104 North St #401

Stamford, CT 06902

$299,500D-

1 bd · 1.0 ba · 846 sqft · Built 1985 · Condo · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,581/mo
• Mortgage (P&I): −$1,571
• Tax + insurance: −$456
• HOA: −$374
• Vac / Maint / Mgmt: −$542
• Net cashflow: $-362/mo
• Annual: $-4,346/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.18%
• DSCR: 0.77
• 1% rule: 0.86%
• Cash to close: $83,860

Investor read

• This is a 1-bed/1.0-bath condo listed at $300k.
• At list price, monthly cash flow is $-362 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (13.8% below list).
• It's been on market 25 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $236k (21.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#98 in CT) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Stamford School District (urban): math 32% / reading 43% proficiency, ranked #103 of 153 in CT (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Davenport Ridge School (math 36% / reading 42%, grade F, #310 of 553 statewide, top 56%, 659 students, 41% FRL); Rippowam Middle School (math 20% / reading 37%, grade F, #146 of 175 statewide, top 84%, 725 students, 59% FRL); Stamford High School (math 31% / reading 56%, grade F, #98 of 194 statewide, top 51%, 2,048 students, 53% FRL).
• Market conditions: Rents rising (+1.9%/yr); 190 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 6 sale attempts since 22y 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 $229k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 70% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.8% vs local median 3.0% in Stamford — 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 ($95k/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 B-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.