23 Chatsworth Rd #23

Salmon Brook, CT 06035

$274,000C-

2 bd · 2.5 ba · 1,381 sqft · Built 1988 · Condo · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,209/mo
• Mortgage (P&I): −$1,437
• Tax + insurance: −$457
• HOA: −$601
• Vac / Maint / Mgmt: −$674
• Net cashflow: $41/mo
• Annual: $491/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• 1% rule: 1.17%
• Cash to close: $76,720

Investor read

• This is a 2-bed/2.5-bath condo listed at $274k. Condition is rated good.
• At list price, monthly cash flow is $41 ($491/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $274k).
• It's been on market 93 days — a 9% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#121 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: cost of living D, amenities F, commute F.
• Granby School District (suburban): math 45% / reading 64% proficiency, ranked #57 of 153 in CT (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Kelly Lane Primary School (393 students, 16% FRL); Granby Memorial Middle School (math 35% / reading 63%, grade C-, #81 of 175 statewide, top 47%, 400 students, 14% FRL); Granby Memorial High School (math 62% / reading 77%, grade B, #18 of 194 statewide, top 10%, 553 students, 15% FRL).
• Market conditions: 41 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $23k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.5% vs local median 3.4% in Salmon Brook — 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

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: bathroom fixtures — dated and in need of updating