1384 West St

Bristol, CT 06489

$299,900D

3 bd · 1.0 ba · 1,008 sqft · Built 1938 · SingleFamily · Under Contract · 169 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,221/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$412
• HOA: −$0
• Vac / Maint / Mgmt: −$467
• Net cashflow: $-230/mo
• Annual: $-2,755/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.28%
• DSCR: 0.85
• 1% rule: 0.74%
• Cash to close: $83,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-230 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (13.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (25.9% below list).
• It's been on market 169 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (25.9% 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 $9k 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.
• Southington School District (suburban): math 52% / reading 64% proficiency, ranked #51 of 153 in CT (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Thalberg Elementary School (math 52% / reading 56%, grade C, #207 of 553 statewide, top 38%, 431 students, 19% FRL); Joseph A. Depaolo Middle School (math 43% / reading 63%, grade C+, #71 of 175 statewide, top 41%, 694 students, 24% FRL); Southington High School (math 48% / reading 68%, grade C, #50 of 194 statewide, top 25%, 1,945 students, 22% FRL).
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 111 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 15y ago; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $300k implies a 131% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 8→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.3% in Bristol — 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 169 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.