925 Oronoke Rd Unit 13J

Waterbury, CT 06708

$184,900D

2 bd · 1.5 ba · 1,330 sqft · Built 1986 · Condo · Under Contract · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,060/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$570
• HOA: −$380
• Vac / Maint / Mgmt: −$433
• Net cashflow: $-292/mo
• Annual: $-3,505/yr
• Cap rate: 4.40%
• Cash-on-cash: -6.77%
• DSCR: 0.70
• 1% rule: 1.11%
• Cash to close: $51,772

Investor read

• This is a 2-bed/1.5-bath condo listed at $185k.
• At list price, monthly cash flow is $-292 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (27.9% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $133k (27.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: B. W. Tinker School (math 12% / reading 19%, grade F, #470 of 553 statewide, top 85%, 567 students, 69% FRL); West Side Middle School (math 8% / reading 23%, grade F, #165 of 175 statewide, top 94%, 817 students, 81% FRL); John F. Kennedy High School (math 17% / reading 37%, grade F, #147 of 194 statewide, top 78%, 1,297 students, 79% FRL) — zoned schools at 77% FRL track the district average.
• Watch-outs: property tax is 3.2% of price.
• Market conditions: Rents rising fast (+9.8%/yr); 121 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• 2 sale attempts since 24y 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 $92k; list at $185k implies a 101% gain — meaningful room to come down on a strong offer.
• Cap rate 4.4% vs local median 3.5% in Waterbury — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 37% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?