398-402 Boston Post Rd · Niantic, CT 06385

$350,000

4 bd · 1.0 ba · 1,132 sqft · SingleFamily public records · 157 Days on market

Built 1957 5,227 sqft lot Est $387k · 10% under ↓ 7% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.9/30.0
• ARV discount +11.8/15.0
• Schools +4.6/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Back on the Market! Buyer's financing fell thru! Cash Investor Opportunity - Two Homes on One Lot! A rare and valuable chance to own two separate homes on a single lot in a prime location! This unique property includes: 402 Boston Post Rd - A charming 4-bedroom, 1-bath Cape Cod-style home built in 1957. With just a bit of cosmetic updating-fresh paint and new flooring-this home has great potential to truly shine. 398 Boston Post Rd - A classic 3-bedroom, 1-bath Colonial-style home dating back to 1900. This home is ready for renovations, offering the perfect opportunity to add value through updates. Whether you're looking to invest, renovate, or create a multi-generational living setup, this

Key facts

• Two homes on one lot
• 5,227 sq ft lot
• 2 garage spots

Tags

• TWO HOMES ON ONE LOT
• TAXED AS TWO SEPARATE PARCELS

Property features AI

Finance

• Financial info: Assessed value listed

Exterior

• Parking: Detached garage; 2-car garage; Off-street parking; Driveway (unpaved); Total of 4 parking spaces
• Utilities: Shared well for water; Public sewer connection; Electric hot water
• Home design: Single-family home
• Construction: Frame construction; Block foundation; Asphalt shingle roof; Vinyl siding; Built as a single-family residence
• Exterior features: Sloping lot; Shared driveway

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: 7 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating fueled by oil; Fuel tank located in the basement
• Interior features: 12 total rooms; Full basement with hatchway; Finished walk-up attic
• Laundry & utility: 40-gallon electric hot water tank

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (23.1% below list).
• Recommended offer: $269k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.0% in Niantic — 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.

Location & tenants

• Location reads 78/100 on livability (#35 in CT, #2,462 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: cost of living D+, amenities F, commute F.
• Waterford School District (suburban): math 45% / reading 58% proficiency, ranked #75 of 153 in CT (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Oswegatchie Elementary School (math 42% / reading 52%, grade D-, #256 of 553 statewide, top 48%, 291 students, 33% FRL); Waterford High School (math 42% / reading 67%, grade C-, #63 of 194 statewide, top 39%, 735 students, 28% FRL) — zoned schools average 30% FRL vs 14% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 32% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $269,169 (23.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.11%
• DSCR: 0.95
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $387,144
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 Sunnieside Ct	0.26mi	3/1.0 (-1)	1,056 (-7%)	1mo	$343,000	$325	71
130 Spithead Rd	0.38mi	3/2.0 (-1)	1,200 (+6%)	10mo	$410,000	$342	55
26 Fulmore Dr	0.39mi	3/1.0 (-1)	1,008 (-11%)	7mo	$360,000	$357	53
23 Locust Ct	0.33mi	3/1.5 (-1)	1,292 (+14%)	9mo	$289,000	$224	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.36×
• Total profit: $-62,563
• Equity at exit: $52,186

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-62,240
• Equity at exit: $30,262

Cash invested: $98,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06385

• Active inventory: 70
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,692 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$236 /mo · $2,828/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $-91

Break-even live

Break-even rent $2,806

Max offer price $334,012

Occupancy floor 98%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 3rd Ave Waterford, CT	3.0	2.0	1276	$2,800	$2.19	13d	1	1.49mi

Listing history 7 events

1. 2026-04-10
   status Under Contract
2. 2026-03-27
   status Active
3. 2026-02-24
   status Under Contract
4. 2026-02-16
   status Active
5. 2025-11-23
   status Under Contract
6. 2025-10-17
   price $350,000
7. 2025-07-11
   listed $375,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $2,828 · $236/mo
• Projected year-2 tax: $5,159 · $430/mo
• Expected delta: +$2,331/yr (+$194/mo · 82.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $32,300
• − Mortgage interest: −$19,605
• − Property taxes: −$2,828
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,584
• − Management: −$2,584
• − Depreciation: −$10,182
• Taxable loss: −$7,233
• Est. tax savings @ 24.0%: +$1,736
• After-tax cash flow: $650/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Waterford School District
• NCES district ID: 0904860
• Math proficiency: 45% ▼ -18.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $74,686
• Composite: 46.34/100
• National rank: #2466
• State rank: #75 of 153 in CT

Livability — Niantic

• Score: 78/100
• State rank: #35
• US rank: #2462

Category grades

Amenities F Commute F Cost of living D+ Crime A+ Employment A+ Housing A Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New London County · 147,197 people
• City population: 11,332
• Metro: Norwich-New London, CT
• Population (ZIP): 15,966
• Household income: $100,484
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 414.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 6% Hispanic / Latino 6% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 5% Iranian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Other Indo-European 3% Spanish 2% Chinese 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -176.84%
• Current HPI: 191.1743
• Rent YoY: —
• Metro: Norwich-New London, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

-6.7% since first listed

7 events — show timeline

• 2026-04-10 Pending — Smart MLS
• 2026-03-27 Relisted — Smart MLS
• 2026-02-24 Pending — Smart MLS
• 2026-02-16 Relisted — Smart MLS
• 2025-11-23 Pending — Smart MLS
• 2025-10-17 Price Changed $350,000 Smart MLS
• 2025-07-11 Listed $375,000 Smart MLS

Property tax history

+1.0%/yr

Latest (2023): $2,828 · +2.1% YoY. Source: county tax records.