32 Patriots Sq #32 · Willimantic, CT 06250

$220,000

2 bd · 1.5 ba · 1,001 sqft · Condo · 2 Days on market

Built 1981 $391/mo HOA · 17% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.4/30.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sunny Open End Unit. Spacious Kitchen, Fireplace, Newer Windows, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

Key facts

• Open living room
• Great location
• Full basement

Tags

• END-UNIT TOWNHOUSE
• GREAT LOCATION
• OPEN LIVING ROOM
• FIREPLACE
• SMALL PATIO
• FULL BASEMENT

Property features AI

Finance

• Other: Part of a 45-unit condominium community
• HOA & community: Monthly HOA fee of $391; HOA covers grounds maintenance, snow removal, sewer, property management, and insurance; Professional off-site property management; Pets allowed — up to 2 per HOA rules

Exterior

• Parking: Visitor parking available around the circle and next to the condo
• Utilities: Public water; Public sewer; Hot water: Other
• Home design: Condominium (end unit); Located in Freedom Green complex; 2 levels in unit
• Construction: Frame construction
• Exterior features: Vinyl siding; Level lot; On a cul-de-sac

Interior

• Kitchen: Oven/Range; Range hood; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms (in unit with 2 levels)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric baseboard heat; Wall unit cooling
• Interior features: Full, unfinished basement; Attic with access via hatch; Bath grab bars; Wall air-conditioning unit; One fireplace
• Laundry & utility: Washer and dryer in basement; Laundry sink in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (7.6% below list).
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $203k (7.6% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 4.6% in Willimantic — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 85/100 on livability (#3 in CT, #487 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment F.
• 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).
• Market conditions: 26 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $109k; list at $220k implies a 102% gain — meaningful room to come down on a strong offer.

Recommended offer $203,296 (7.6% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 5.66%
• Cash-on-cash: -2.25%
• DSCR: 0.90
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.31×
• Total profit: $-42,727
• Equity at exit: $32,803

10-year hold

• IRR: -12.4%
• Equity multiple: 0.26×
• Total profit: $-45,558
• Equity at exit: $19,022

Cash invested: $61,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06250

• Home prices YoY: -15.5%
• Active inventory: 26
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,273 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$391
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $-115

Break-even live

Break-even rent $2,419

Max offer price $203,296

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Patriots Sq Mansfield Center, CT	2.0	1.5	1276	$2,600	$2.04	14d	1	0.03mi
466 Ash St Willimantic, CT	2.0	1.5	900	$1,300	$1.44	2d	1	0.71mi
145 Foster Dr Willimantic, CT	2.0	1.0–1.5	687	$1,830	$2.66	2d	1	0.81mi
82 Boston Post Rd Unit A1 North Windham, CT	1.0	1.0	700	$1,600	$2.29	14d	1	1.46mi
330 Valley St Willimantic, CT	3.0	1.0	1400	$1,800	$1.29	14d	1	1.47mi
84 Ash St Willimantic, CT	2.0	1.0	900	$1,600	$1.78	2d	1	1.48mi

HOA detail condo

• Monthly dues: $391 · $4,692/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-10
   status Under Contract
2. 2026-05-08
   listed $220,000 Active
3. 2018-07-29
   historical 179-char remark

   Show marketing remark (179 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Newer Windows, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

4. 2018-07-26
   soldstatus $109,000 Closed 179-char remark

   Show marketing remark (179 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Newer Windows, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

5. 2018-06-25
   historical Under Contract - Continue to Show 179-char remark

   Show marketing remark (179 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Newer Windows, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

6. 2018-05-21
   price $117,000 179-char remark

   Show marketing remark (179 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Newer Windows, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

7. 2018-01-12
   listed $119,000 Active 179-char remark

   Show marketing remark (179 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Newer Windows, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

8. 2016-10-05
   soldstatus $109,000 164-char remark

   Show marketing remark (164 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

9. 2016-08-20
   historical 164-char remark

   Show marketing remark (164 chars)

   Sunny Open End Unit. Spacious Kitchen, Fireplace, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

10. 2016-04-27
    listed $109,000 164-char remark

    Show marketing remark (164 chars)

    Sunny Open End Unit. Spacious Kitchen, Fireplace, Private Open Back Yard. Very Convenient and Desirable Location in Freedom Green. Walking Trails and Tennis Courts.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,280
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,182
• − Management: −$2,182
• − HOA: −$4,692
• − Depreciation: −$6,400
• Taxable loss: −$4,900
• Est. tax savings @ 24.0%: +$1,176
• After-tax cash flow: $-209/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mansfield School District
• NCES district ID: 0902340
• Math proficiency: 59% ▼ -12.00%
• Reading proficiency: 70% ▼ -6.00%
• Median HH income: $60,954
• Composite: 55.81/100
• National rank: #1209
• State rank: #36 of 153 in CT

Livability — Willimantic

• Score: 85/100
• State rank: #3
• US rank: #487

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime A Employment F Housing B+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 19,344
• Population (ZIP): 4,780

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Asian 12% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 10% Lithuanian 5% Italian 5%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 84% English-only · Chinese 8% Spanish 4% Other Indo-European 2%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.89%
• Current HPI: 250.1563
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+101.8% since first listed

10 events — show timeline

• 2026-05-10 Pending — Smart MLS
• 2026-05-08 Listed $220,000 Smart MLS
• 2018-07-29 Listing Removed — Smart MLS
• 2018-07-26 Sold (MLS) $109,000 Smart MLS
• 2018-06-25 Contingent — Smart MLS
• 2018-05-21 Price Changed $117,000 Smart MLS
• 2018-01-12 Listed $119,000 Smart MLS
• 2016-10-05 Sold (MLS) $109,000 Smart MLS
• 2016-08-20 Listing Removed — Smart MLS
• 2016-04-27 Listed $109,000 Smart MLS