122 W Main St Unit I

Stafford, CT 06076

$154,900D+

2 bd · 1.5 ba · 1,508 sqft · Built 1984 · Condo · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,770/mo
• Mortgage (P&I): −$812
• Tax + insurance: −$212
• HOA: −$376
• Vac / Maint / Mgmt: −$372
• Net cashflow: $-2/mo
• Annual: $-24/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• 1% rule: 1.14%
• Cash to close: $43,372

Investor read

• This is a 2-bed/1.5-bath condo listed at $155k.
• At list price, monthly cash flow is $-2 ($-24/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (0.2% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $155k (0.2% 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 $5k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Stafford School District (town): math 33% / reading 48% proficiency, ranked #99 of 153 in CT (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stafford High School (math 42% / reading 72%, grade C, #52 of 194 statewide, top 31%, 398 students, 31% FRL).
• Zoned-school proficiency averages 57% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Stafford School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 72 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 3 sale attempts since 5y 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 $115k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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?
• 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.
• 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.