76 Main St

Newington, CT 06111

$149,900B

3 bd · 1.0 ba · 1,008 sqft · Built 1941 · SingleFamily · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,555/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$454
• HOA: −$0
• Vac / Maint / Mgmt: −$537
• Net cashflow: $779/mo
• Annual: $9,346/yr
• Cap rate: 12.53%
• Cash-on-cash: 22.27%
• DSCR: 1.99
• 1% rule: 1.70%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $779 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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: Elizabeth Green School (math 42% / reading 47%, grade F, #272 of 553 statewide, top 50%, 286 students, 37% FRL); Martin Kellogg Middle School (math 29% / reading 46%, grade F, #112 of 175 statewide, top 66%, 555 students, 38% FRL); Newington High School (math 52% / reading 70%, grade C+, #43 of 194 statewide, top 22%, 1,327 students, 32% FRL) — zoned schools average 36% FRL vs 15% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.1% of price; built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 95 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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).
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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 12.5% 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

• Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.