70 Mountain Laurel Dr #70

Wethersfield, CT 06109

$185,000D

2 bd · 1.0 ba · 845 sqft · Built 1960 · Condo · Under Contract · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,133/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$465
• Vac / Maint / Mgmt: −$448
• Net cashflow: $-59/mo
• Annual: $-705/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• 1% rule: 1.15%
• Cash to close: $51,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-59 ($-705/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (4.6% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 38 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (4.6% 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 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: Alfred W. Hanmer School (math 47% / reading 62%, grade C, #195 of 553 statewide, top 37%, 324 students, 32% FRL); Silas Deane Middle School (math 46% / reading 62%, grade B-, #69 of 175 statewide, top 39%, 574 students, 30% FRL); Wethersfield High School (math 44% / reading 65%, grade C-, #63 of 194 statewide, top 39%, 1,151 students, 25% FRL) — zoned schools average 29% FRL vs 14% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 22% of rent.
• Market conditions: 101 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 3 sale attempts since 26y 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 $63k; list at $185k implies a 194% 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 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.4% 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 38 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.
• 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?
• 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?