59 Courtland Ave

Stamford, CT 06902

$285,500F

2 bd · 1.0 ba · 886 sqft · Built 1972 · Condo · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,619/mo
• Mortgage (P&I): −$1,497
• Tax + insurance: −$476
• HOA: −$816
• Vac / Maint / Mgmt: −$550
• Net cashflow: $-720/mo
• Annual: $-8,643/yr
• Cap rate: 3.27%
• Cash-on-cash: -10.81%
• DSCR: 0.52
• 1% rule: 0.92%
• Cash to close: $79,940

Investor read

• This is a 2-bed/1.0-bath condo listed at $286k.
• At list price, monthly cash flow is $-720 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (8.3% below list).
• It's been on market 26 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (8.3% below list) — sets the bar for 1% rule.
• 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: Julia A. Stark School (math 32% / reading 40%, grade F, #333 of 553 statewide, top 60%, 593 students, 57% FRL); Dolan School (math 22% / reading 41%, grade F, #134 of 175 statewide, top 77%, 611 students, 59% FRL); Stamford High School (math 31% / reading 56%, grade F, #98 of 194 statewide, top 51%, 2,048 students, 53% FRL).
• Watch-outs: HOA is 31% of rent.
• 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 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 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?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.