149 Byram Rd Unit B

Greenwich, CT 06830

$1,150,000D-

3 bd · 2.5 ba · 2,240 sqft · Built 2005 · Condo · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,710/mo
• Mortgage (P&I): −$6,031
• Tax + insurance: −$1,053
• HOA: −$0
• Vac / Maint / Mgmt: −$1,199
• Net cashflow: $-2,573/mo
• Annual: $-30,876/yr
• Cap rate: 3.61%
• Cash-on-cash: -9.59%
• DSCR: 0.57
• 1% rule: 0.50%
• Cash to close: $322,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $1.15M.
• At list price, monthly cash flow is $-3k ($-31k/yr) — negative.
• To cash-flow at today's rent, offer at most $695k (39.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $571k (50.3% below list).
• It's been on market 72 days — a 6% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $571k (50.3% below list) — sets the bar for 1% rule.
• In year one you build about $87k of equity ($8k loan paydown + $79k appreciation (6.9% local appreciation)).
• Location reads 80/100 on livability (#23 in CT, #1,655 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities D, 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.
• Market conditions: Rents rising (+3.4%/yr); 127 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• 11 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 $750k; list at $1.15M implies a 53% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$140k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.6% vs local median 1.1% in 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 $5,710/mo this rent would consume 47% of the median local household income ($147k/yr) (locally 1088% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.