51 Forest Ave #23 · Old Greenwich, CT 06870

$869,000

1 bd · 2.0 ba · 1,160 sqft · Condo public records · 4 Days on market

Built 1990 $915/mo HOA · 15% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +9.7/10.0
• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Schools +6.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +0.8/10.0

Listing remarks MLS

Opportunity to own a 1-bedroom plus den, 2 full bath garden-level condo in sought-after Old Greenwich Gables. Features newly updated kitchen with white cabinetry and granite counters. Spacious primary suite with luxury bath. Versatile den ideal for office, guest room, or additional living space. Freshly painted with refinished hardwood floors, open layout, and sliders to a patio overlooking landscaped courtyard. Includes garage parking, central air, washer & dryer, storage, and community pool, gym, squash court, and clubhouse. Convenient to Old Greenwich train, shops, restaurants, Binney Park, Tod's Point, and the new Civic Center. Unit is in the front of complex for easy access to parking, garage gym pool

Key facts

• $915 HOA
• Garage
• Pool

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $869k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $615k (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $607k (30.2% below list).
• Recommended offer: $607k (30.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#108 in CT) — a middle-class / working-renter tenant base. Strengths: 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.
• Zoned schools: International School At Dundee (math 77% / reading 82%, grade A, #22 of 553 statewide, top 4%, 341 students, 8% FRL); Eastern Middle School (math 75% / reading 81%, grade A+, #2 of 175 statewide, top 1%, 784 students, 6% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: 49 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).

Forward outlook

• In year one you build about $88k of equity ($6k loan paydown + $82k appreciation (9.4% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$141k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 27y 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 $500k; list at $869k implies a 74% gain — meaningful room to come down on a strong offer.

Recommended offer $606,909 (30.2% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.70% ✗
• Cap rate: 4.31%
• Cash-on-cash: -7.09%
• DSCR: 0.68
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.42×
• Total profit: $345,946
• Equity at exit: $744,537

10-year hold

• IRR: 16.8%
• Equity multiple: 5.45×
• Total profit: $1,082,836
• Equity at exit: $1,566,513

Cash invested: $243,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06870

• Home prices YoY: 4.8%
• Active inventory: 49
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $6,069 high
• Mortgage (P&I): −$4,557
• Tax from tax record: −$398 /mo · $4,771/yr
• Insurance: −$362
• HOA: −$915
• Vacancy / Maint / Mgmt: −$1,275
• Net cashflow: $-1,437

Break-even live

Break-even rent $7,888

Max offer price $615,110

Occupancy floor —

Sensitivity live

Price	-10% $-945	-5% $-1,191	+0% $-1,437	+5% $-1,683	+10% $-1,929
Rent	-10% $-1,917	-5% $-1,677	+0% $-1,437	+5% $-1,197	+10% $-958
Rate	-1.0pp $-1,000	-0.5pp $-1,216	base $-1,437	+0.5pp $-1,662	+1.0pp $-1,891

