60 Browns Ln

Niantic, CT 06371

$350,000C

3 bd · 1.0 ba · 864 sqft · Built 1950 · SingleFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,750/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$428
• HOA: −$0
• Vac / Maint / Mgmt: −$788
• Net cashflow: $699/mo
• Annual: $8,389/yr
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• 1% rule: 1.07%
• Cash to close: $98,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• It's been on market 40 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $340k (3.0% 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 $10k of value loss. Plan a longer hold.
• 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.
• Regional School District 18 (rural): math 67% / reading 76% proficiency, ranked #16 of 153 in CT (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Lyme-Old Lyme Middle School (math 58% / reading 72%, grade A-, #29 of 175 statewide, top 17%, 270 students, 13% FRL); Lyme-Old Lyme High School (math 67% / reading 77%, grade B+, #14 of 194 statewide, top 8%, 407 students, 12% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 69 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 8.7% 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.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.