86 Dandy Dr

Cos Cob, CT 06807

$1,995,000C

4 bd · 3.5 ba · 3,546 sqft · Built 1965 · SingleFamily · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,677/mo
• Mortgage (P&I): −$10,462
• Tax + insurance: −$1,870
• HOA: −$0
• Vac / Maint / Mgmt: −$3,082
• Net cashflow: $-737/mo
• Annual: $-8,841/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• 1% rule: 0.74%
• Cash to close: $558,600

Investor read

• This is a 4-bed/3.5-bath single-family listed at $2.00M.
• At list price, monthly cash flow is $-737 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.86M (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.47M (26.4% below list).
• It's been on market 28 days — a 2% lower offer ($1.97M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.47M (26.4% below list) — sets the bar for 1% rule.
• In year one you build about $171k of equity ($14k loan paydown + $158k appreciation (7.9% local appreciation)).
• Location reads 73/100 on livability (#72 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety B; Watch: housing D+, amenities F, commute 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: North Street School (math 72% / reading 82%, grade A, #28 of 553 statewide, top 7%, 387 students, 4% FRL); Central Middle School (math 60% / reading 71%, grade A-, #26 of 175 statewide, top 16%, 506 students, 18% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: 30 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• By year 2, paydown + projected appreciation supports a ~$275k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1965 — 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.