5 Glen St #204

Greenwich, CT 06830

$1,000,000D-

2 bd · 2.5 ba · 2,004 sqft · Built 1984 · Condo · Under Contract · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,995/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$834
• HOA: −$466
• Vac / Maint / Mgmt: −$839
• Net cashflow: $-3,388/mo
• Annual: $-40,660/yr
• Cap rate: 2.23%
• Cash-on-cash: -14.52%
• DSCR: 0.35
• 1% rule: 0.40%
• Cash to close: $280,000

Investor read

• This is a 2-bed/2.5-bath condo listed at $1.00M.
• At list price, monthly cash flow is $-3k ($-41k/yr) — negative.
• To cash-flow at today's rent, offer at most $401k (59.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $399k (60.1% below list).
• It's been on market 30 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $399k (60.1% below list) — sets the bar for 1% rule.
• In year one you build about $76k of equity ($7k loan paydown + $69k appreciation (6.9% local appreciation)).
• Location reads 80/100 on livability (#23 in CT, #1,655 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities D, cost of living F.
• Greenwich School District (suburban): math 64% / reading 73% proficiency, ranked #12 of 153 in CT (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Hamilton Avenue School (math 32% / reading 47%, grade F, #298 of 553 statewide, top 56%, 294 students, 56% FRL); Western Middle School (math 50% / reading 59%, grade B-, #67 of 175 statewide, top 39%, 617 students, 38% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools average 38% FRL vs 11% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 68% district-wide (-14 pts) — the specific schools serving this property underperform the Greenwich School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.4%/yr); 128 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 5 sale attempts since 32y 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 $630k; list at $1.00M implies a 59% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$121k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.2% vs local median 1.1% in Greenwich — 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.
• This rent runs 33% of the median local income ($147k/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?
• 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 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?
• 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.
• 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.