10 Maple Dr

Old Greenwich, CT 06870

$1,200,000B

3 bd · 2.0 ba · 1,890 sqft · Built 1937 · SingleFamily · Under Contract · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,459/mo
• Mortgage (P&I): −$6,293
• Tax + insurance: −$1,063
• HOA: −$0
• Vac / Maint / Mgmt: −$2,406
• Net cashflow: $1,697/mo
• Annual: $20,363/yr
• Cap rate: 7.99%
• Cash-on-cash: 6.06%
• DSCR: 1.27
• 1% rule: 0.95%
• Cash to close: $336,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.20M.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.15M (4.5% below list).
• It's been on market 31 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.15M (4.5% below list) — sets the bar for 1% rule.
• In year one you build about $121k of equity ($8k loan paydown + $113k appreciation (9.4% local appreciation)).
• Location reads 68/100 on livability (#108 in CT) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living 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.
• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 4 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.
• Current owner paid $999k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $336k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$194k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 8.0% vs local median 2.4% in Old Greenwich — 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.
• At $11,459/mo this rent would consume 55% of the median local household income ($250k/yr) (locally 143% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1937 — 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.