17 Ridgeview Rd

Meriden, CT 06451

$239,000D+

2 bd · 1.0 ba · 1,001 sqft · Built 1950 · SingleFamily · Under Contract · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,065/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$399
• HOA: −$0
• Vac / Maint / Mgmt: −$434
• Net cashflow: $-21/mo
• Annual: $-254/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $66,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $239k.
• At list price, monthly cash flow is $-21 ($-254/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (13.6% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $207k (13.6% below list) — sets the bar for 1% rule.
• 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.
• Location reads 85/100 on livability (#4 in CT, #505 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+.
• Meriden School District (suburban): math 27% / reading 41% proficiency, ranked #116 of 153 in CT (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John Barry School (math 26% / reading 37%, grade F, #376 of 553 statewide, top 68%, 472 students, 87% FRL); Orville H. Platt High School (math 12% / reading 32%, grade F, #156 of 194 statewide, top 82%, 1,108 students, 80% FRL) — zoned schools average 84% FRL vs 61% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• Current owner paid $125k; list at $239k implies a 91% 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 4.2% in Meriden — 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.
• This rent runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.