11 Coronado Dr #11

Newington, CT 06111

$259,900D

2 bd · 1.5 ba · 1,320 sqft · Built 1972 · Condo · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,429/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$300
• Vac / Maint / Mgmt: −$510
• Net cashflow: $-177/mo
• Annual: $-2,125/yr
• Cap rate: 5.48%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• 1% rule: 0.93%
• Cash to close: $72,772

Investor read

• This is a 2-bed/1.5-bath condo listed at $260k. Condition is rated good.
• At list price, monthly cash flow is $-177 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (9.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (6.5% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $234k (9.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#30 in CT, #2,143 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Newington School District (suburban): math 38% / reading 53% proficiency, ranked #87 of 153 in CT (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 94 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 6 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 $200k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.5% vs local median 4.4% in Newington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 1972 — 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.
• 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.