23 Seymour Rd Unit 3B

Tariffville, CT 06026

$219,000D

2 bd · 1.5 ba · 960 sqft · Built 1970 · Condo · Under Contract · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,241/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$370
• HOA: −$335
• Vac / Maint / Mgmt: −$471
• Net cashflow: $-83/mo
• Annual: $-997/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• 1% rule: 1.02%
• Cash to close: $61,320

Investor read

• This is a 2-bed/1.5-bath condo listed at $219k.
• At list price, monthly cash flow is $-83 ($-997/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (6.7% below list).
• Meets the 1% rule at list price ($2k rent vs $219k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $204k (6.7% 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 73/100 on livability (#78 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety B+; Watch: amenities F, commute F.
• East Granby School District (rural): math 51% / reading 64% proficiency, ranked #54 of 153 in CT (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Allgrove School (202 students, 15% FRL); East Granby Middle School (math 51% / reading 70%, grade B+, #45 of 175 statewide, top 28%, 195 students, 19% FRL); East Granby High School (math 57% / reading 67%, grade B-, #40 of 194 statewide, top 21%, 258 students, 14% FRL).
• Market conditions: 26 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 5 sale attempts since 9y 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 $112k; list at $219k implies a 96% gain — meaningful room to come down on a strong offer.

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 1970 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.