98 Webster Ct #98

Newington, CT 06111

$248,000D

2 bd · 1.5 ba · 1,117 sqft · Built 1972 · Condo · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,549/mo
• Mortgage (P&I): −$1,301
• Tax + insurance: −$413
• HOA: −$341
• Vac / Maint / Mgmt: −$535
• Net cashflow: $-41/mo
• Annual: $-497/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• 1% rule: 1.03%
• Cash to close: $69,440

Investor read

• This is a 2-bed/1.5-bath condo listed at $248k. Condition is rated fair.
• At list price, monthly cash flow is $-41 ($-497/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (2.4% below list).
• Meets the 1% rule at list price ($3k rent vs $248k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $242k (2.4% 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 $7k 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.
• Zoned schools: John Paterson School (math 57% / reading 62%, grade B-, #159 of 553 statewide, top 31%, 442 students, 36% FRL); John Wallace Middle School (math 34% / reading 52%, grade D-, #101 of 175 statewide, top 57%, 586 students, 32% FRL); Newington High School (math 52% / reading 70%, grade C+, #43 of 194 statewide, top 22%, 1,327 students, 32% FRL) — zoned schools average 33% FRL vs 15% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 95 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts since 25y 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 $93k; list at $248k implies a 167% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 4.3% in Newington — 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: damaged brick wall — structural damage
• Moderate: outdated kitchen cabinetry — aesthetically unappealing and outdated
• Moderate: outdated bathroom fixtures — aesthetically unappealing and outdated
• Moderate: outdated flooring — aesthetically unappealing and outdated
• Major: landscaping — overgrown lawn and unkempt landscaping