47 Village Xing #47 · Niantic, CT 06357

$264,000

2 bd · 2.5 ba · 1,680 sqft · Condo · 56 Days on market

Built 2024 $200/mo HOA · 6% of rent

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Why this score? — see what drove the C 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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +6.7/10.0
• Schools +5.5/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Village Crossing! Niantic's best kept secret! This 2-bedroom unit is being built with hardwood floors, central a/c, fully appliance kitchen, cathedral ceiling, 2 car garage, sunny layout, and much, much more. Nestled in a self-designed complex and is close to beaches and town. This unit is an 80% Workforce unit. Income levels apply ($64,240 for 1 person, 2 people $73,440).

Key facts

• Sunny layout
• Central a/c
• Cathedral ceiling

Tags

• HARDWOOD FLOORS
• CENTRAL A/C
• FULLY APPLIANCE KITCHEN
• CATHEDRAL CEILING
• SUNNY LAYOUT
• SELF-DESIGNED COMPLEX

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $264k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $264k).
• Recommended offer: $256k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.0% in Niantic — 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 78/100 on livability (#35 in CT, #2,462 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: cost of living D+, amenities F, commute F.
• East Lyme School District (rural): math 55% / reading 68% proficiency, ranked #42 of 153 in CT (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: East Lyme High School (math 57% / reading 79%, grade B, #25 of 194 statewide, top 12%, 966 students, 20% FRL).
• Market conditions: 61 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 40% of the median local income ($93k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($256k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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.

Recommended offer $256,080 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
7. 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.
8. 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: 1.17% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• GRM: 7.1

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-15,974
• Equity at exit: $39,363

10-year hold

• IRR: 3.9%
• Equity multiple: 1.29×
• Total profit: $21,076
• Equity at exit: $22,826

Cash invested: $73,920 (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 06357

• Home prices YoY: -21.9%
• Active inventory: 61
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,092 medium
• Mortgage (P&I): −$1,384
• Tax est. 1.5%: −$330 /mo · $3,960/yr
• Insurance: −$110
• HOA: −$200
• Vacancy / Maint / Mgmt: −$649
• Net cashflow: $418

Break-even live

Break-even rent $2,563

Max offer price $264,000

Occupancy floor 81%

Sensitivity live

Price	-10% $601	-5% $509	+0% $418	+5% $327	+10% $236
Rent	-10% $174	-5% $296	+0% $418	+5% $540	+10% $662
Rate	-1.0pp $551	-0.5pp $485	base $418	+0.5pp $350	+1.0pp $280

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 Lake Ave Niantic, CT	3.0	2.0	1864	$4,000	$2.15	14d	1	0.54mi
157 W Main St Unit 4 Niantic, CT	2.0	1.0	1100	$2,000	$1.82	14d	1	0.93mi
33 Laurel St Niantic, CT	2.0	2.5	1098	$2,500	$2.28	14d	1	1.43mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2025-05-07
   status Under Contract
2. 2025-03-14
   historical Under Contract - Continue to Show
3. 2025-03-12
   listed $264,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,104
• − Mortgage interest: −$14,788
• − Property taxes: −$3,960
• − Insurance: −$1,320
• − Repairs & maintenance: −$2,968
• − Management: −$2,968
• − HOA: −$2,400
• − Depreciation: −$7,680
• Taxable income: $1,019
• Est. tax owed @ 24.0%: −$245
• After-tax cash flow: $4,774/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: East Lyme School District
• NCES district ID: 0901320
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 68% ▼ -7.00%
• Median HH income: $81,441
• Composite: 55.28/100
• National rank: #1264
• State rank: #42 of 153 in CT

Livability — Niantic

• Score: 78/100
• State rank: #35
• US rank: #2462

Category grades

Amenities F Commute F Cost of living D+ 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
• City population: 11,332
• Metro: Norwich-New London, CT
• Population (ZIP): 11,332
• Household income: $93,026
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 329.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 6% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 86% English-only · Other Indo-European 5% Spanish 3% Other Asian/Pacific 2%

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: ▼ -87.97%
• Current HPI: 313.6313
• 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

3 events — show timeline

• 2025-05-07 Pending — Smart MLS
• 2025-03-14 Contingent — Smart MLS
• 2025-03-12 Listed $264,000 Smart MLS