67 View St W

Byram, CT 06830

$910,000D+

4 bd · 2.0 ba · 2,570 sqft · Built 1930 · MultiFamily · Under Contract · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,939/mo
• Mortgage (P&I): −$4,772
• Tax + insurance: −$774
• HOA: −$0
• Vac / Maint / Mgmt: −$1,247
• Net cashflow: $-855/mo
• Annual: $-10,257/yr
• Cap rate: 5.17%
• Cash-on-cash: -4.03%
• DSCR: 0.82
• 1% rule: 0.65%
• Cash to close: $254,800

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $910k.
• At list price, monthly cash flow is $-855 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $759k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $594k (34.7% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $594k (34.7% below list) — sets the bar for 1% rule.
• In year one you build about $69k of equity ($6k loan paydown + $63k appreciation (6.9% local appreciation)).
• Location reads 72/100 on livability (#85 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, commute A-; Watch: amenities 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: New Lebanon School (math 37% / reading 47%, grade F, #285 of 553 statewide, top 53%, 336 students, 63% FRL); Western Middle School (math 50% / reading 59%, grade B-, #67 of 175 statewide, top 39%, 617 students, 38% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools average 40% FRL vs 11% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 55% at this address vs 68% district-wide (-14 pts) — the specific schools serving this property underperform the Greenwich School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 128 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 3 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$110k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 64% 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.
• At $5,939/mo this rent would consume 49% 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?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.