44 Candlewood Dr #44

South Windsor, CT 06074

$199,000D-

1 bd · 1.0 ba · 857 sqft · Built 1973 · Condo · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,979/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$300
• Vac / Maint / Mgmt: −$416
• Net cashflow: $-111/mo
• Annual: $-1,338/yr
• Cap rate: 5.62%
• Cash-on-cash: -2.40%
• DSCR: 0.89
• 1% rule: 0.99%
• Cash to close: $55,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $199k.
• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (0.5% below list).
• It's been on market 23 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (8.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• South Windsor School District (suburban): math 60% / reading 69% proficiency, ranked #27 of 153 in CT (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Pleasant Valley School (math 76% / reading 76%, grade A, #41 of 553 statewide, top 7%, 678 students, 16% FRL); South Windsor High School (math 55% / reading 72%, grade B-, #38 of 194 statewide, top 19%, 1,329 students, 17% FRL).
• Market conditions: Rents rising (+2.8%/yr); 118 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 5 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $139k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• This rent is only 16% of the median local income ($145k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• Built in 1973 — 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.
• 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.