148 Flanders Rd · Mystic, CT 06378

$449,900

3 bd · 1.5 ba · 1,260 sqft · SingleFamily public records · 21 Days on market

Built 1963 1.24 ac lot

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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).

• Cash flow +11.4/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +4.1/5.0
• DSCR +3.3/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Peaceful escape waiting to welcome you home... Located in the very desirable town of Stonington, just on the outskirts of the Borough, minutes to Downtown Mystic and a stone's throw to Deans Mill School, this home has so much to offer. Hardwood floors run throughout the majority of the home, including the living room, dining room and all 3 bedrooms. The triple pane windows provide energy efficiency as well as tranquil garden and pond views which surround the property. The lower level is partially finished and allows for several uses; currently it is the location for a family room/office and an exercise/yoga space. The family room/office contains a wood stove along with a walk-out to the 10' x 18' patio and the exercise/yoga space is equipped with a rubber floor. Access to the pond for kayaking or canoeing is effortless; just walk down to the dock located at the water's edge, drop in and start paddling. From your kayak you can closer inspect the turtles, birds, frogs and other wildlife typically seen from the comfort of your patio or two seating areas in the backyard meant for relaxing and observation. Take the time to visit; your soul will be happy you did.

Key facts

• Formal dining room
• Laundry room
• Updated kitchen

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• HARDWOOD FLOORS
• LAUNDRY ROOM

Property features AI

Exterior

• Parking: Driveway; 3 parking spaces
• Utilities: Public water connected; Septic system; Oil domestic hot water (tank located in basement)
• Home design: Single-family home; Beige exterior
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof
• Exterior features: Pond with water view and access; Lightly wooded, sloping lot; Shed; Gutters; Garden area; Patio; Paved driveway

Interior

• Kitchen: Oven/Range; Microwave; Refrigerator; Dishwasher
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Hot water heat (oil-fired); Programmable thermostat; Thermopane windows
• Interior features: 7 total rooms; Full basement, partially finished with walk-out; Attic with crawl space and hatch access; Window unit cooling
• Laundry & utility: Laundry room on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $450k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $422k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $342k (24.0% below list).
• Recommended offer: $342k (24.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.0% in Mystic — 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.

Location & tenants

• Location reads 82/100 on livability (#11 in CT, #1,266 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F, cost of living F.
• Stonington School District (suburban): math 54% / reading 70% proficiency, ranked #43 of 153 in CT (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Deans Mill School (math 72% / reading 74%, grade A, #58 of 553 statewide, top 11%, 451 students, 12% FRL); Stonington High School (math 47% / reading 77%, grade B-, #40 of 194 statewide, top 21%, 585 students, 21% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: 68 active listings in the ZIP; high-income renter base; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 30% of the median local income ($136k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y 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 $365k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $341,986 (24.0% 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. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.8%
• Equity multiple: 0.34×
• Total profit: $-83,095
• Equity at exit: $67,082

10-year hold

• IRR: -11.4%
• Equity multiple: 0.32×
• Total profit: $-85,762
• Equity at exit: $38,899

Cash invested: $125,972 (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 06378

• Home prices YoY: -17.0%
• Active inventory: 68
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $3,420 medium
• Mortgage (P&I): −$2,359
• Tax from tax record: −$313 /mo · $3,760/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$718
• Net cashflow: $-158

Break-even live

Break-even rent $3,620

Max offer price $421,913

Occupancy floor 100%

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-13
   statusdays on market $449,900 Under Contract 21 DOM
2. 2026-06-09
   days on market $449,900 Under Contract - Continue to Show 19 DOM
3. 2026-06-08
   days on market $449,900 Under Contract - Continue to Show 18 DOM
4. 2026-06-07
   days on market $449,900 Under Contract - Continue to Show 17 DOM
5. 2026-06-05
   days on market $449,900 Under Contract - Continue to Show 14 DOM
6. 2026-06-03
   days on market $449,900 Under Contract - Continue to Show 13 DOM
7. 2026-06-02
   days on market $449,900 Under Contract - Continue to Show 12 DOM
8. 2026-06-01
   days on market $449,900 Under Contract - Continue to Show 11 DOM
9. 2026-05-31
   days on market $449,900 Under Contract - Continue to Show 10 DOM
10. 2026-05-21
    listed $449,900 Active
11. 2025-08-01
    historical $2,750
12. 2025-07-28
    listed $2,750
13. 2025-07-01
    historical $2,750
14. 2025-06-28
    listed $2,750
15. 2021-12-20
    soldstatus $365,000
16. 2021-12-16
    soldstatus $365,000 Closed 1175-char remark

    Show marketing remark (1175 chars)

    Peaceful escape waiting to welcome you home... Located in the very desirable town of Stonington, just on the outskirts of the Borough, minutes to Downtown Mystic and a stone's throw to Deans Mill School, this home has so much to offer. Hardwood floors run throughout the majority of the home, including the living room, dining room and all 3 bedrooms. The triple pane windows provide energy efficiency as well as tranquil garden and pond views which surround the property. The lower level is partially finished and allows for several uses; currently it is the location for a family room/office and an exercise/yoga space. The family room/office contains a wood stove along with a walk-out to the 10' x 18' patio and the exercise/yoga space is equipped with a rubber floor. Access to the pond for kayaking or canoeing is effortless; just walk down to the dock located at the water's edge, drop in and start paddling. From your kayak you can closer inspect the turtles, birds, frogs and other wildlife typically seen from the comfort of your patio or two seating areas in the backyard meant for relaxing and observation. Take the time to visit; your soul will be happy you did.