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $217,250
• Closing costs: $26,070
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 Forest Ave #43 Old Greenwich, CT	1.0	2.0	1203	$4,400	$3.66	21d	1	0.02mi
143 Sound Beach Ave Old Greenwich, CT	1.0–3.0	1.0–3.0	1269	$3,995	$3.15	0d	1	0.24mi
193 Sound Beach Ave Unit 2N Old Greenwich, CT	1.0	1.0	1000	$3,950	$3.95	25d	1	0.26mi
264 Sound Beach Ave Old Greenwich, CT	2.0	2.0	1200	$6,400	$5.33	23d	1	0.32mi
33 Beal St Unit 2 Stamford, CT	1.0	1.0	780	$2,100	$2.69	21d	1	0.70mi
14 Southwood Dr Stamford, CT	1.0–2.0	1.0–2.0	801	$2,325	$2.90	4d	4	0.77mi
1465 E Putnam Ave #122 Old Greenwich, CT	2.0	1.5	1344	$4,400	$3.27	45d	1	0.86mi
105 Burwood Ave Unit 2 Stamford, CT	2.0	1.0	1048	$2,650	$2.53	45d	1	0.87mi
10 Wells Ave Unit A Stamford, CT	2.0	1.0	1169	$3,500	$2.99	5d	1	0.87mi
10 Wells Ave Unit B Stamford, CT	1.0	1.0	821	$2,500	$3.05	5d	1	0.87mi
1191 E Putnam Ave Unit 3 Riverside, CT	2.0	2.0	1044	$3,900	$3.74	45d	1	0.93mi
28 Southfield Ave Stamford, CT	1.0–2.0	1.0–2.0	964	$2,661	$2.76	5d	6	0.95mi
150 Southfield Ave Stamford, CT	1.0–2.0	1.0–2.0	1144	$2,803	$2.45	0d	36	0.95mi
22 Orchard St Unit 1 Stamford, CT	2.0	1.0	725	$2,400	$3.31	4d	1	0.96mi
290 Southfield Ave Unit 2 Stamford, CT	1.0	1.5	800	$3,000	$3.75	45d	1	0.99mi
47 Whitmore Ln Apt 1 Stamford, CT	2.0	1.0	1080	$2,400	$2.22	25d	1	1.05mi
74 Myano Ln Unit 1 Stamford, CT	2.0	1.0	1000	$2,500	$2.50	25d	1	1.13mi
21 Wampus Ln Unit 1 Riverside, CT	2.0	1.0	1000	$3,000	$3.00	16d	1	1.14mi
22 Leslie St #3 Stamford, CT	2.0	1.0	700	$2,600	$3.71	45d	1	1.19mi
2 Harbor Point Rd S Stamford, CT	1.0–2.0	1.0–2.0	1091	$3,365	$3.08	4d	3	1.26mi
105 Richmond Hill Ave #2 Stamford, CT	2.0	1.5	810	$2,800	$3.46	45d	1	1.27mi
22 Fairgate Dr Stamford, CT	2.0	2.0	1158	$3,175	$2.74	25d	1	1.27mi
100 Commons Park N Unit 1661 Stamford, CT	2.0	2.0	1109	$4,175	$3.76	13d	1	1.28mi
100 Commons Park N Apt 1510 Stamford, CT	1.0	1.0	759	$2,970	$3.91	45d	1	1.28mi
100 Commons Park N Unit 554 Stamford, CT	1.0	1.0	759	$2,765	$3.64	5d	1	1.28mi
100 Commons Park N Unit 621 Stamford, CT	1.0	1.0	812	$2,695	$3.32	4d	1	1.28mi
14 Fairgate Dr Stamford, CT	2.0	2.0	1188	$3,195	$2.69	45d	1	1.28mi
2 Harbor Point Rd S Unit 1513 Stamford, CT	2.0	2.0	1469	$8,952	$6.09	5d	1	1.30mi
2 Harbor Point Rd S Unit 1101 Stamford, CT	2.0	2.0	1136	$6,695	$5.89	25d	1	1.30mi
2 Harbor Point Rd S Unit 1355 Stamford, CT	1.0	1.0	1355	$4,345	$3.21	45d	1	1.30mi
2 Harbor Point Rd S Unit 1513 Stamford, CT	2.0	2.0	1469	$8,195	$5.58	12d	1	1.30mi
816 Pacific St Unit 2nd Floor Stamford, CT	2.0	2.0	1240	$3,000	$2.42	5d	1	1.32mi
37 Rose Park Ave Stamford, CT	2.0	1.0	900	$2,100	$2.33	16d	1	1.36mi
37 Greenwich Ave Unit 2-6 Stamford, CT	2.0	1.0	1115	$2,600	$2.33	45d	1	1.38mi
301 Commons Park S Stamford, CT	1.0–2.0	1.0–2.0	1062	$2,947	$2.77	0d	14	1.38mi
15 Greenwich Ave #9 Stamford, CT	2.0	1.5	1134	$3,000	$2.65	45d	1	1.40mi
41 Elmcroft Rd Stamford, CT	2.0	1.5	1058	$2,995	$2.83	45d	1	1.50mi

HOA detail condo

• Monthly dues: $915 · $10,980/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-04-21
   status Under Contract

   Show marketing remark (721 chars)

   Opportunity to own a 1-bedroom plus den, 2 full bath garden-level condo in sought-after Old Greenwich Gables. Features newly updated kitchen with white cabinetry and granite counters. Spacious primary suite with luxury bath. Versatile den ideal for office, guest room, or additional living space. Freshly painted with refinished hardwood floors, open layout, and sliders to a patio overlooking landscaped courtyard. Includes garage parking, central air, washer & dryer, storage, and community pool, gym, squash court, and clubhouse. Convenient to Old Greenwich train, shops, restaurants, Binney Park, Tod's Point, and the new Civic Center. Unit is in the front of complex for easy access to parking, garage gym pool

2. 2026-04-21
   historical Active Under Contract 721-char remark

   Show marketing remark (721 chars)

   Opportunity to own a 1-bedroom plus den, 2 full bath garden-level condo in sought-after Old Greenwich Gables. Features newly updated kitchen with white cabinetry and granite counters. Spacious primary suite with luxury bath. Versatile den ideal for office, guest room, or additional living space. Freshly painted with refinished hardwood floors, open layout, and sliders to a patio overlooking landscaped courtyard. Includes garage parking, central air, washer & dryer, storage, and community pool, gym, squash court, and clubhouse. Convenient to Old Greenwich train, shops, restaurants, Binney Park, Tod's Point, and the new Civic Center. Unit is in the front of complex for easy access to parking, garage gym pool

3. 2026-04-17
   listed $869,000 Active

   Show marketing remark (721 chars)

