55 Woodland Dr

Fenwick, CT 06475

$499,900B+

4 bd · 1.0 ba · 1,080 sqft · Built 1950 · SingleFamily · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,333/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$1,072
• HOA: −$0
• Vac / Maint / Mgmt: −$2,380
• Net cashflow: $5,260/mo
• Annual: $63,118/yr
• Cap rate: 20.02%
• Cash-on-cash: 49.04%
• DSCR: 3.18
• 1% rule: 2.27%
• Cash to close: $139,972

Investor read

• This is a 4-bed/1.0-bath single-family listed at $500k.
• At list price, monthly cash flow is $5k ($63k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $500k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#139 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: amenities F, commute F, cost of living F.
• Old Saybrook School District (suburban): math 45% / reading 64% proficiency, ranked #66 of 153 in CT (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Kathleen E. Goodwin School (math 52% / reading 67%, grade B-, #159 of 553 statewide, top 31%, 401 students, 24% FRL); Old Saybrook Senior High School (math 42% / reading 62%, grade D+, #80 of 194 statewide, top 44%, 347 students, 22% FRL).
• Watch-outs: flood insurance adds $460/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 69 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.

Questions for listing agent

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.