18 Tabshey Ct #18

Wethersfield, CT 06109

$225,000C-

2 bd · 2.5 ba · 1,534 sqft · Built 1985 · Condo · Under Contract · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,540/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$519
• Vac / Maint / Mgmt: −$533
• Net cashflow: $-68/mo
• Annual: $-811/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• 1% rule: 1.13%
• Cash to close: $63,000

Investor read

• This is a 2-bed/2.5-bath condo listed at $225k. Condition is rated average.
• At list price, monthly cash flow is $-68 ($-811/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (4.3% below list).
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 32 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (4.3% 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 $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#37 in CT, #2,561 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Wethersfield School District (suburban): math 41% / reading 59% proficiency, ranked #77 of 153 in CT (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Wethersfield High School (math 44% / reading 65%, grade C-, #63 of 194 statewide, top 39%, 1,151 students, 25% FRL).
• Watch-outs: HOA is 20% of rent.
• Market conditions: 100 active listings in the ZIP; 4 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).
• Cap rate 5.9% vs local median 3.3% in Wethersfield — 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

• 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?
• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — outdated and in poor condition
• Major: bathroom cabinets — outdated and in poor condition
• Minor: kitchen appliances — checkered wallpaper