268 Flanders Rd Lot 16 · Noank, CT 06355

$59,000

3 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 22 Days on market

Built 1992 $925/mo HOA · 24% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable opportunity in Groton! This spacious manufactured home offers comfortable living space in an established community. Featuring forced hot air gas heat and a functional floor plan, this home is ideal for buyers looking to own at a low price point. Convenient to shopping, dining, and just minutes from the Thames River and Groton/New London area employers including Electric Boat!

Key facts

• Manufactured home
• Built 1992
• Listed 21 days

Tags

• MANUFACTURED HOME
• FORCED HOT AIR GAS HEAT
• FUNCTIONAL FLOOR PLAN
• ESTABLISHED COMMUNITY
• CONVENIENT TO SHOPPING
• MINUTES FROM THAMES RIVER

Property features AI

Finance

• Other: Assessed value listed (not a sales price)
• Financial info: Property managed professionally off-site
• HOA & community: Homeowners association with monthly fee; Monthly HOA fee of $925; HOA covers trash pickup, water and sewer

Exterior

• Utilities: Private well water; Septic sewage system; Electric hot water; Natural gas and propane available
• Home design: Single-family home for sale
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Built living area approximately 1,352 sq ft
• Exterior features: Level lot; Vinyl siding

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: Three bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot air heating; Natural gas and propane fuel options; Above-ground fuel tank
• Interior features: Five total rooms; No basement
• Laundry & utility: Washer; Dryer; 50-gallon electric hot water tank

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $59k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $59k).
• Recommended offer: $58k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#96 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Groton School District (suburban): math 32% / reading 50% proficiency, ranked #96 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northeast Academy Magnet School (math 42% / reading 62%, grade C-, #213 of 553 statewide, top 41%, 391 students, 27% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 84 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($137k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $58,115 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 6.61% ✓
• Cap rate: 42.69%
• Cash-on-cash: 129.98%
• DSCR: 6.78
• GRM: 1.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.36×
• Total profit: $105,007
• Equity at exit: $8,797

10-year hold

• IRR: —
• Equity multiple: 15.57×
• Total profit: $240,633
• Equity at exit: $5,101

Cash invested: $16,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06355

• Home prices YoY: -17.8%
• Active inventory: 84
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $3,901 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$33 /mo · $399/yr
• Insurance: −$25
• HOA: −$925
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $1,789

Break-even live

Break-even rent $1,636

Max offer price $59,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,823	-5% $1,806	+0% $1,789	+5% $1,773	+10% $1,756
Rent	-10% $1,481	-5% $1,635	+0% $1,789	+5% $1,943	+10% $2,098
Rate	-1.0pp $1,819	-0.5pp $1,804	base $1,789	+0.5pp $1,774	+1.0pp $1,759

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 Noank Ledyard Rd Mystic, CT	3.0	2.0	1500	$3,500	$2.33	14d	1	0.61mi
99 Bay View Ave Mystic, CT	3.0	2.0	1668	$8,500	$5.10	44d	1	1.43mi

HOA detail

• Monthly dues: $925 · $11,100/yr
• Likely covers: gaselectric

Listing history 11 events

1. 2026-06-10
   days on market $59,000 Active 22 DOM
2. 2026-06-09
   days on market $59,000 Active 21 DOM
3. 2026-06-08
   days on market $59,000 Active 20 DOM
4. 2026-06-07
   days on market $59,000 Active 19 DOM
5. 2026-06-05
   days on market $59,000 Active 16 DOM
6. 2026-06-03
   days on market $59,000 Active 15 DOM
7. 2026-06-02
   days on market $59,000 Active 14 DOM
8. 2026-06-01
   days on market $59,000 Active 13 DOM
9. 2026-05-31
   days on market $59,000 Active 12 DOM
10. 2026-05-30
    days on market $59,000 Active 11 DOM
11. 2026-05-12
    listed $59,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $399 · $33/mo
• Projected year-2 tax: $831 · $69/mo
• Expected delta: +$432/yr (+$36/mo · 108.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $46,809
• − Mortgage interest: −$3,305
• − Property taxes: −$399
• − Insurance: −$295
• − Repairs & maintenance: −$3,745
• − Management: −$3,745
• − HOA: −$11,100
• − Depreciation: −$1,716
• Taxable income: $22,504
• Est. tax owed @ 24.0%: −$5,401
• After-tax cash flow: $16,071/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Groton School District
• NCES district ID: 0901770
• Math proficiency: 32% ▼ -16.00%
• Reading proficiency: 50% ▼ -10.00%
• Median HH income: $60,709
• Composite: 36.28/100
• National rank: #4702
• State rank: #96 of 153 in CT

Livability — Noank

• Score: 70/100
• State rank: #96
• US rank: #7575

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New London County · 147,197 people
• Metro: Norwich-New London, CT
• Population (ZIP): 12,173
• Household income: $137,425
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 197.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 9% Asian 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Lithuanian 6% Romanian 6% Slovak 5%
• Foreign-born: 7% · Canada, China
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.46%
• Current HPI: 287.7568
• Rent YoY: —
• Metro: Norwich-New London, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

1 event — show timeline

• 2026-05-12 Listed $59,000 Smart MLS

Property tax history

-3.6%/yr

Latest (2022): $399 · -45.8% YoY. Source: county tax records.