464-466 Wilmot Ave

Bridgeport, CT 06607

$600,000D+

8 bd · 3.0 ba · 3,328 sqft · Built 1917 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,913/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$1,000
• HOA: −$0
• Vac / Maint / Mgmt: −$1,032
• Net cashflow: $-265/mo
• Annual: $-3,182/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• 1% rule: 0.82%
• Cash to close: $168,000

Investor read

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $600k. Condition is rated good.
• At list price, monthly cash flow is $-265 ($-3k/yr) — negative. Per door: $-133/mo.
• To cash-flow at today's rent, offer at most $562k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $491k (18.1% below list).
• It's been on market 17 days — a 2% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $491k (18.1% below list) — sets the bar for 1% rule.
• In year one you build about $64k of equity ($4k loan paydown + $60k appreciation (10.0% local appreciation)).
• Location reads 81/100 on livability (#15 in CT, #1,374 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D+, schools D-.
• Bridgeport School District (urban): math 9% / reading 19% proficiency, ranked #151 of 153 in CT (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 97% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 852 units permitted in Greater Bridgeport Planning Region in 2024 (698 in 5+ unit buildings).
• By year 2, paydown + projected appreciation supports a ~$103k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 54% 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.
• At $4,913/mo this rent would consume 118% of the median local household income ($50k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1917 — 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 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?
• 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.