   Opportunity to own a 1-bedroom plus den, 2 full bath garden-level condo in sought-after Old Greenwich Gables. Features newly updated kitchen with white cabinetry and granite counters. Spacious primary suite with luxury bath. Versatile den ideal for office, guest room, or additional living space. Freshly painted with refinished hardwood floors, open layout, and sliders to a patio overlooking landscaped courtyard. Includes garage parking, central air, washer & dryer, storage, and community pool, gym, squash court, and clubhouse. Convenient to Old Greenwich train, shops, restaurants, Binney Park, Tod's Point, and the new Civic Center. Unit is in the front of complex for easy access to parking, garage gym pool

4. 2026-04-17
   listed $869,000 Active 721-char remark

   Show marketing remark (721 chars)

   Opportunity to own a 1-bedroom plus den, 2 full bath garden-level condo in sought-after Old Greenwich Gables. Features newly updated kitchen with white cabinetry and granite counters. Spacious primary suite with luxury bath. Versatile den ideal for office, guest room, or additional living space. Freshly painted with refinished hardwood floors, open layout, and sliders to a patio overlooking landscaped courtyard. Includes garage parking, central air, washer & dryer, storage, and community pool, gym, squash court, and clubhouse. Convenient to Old Greenwich train, shops, restaurants, Binney Park, Tod's Point, and the new Civic Center. Unit is in the front of complex for easy access to parking, garage gym pool

5. 2017-06-27
   historical
6. 2011-05-23
   soldstatus $500,000
7. 2011-05-20
   soldstatus $500,000
8. 2011-04-13
   listed $525,000
9. 2010-12-29
   soldstatus $486,500
10. 2010-12-29
    soldstatus $486,500
11. 2010-03-25
    listed $525,000
12. 2007-10-24
    listed $670,500
13. 2003-01-03
    soldstatus $550,000
14. 2002-12-31
    soldstatus $550,000
15. 2002-10-15
    listed $555,000
16. 1999-07-09
    soldstatus $322,500
17. 1999-07-09
    soldstatus $322,500
18. 1999-03-03
    listed $335,000
19. 1991-12-17
    soldstatus $300,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $4,771 · $398/mo
• Projected year-2 tax: $11,684 · $974/mo
• Expected delta: +$6,913/yr (+$576/mo · 144.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $72,829
• − Mortgage interest: −$48,678
• − Property taxes: −$4,771
• − Insurance: −$4,345
• − Repairs & maintenance: −$5,826
• − Management: −$5,826
• − HOA: −$10,980
• − Depreciation: −$25,280
• Taxable loss: −$32,877
• Est. tax savings @ 24.0%: +$7,891
• After-tax cash flow: $-9,356/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Greenwich School District
• NCES district ID: 0901710
• Math proficiency: 64% ▼ -7.00%
• Reading proficiency: 73% ▼ -5.00%
• Median HH income: $129,257
• Composite: 65.67/100
• National rank: #461
• State rank: #12 of 153 in CT

Livability — Old Greenwich

• Score: 68/100
• State rank: #108
• US rank: #9415

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing C Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Greenwich, CT
• County: Fairfield County · 765,532 people
• City population: 7,903
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 7,864
• Household income: $250,001
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 143.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 10% Asian 9% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Puerto Rican 2% Salvadoran 1%
• Common ancestry: Romanian 5% Slovak 3% Estonian 2%
• Foreign-born: 21% · Canada, China, Jamaica
• Languages at home: 82% English-only · Other Indo-European 7% Spanish 5% Chinese 3%

Political lean MEDSL · Western Connecticut

• 2024 margin: D (+19.1) · D 58.8% · R 39.7% · Other 1.6%
• All cycles: 2024: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.39%
• Current HPI: 205.9983
• Rent YoY: —
• Metro: Bridgeport-Stamford-Norwalk, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+189.2% since first listed

19 events — show timeline

• 2026-04-21 Pending — Smart MLS
• 2026-04-21 Contingent — GMLS
• 2026-04-17 Listed $869,000 GMLS
• 2026-04-17 Listed $869,000 Smart MLS
• 2017-06-27 Delisted — GMLS
• 2011-05-23 Sold (Public Records) $500,000 Public Records
• 2011-05-20 Sold (MLS) $500,000 GMLS
• 2011-04-13 Listed $525,000 GMLS
• 2010-12-29 Sold (Public Records) $486,500 Public Records
• 2010-12-29 Sold (MLS) $486,500 GMLS
• 2010-03-25 Listed $525,000 GMLS
• 2007-10-24 Listed $670,500 GMLS
• 2003-01-03 Sold (Public Records) $550,000 Public Records
• 2002-12-31 Sold (MLS) $550,000 GMLS
• 2002-10-15 Listed $555,000 GMLS
• 1999-07-09 Sold (Public Records) $322,500 Public Records
• 1999-07-09 Sold (MLS) $322,500 GMLS
• 1999-03-03 Listed $335,000 GMLS
• 1991-12-17 Sold (Public Records) $300,500 Public Records

Property tax history

+1.8%/yr

Latest (2023): $4,771 · +0.9% YoY. Source: county tax records.