325 Kelly Rd Lot U10

Vernon, CT 06066

$79,900B

2 bd · 1.0 ba · 924 sqft · Built 1981 · Manufactured · Under Contract · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,838/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$85
• HOA: −$460
• Vac / Maint / Mgmt: −$386
• Net cashflow: $488/mo
• Annual: $5,857/yr
• Cap rate: 13.62%
• Cash-on-cash: 26.18%
• DSCR: 2.16
• 1% rule: 2.30%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Vernon School District (suburban): math 34% / reading 48% proficiency, ranked #97 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents rising fast (+4.7%/yr); 81 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 7y 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 $22k; list at $80k implies a 263% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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.