

• Built 1994
• Listed 11 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $179k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Farmington School District (suburban): math 65% / reading 77% proficiency, ranked #18 of 153 in CT (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 65 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $57k; list at $179k implies a 214% gain — meaningful room to come down on a strong offer.

Recommended offer $179,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 7.06%
• Cash-on-cash: 2.75%
• DSCR: 1.12
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.72% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.48×
• Total profit: $-26,228
• Equity at exit: $26,689

10-year hold

• IRR: -12.0%
• Equity multiple: 0.38×
• Total profit: $-31,208
• Equity at exit: $15,477

Cash invested: $50,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06032

• Rents YoY: 0.7%
• Active inventory: 65
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,135 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$200 /mo · $2,402/yr
• Insurance: −$75
• HOA est. from 3 same-building comps: −$358
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $115

Break-even live

Break-even rent $1,989

Max offer price $179,000

Occupancy floor 90%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Wellington Dr #104 Farmington, CT	2.0	1.0	888	$1,950	$2.20	3d	1	0.04mi
96 Wellington Dr #96 Farmington, CT	2.0	1.0	887	$2,000	$2.25	23d	1	0.05mi
271 Main St Farmington, CT	1.0–2.0	1.0	875	$1,995	$2.28	1d	4	0.25mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $179,000 Active 11 DOM
2. 2026-06-17
   days on market $179,000 Active 10 DOM
3. 2026-06-16
   days on market $179,000 Active 9 DOM
4. 2026-06-15
   days on market $179,000 Active 8 DOM
5. 2026-06-13
   days on market $179,000 Active 6 DOM
6. 2026-06-13
   days on market $179,000 Active 5 DOM
7. 2026-06-10
   days on market $179,000 Active 3 DOM
8. 2026-06-09
   days on market $179,000 Active 2 DOM
9. 2026-06-08
   remarks 165-char remark
10. 2026-06-08
    listed $179,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $2,402 · $200/mo
• Projected year-2 tax: $3,116 · $260/mo
• Expected delta: +$714/yr (+$60/mo · 29.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $25,618
• − Mortgage interest: −$10,027
• − Property taxes: −$2,402
• − Insurance: −$895
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − HOA: −$4,296
• − Depreciation: −$5,207
• Taxable loss: −$1,308
• Est. tax savings @ 24.0%: +$314
• After-tax cash flow: $1,695/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Farmington School District
• NCES district ID: 0901560
• Math proficiency: 65% ▼ -8.00%
• Reading proficiency: 77% ▼ -5.00%
• Median HH income: $87,791
• Composite: 63.76/100
• National rank: #598
• State rank: #18 of 153 in CT

Livability — Farmington

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Hartford County · 754,208 people
• City population: 19,135
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 19,135
• Household income: $140,912
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 533.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 16% Hispanic / Latino 7% Two or more races 5% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 10% Lithuanian 4% Slovak 3%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 77% English-only · Other Indo-European 4% Chinese 4% Spanish 4%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.88%
• Current HPI: 178.158
• Rent YoY: ▲ 0.72%
• Metro: Hartford-East Hartford-Middletown, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+138.7% since first listed

4 events — show timeline

• 2026-06-07 Listed $179,000 FSBO.com
• 1998-02-06 Sold (Public Records) $57,000 Public Records
• 1995-03-07 Sold (Public Records) $61,500 Public Records
• 1991-08-05 Sold (Public Records) $75,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,402 · +4.6% YoY. Source: county tax records.