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Mansfield, CT 06268

$130,000C

2 bd · 1.0 ba · 810 sqft · Built 1964 · Condo · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,744/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$299
• Vac / Maint / Mgmt: −$366
• Net cashflow: $181/mo
• Annual: $2,168/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.27
• 1% rule: 1.34%
• Cash to close: $36,400

Investor read

• This is a 2-bed/1.0-bath condo listed at $130k. Condition is rated poor.
• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 28 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Mansfield School District (rural): math 59% / reading 70% proficiency, ranked #36 of 153 in CT (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mansfield Elementary At Vinton (math 62% / reading 57%, grade B-, #159 of 553 statewide, top 31%, 271 students, 24% FRL); Mansfield Middle School (math 57% / reading 71%, grade B+, #32 of 175 statewide, top 18%, 463 students, 29% FRL); E. O. Smith High School (math 51% / reading 70%, grade C+, #44 of 194 statewide, top 22%, 1,073 students, 24% FRL).
• Market conditions: 37 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 48% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1964 — 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?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Severe weathering and staining
• Major: Front porch and steps — Signs of wear and potential structural issues
• Major: Deck — Visible damage and structural concerns
• Major: Landscaping — Sparse and unkempt, needs significant improvement