97 Benton Ln

Glastonbury Center, CT 06033

$379,000C-

4 bd · 2.0 ba · 1,382 sqft · Built 1954 · SingleFamily · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,688/mo
• Mortgage (P&I): −$1,988
• Tax + insurance: −$674
• HOA: −$0
• Vac / Maint / Mgmt: −$774
• Net cashflow: $252/mo
• Annual: $3,019/yr
• Cap rate: 7.09%
• Cash-on-cash: 2.85%
• DSCR: 1.13
• 1% rule: 0.97%
• Cash to close: $106,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $379k.
• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $369k (2.7% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $369k (2.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#7 in CT, #1,032 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F, cost of living D-.
• Glastonbury School District (suburban): math 67% / reading 75% proficiency, ranked #13 of 153 in CT (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Buttonball Lane School (math 74% / reading 82%, grade A, #26 of 553 statewide, top 5%, 442 students, 11% FRL); Glastonbury High School (math 67% / reading 78%, grade B+, #13 of 194 statewide, top 6%, 1,801 students, 13% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 96 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 5 sale attempts since 18y 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 $280k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.1% vs local median 2.1% in Glastonbury Center — 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.