10 Salem Rd · Madison, CT 06443

$460,000

4 bd · 1.5 ba · 1,290 sqft · SingleFamily public records · 25 Days on market

Built 1973 0.51 ac lot $357/sqft · 20% above area Est $556k · 17% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained home offering a flexible layout and thoughtful updates throughout. Step into a welcoming foyer that opens into a bright living room filled with natural light from multiple windows. From here, the layout flows seamlessly into the dining area, where a partial wall creates separation while maintaining an open, airy feel. Just beyond, the kitchen has been tastefully updated with quartz countertops, stainless steel appliances, an electric range, modern cabinetry, and a pantry, along with oversized windows that bring in an abundance of natural light. Down the hall, you'll find the home's bedrooms, including a primary bedroom with corner windows and a large closet,

Key facts

• 0.51 acre lot
• 2 garage spots
• Built 1973

Property features AI

Finance

• Other: Subject to inland-wetland restrictions

Exterior

• Parking: Under-house garage; 2-car garage; Paved driveway; Total of 4 parking spaces
• Utilities: Public water connected; Septic system; Oil hot water heater (fuel tank in garage); Thermopane windows
• Home design: Single-family home; Yellow exterior siding
• Construction: Frame construction; Vinyl siding; Concrete foundation; Asphalt shingle roof
• Exterior features: Gutters; Covered deck; Stone wall; Electric pet fence; Lightly wooded, level and cleared yard; Located in a subdivision; Brook with view and access

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard and hot water heating with zoned controls; Oil-fired hot water system
• Interior features: Open floor plan; Foyer; Has attic with pull-down stairs; Possible in-law apartment with lower level access; One fireplace; Basement finished, heated, full and livable with interior and garage access
• Laundry & utility: Laundry in garage on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $460k.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $460k).
• Recommended offer: $453k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Madison School District (suburban): math 69% / reading 75% proficiency, ranked #10 of 153 in CT (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Daniel Hand High School (math 69% / reading 86%, grade A-, #8 of 194 statewide, top 4%, 828 students, 5% FRL) — zoned schools at 5% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $453,100 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.17% ✓
• Cap rate: 18.95%
• Cash-on-cash: 45.20%
• DSCR: 3.01
• GRM: 3.8

CMA / ARV

• ARV (median comp): $556,344
• List price: $460,000
• Delta: -17.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42 Neck Rd	0.73mi	3/1.5 (-1)	1,288 (-0%)	1mo	$520,000	$404	60
23 Salem Rd	0.07mi	3/2.5 (-1)	1,404 (+9%)	23mo	$250,000	$178	54
29 Johnson Ln	0.29mi	4/2.0	1,470 (+14%)	23mo	$501,000	$341	42

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: 42.3%
• Equity multiple: 2.82×
• Total profit: $234,509
• Equity at exit: $68,587

10-year hold

• IRR: 48.4%
• Equity multiple: 5.68×
• Total profit: $602,328
• Equity at exit: $39,772

Cash invested: $128,800 (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 06443

• Active inventory: 105
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $9,982 medium
• Mortgage (P&I): −$2,412
• Tax from tax record: −$430 /mo · $5,164/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,096
• Net cashflow: $4,851

Break-even live

Break-even rent $3,841

Max offer price $460,000

Occupancy floor 46%

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 Taylor Ave Madison, CT	3.0	1.5	1418	$11,000	$7.76	43d	1	1.10mi
147 Overshores W Madison, CT	4.0	2.0	1574	$15,000	$9.53	43d	1	1.10mi
32 Bassett Ln Madison, CT	4.0	2.0	1530	$3,400	$2.22	43d	1	1.22mi

Listing history 14 events

1. 2026-06-18
   days on market $460,000 Active 25 DOM
2. 2026-06-17
   days on market $460,000 Active 24 DOM
3. 2026-06-16
   days on market $460,000 Active 23 DOM
4. 2026-06-15
   days on market $460,000 Active 22 DOM
5. 2026-06-13
   statusdays on market $460,000 Active 20 DOM
6. 2026-06-12
   days on market $460,000 Under Contract - Continue to Show 19 DOM
7. 2026-06-09
   days on market $460,000 Under Contract - Continue to Show 16 DOM
8. 2026-06-08
   days on market $460,000 Under Contract - Continue to Show 15 DOM
9. 2026-06-07
   days on market $460,000 Under Contract - Continue to Show 14 DOM
10. 2026-06-04
    days on market $460,000 Under Contract - Continue to Show 10 DOM
11. 2026-06-03
    status $460,000 Under Contract - Continue to Show 9 DOM
12. 2026-06-02
    status $460,000 Active 9 DOM
13. 2026-05-14
    listed $460,000 Active 1285-char remark
14. 2026-05-11
    historical $460,000 1285-char remark

ⓘ 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: $5,164 · $430/mo
• Projected year-2 tax: $7,504 · $625/mo
• Expected delta: +$2,340/yr (+$195/mo · 45.3%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $119,782
• − Mortgage interest: −$25,767
• − Property taxes: −$5,164
• − Insurance: −$2,300
• − Repairs & maintenance: −$9,583
• − Management: −$9,583
• − Depreciation: −$13,382
• Taxable income: $54,004
• Est. tax owed @ 24.0%: −$12,961
• After-tax cash flow: $45,256/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: Madison School District
• NCES district ID: 0902280
• Math proficiency: 69% ▲ 1.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $103,788
• Composite: 66.15/100
• National rank: #435
• State rank: #10 of 153 in CT

Livability — Madison

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 17,577

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -375.58%
• Current HPI: 242.8467
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

6 events — show timeline

• 2026-06-12 Relisted — Smart MLS
• 2026-06-02 Contingent — Smart MLS
• 2026-06-02 Relisted — Smart MLS
• 2026-05-22 Pending — Smart MLS
• 2026-05-14 Listed $460,000 Smart MLS
• 2026-05-11 Coming Soon $460,000 Smart MLS

Property tax history

+1.6%/yr

Latest (2023): $5,164 · +1.9% YoY. Source: county tax records.