300 Meadowside Rd #311

Milford, CT 06460

$199,900B-

1 bd · 1.0 ba · 752 sqft · Built 1970 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,485/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$272
• HOA: −$241
• Vac / Maint / Mgmt: −$522
• Net cashflow: $402/mo
• Annual: $4,828/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.63%
• DSCR: 1.38
• 1% rule: 1.24%
• Cash to close: $55,972

Investor read

• This is a 1-bed/1.0-bath condo listed at $200k.
• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 38 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• 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 B — affects rentability + tenant quality, not the cash-flow math above.
• Milford School District (urban): math 44% / reading 58% proficiency, ranked #73 of 153 in CT (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Meadowside School (math 52% / reading 57%, grade C, #195 of 553 statewide, top 37%, 269 students, 33% FRL); West Shore Middle School (math 52%, 419 students, 34% FRL); Jonathan Law High School (math 37% / reading 62%, grade D, #87 of 194 statewide, top 46%, 815 students, 31% FRL) — zoned schools average 33% FRL vs 15% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.2%/yr); 180 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• 4 sale attempts since 29y 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 $156k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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.