17. 2021-09-30
    listed $374,900 Active 1175-char remark

    Show marketing remark (1175 chars)

    Peaceful escape waiting to welcome you home... Located in the very desirable town of Stonington, just on the outskirts of the Borough, minutes to Downtown Mystic and a stone's throw to Deans Mill School, this home has so much to offer. Hardwood floors run throughout the majority of the home, including the living room, dining room and all 3 bedrooms. The triple pane windows provide energy efficiency as well as tranquil garden and pond views which surround the property. The lower level is partially finished and allows for several uses; currently it is the location for a family room/office and an exercise/yoga space. The family room/office contains a wood stove along with a walk-out to the 10' x 18' patio and the exercise/yoga space is equipped with a rubber floor. Access to the pond for kayaking or canoeing is effortless; just walk down to the dock located at the water's edge, drop in and start paddling. From your kayak you can closer inspect the turtles, birds, frogs and other wildlife typically seen from the comfort of your patio or two seating areas in the backyard meant for relaxing and observation. Take the time to visit; your soul will be happy you did.

18. 2003-10-30
    soldstatus $217,500 119-char remark

    Show marketing remark (119 chars)

    Wonderful family home on a pond, newer roof & windows plus finished basement with walk out. Great yard over 1 acre.

19. 2003-10-30
    soldstatus $217,500

    Show marketing remark (119 chars)

    Wonderful family home on a pond, newer roof & windows plus finished basement with walk out. Great yard over 1 acre.

20. 2003-06-16
    listed $234,899 119-char remark

    Show marketing remark (119 chars)

    Wonderful family home on a pond, newer roof & windows plus finished basement with walk out. Great yard over 1 acre.

21. 2000-07-06
    soldstatus $155,000
22. 2000-06-30
    soldstatus $155,000
23. 2000-04-17
    listed $155,000

ⓘ 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: $3,760 · $313/mo
• Projected year-2 tax: $6,694 · $558/mo
• Expected delta: +$2,934/yr (+$244/mo · 78.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,038
• − Mortgage interest: −$25,201
• − Property taxes: −$3,760
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,283
• − Management: −$3,283
• − Depreciation: −$13,088
• Taxable loss: −$9,827
• Est. tax savings @ 24.0%: +$2,358
• After-tax cash flow: $457/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: Stonington School District
• NCES district ID: 0904380
• Math proficiency: 54% ▼ -10.00%
• Reading proficiency: 70% ▼ -7.00%
• Median HH income: $75,939
• Composite: 55.15/100
• National rank: #1280
• State rank: #43 of 153 in CT

Livability — Mystic

• Score: 82/100
• State rank: #11
• US rank: #1266

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New London County · 147,197 people
• Metro: Norwich-New London, CT
• Population (ZIP): 5,555
• Household income: $135,714
• Rent vs Own: 22.2% rent · 77.8% own
• Severe rent burden: 98.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Lithuanian 8% Romanian 8% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.67%
• Current HPI: 193.423
• Rent YoY: —
• Metro: Norwich-New London, 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

+190.3% since first listed

14 events — show timeline

• 2026-05-21 Listed $449,900 Smart MLS
• 2025-08-01 Rental Removed $2,750 SMARTMLS
• 2025-07-28 Listed for Rent $2,750 SMARTMLS
• 2025-07-01 Rental Removed $2,750 SMARTMLS
• 2025-06-28 Listed for Rent $2,750 SMARTMLS
• 2021-12-20 Sold (Public Records) $365,000 Public Records
• 2021-12-16 Sold (MLS) $365,000 Smart MLS
• 2021-09-30 Listed $374,900 Smart MLS
• 2003-10-30 Sold (Public Records) $217,500 Public Records
• 2003-10-30 Sold (MLS) $217,500 Smart MLS
• 2003-06-16 Listed $234,899 Smart MLS
• 2000-07-06 Sold (Public Records) $155,000 Public Records
• 2000-06-30 Sold (MLS) $155,000 Smart MLS
• 2000-04-17 Listed $155,000 Smart MLS

Property tax history

+3.1%/yr

Latest (2022): $3,760 · -1.0% YoY. Source: county tax records.