23 Windaway Rd · Bethel, CT 06801

$400,000

3 bd · 2.0 ba · 1,217 sqft · SingleFamily public records · 12 Days on market

Built 1962 1.70 ac lot Est $347k · 15% over

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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 +14.9/30.0
• Schools +4.7/10.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks

Move right in to this charming 3 bedroom, 2 full bathroom ranch style home in a lovely and desirable neighborhood close to town and commuting. Hardwood floors, fresh paint, and a brand new roof! The primary suite boasts a full bath and ample closet space while two other generously sized bedrooms share a hall full bath. Large rear deck looks out upon the lovely backyard. Unfinished walkout lower level is ready for your imagination. Don't miss this opportunity to make this house a home! HIGHEST AND BEST due 3pm on Sunday May 31st.

Key facts

• Fresh paint
• Primary suite
• Hardwood floors

Tags

• HARDWOOD FLOORS
• FRESH PAINT
• NEW ROOF
• PRIMARY SUITE
• LARGE REAR DECK
• UNFINISHED WALKOUT LOWER LEVEL

Property features AI

Exterior

• Parking: Driveway (unpaved) with off-street parking; Space for 6 vehicles
• Utilities: Private well water; Septic sewer; Electric service (standard); Oil fuel for heating and hot water
• Home design: Single-family home; Private driveway; Yellow exterior siding
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof; Concrete foundation; Built with walk-out basement
• Exterior features: Deck; Gutters; Exterior lighting; Level and sloping lot

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard hot water heating; Oil heat; Central air
• Interior features: Central air conditioning; Full unfinished basement with interior access and walk-out; Attic with access via hatch; 7 total rooms
• Laundry & utility: Oil-fired hot water heater (domestic); Fuel tank located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $369k (7.8% below list).
• Recommended offer: $369k (7.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.5% in Bethel — 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 (#12 in CT, #1,287 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: amenities F, cost of living D-.
• Bethel School District (suburban): math 43% / reading 59% proficiency, ranked #72 of 153 in CT (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Frank A. Berry School (math 37%, 388 students, 26% FRL); Bethel Middle School (math 44% / reading 60%, grade C+, #73 of 175 statewide, top 43%, 764 students, 31% FRL); Bethel High School (math 42% / reading 72%, grade C, #52 of 194 statewide, top 31%, 1,063 students, 30% FRL).
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $368,943 (7.8% below list)

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $346,845
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 Dodgingtown Rd	0.45mi	2/1.0 (-1)	1,305 (+7%)	12mo	$190,000	$146	48
32 Putnam Park Rd	0.75mi	3/1.0	1,154 (-5%)	20mo	$377,500	$327	36
37 Putnam Park Rd	0.71mi	2/2.0 (-1)	1,296 (+6%)	21mo	$370,000	$285	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-57,079
• Equity at exit: $59,641

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-39,533
• Equity at exit: $34,585

Cash invested: $112,000 (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 06801

• Active inventory: 79
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,689 medium
• Mortgage (P&I): −$2,098
• Tax from tax record: −$530 /mo · $6,360/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$775
• Net cashflow: $120

Break-even live

Break-even rent $3,537

Max offer price $400,000

Occupancy floor 92%

Sensitivity live

Price	-10% $347	-5% $234	+0% $120	+5% $7	+10% $-106
Rent	-10% $-171	-5% $-25	+0% $120	+5% $266	+10% $412
Rate	-1.0pp $322	-0.5pp $222	base $120	+0.5pp $17	+1.0pp $-89

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Greenwood Ave Bethel, CT	3.0	2.0	1400	$4,500	$3.21	12d	1	1.24mi
2 Cindy Ln Unit 8-1 Bethel, CT	2.0	1.0	819	$2,500	$3.05	4d	1	1.40mi

Listing history 11 events

1. 2026-06-10
   status $400,000 Under Contract 12 DOM
2. 2026-06-09
   days on market $400,000 Under Contract - Continue to Show 12 DOM
3. 2026-06-08
   days on market $400,000 Under Contract - Continue to Show 11 DOM
4. 2026-06-07
   days on market $400,000 Under Contract - Continue to Show 10 DOM
5. 2026-06-03
   days on market $400,000 Under Contract - Continue to Show 6 DOM
6. 2026-06-03
   days on market $400,000 Under Contract - Continue to Show 5 DOM
7. 2026-06-02
   status $400,000 Under Contract - Continue to Show 4 DOM
8. 2026-06-01
   days on market $400,000 Active 4 DOM
9. 2026-05-31
   remarks 534-char remark
10. 2026-05-31
    days on market $400,000 Active 3 DOM
11. 2026-05-28
    listed $400,000 Active

ⓘ 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: $6,360 · $530/mo
• Projected year-2 tax: $7,460 · $622/mo
• Expected delta: +$1,100/yr (+$92/mo · 17.3%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,273
• − Mortgage interest: −$22,406
• − Property taxes: −$6,360
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,542
• − Management: −$3,542
• − Depreciation: −$11,636
• Taxable loss: −$5,213
• Est. tax savings @ 24.0%: +$1,251
• After-tax cash flow: $2,695/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: Bethel School District
• NCES district ID: 0900270
• Math proficiency: 43% ▼ -14.00%
• Reading proficiency: 59% ▼ -8.00%
• Median HH income: $87,843
• Composite: 47.17/100
• National rank: #2323
• State rank: #72 of 153 in CT

Livability — Bethel

• Score: 82/100
• State rank: #12
• US rank: #1287

Category grades

Amenities F Commute A+ 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

• City population: 20,498
• Population (ZIP): 20,498

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 65% Hispanic / Latino 14% Two or more races 11% Black 6% Asian 6%
• Hispanic origin (detail): Puerto Rican 4% Dominican 3%
• Common ancestry: Estonian 6% Romanian 3% Italian 2%
• Foreign-born: 21% · Canada, China, Jamaica
• Languages at home: 74% English-only · Other Indo-European 10% Spanish 10% Other Asian/Pacific 2%

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: ▼ -348.18%
• Current HPI: 234.4823
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-28 Listed $400,000 Smart MLS

Property tax history

+1.0%/yr

Latest (2023): $6,360 · +8.1% YoY. Source: county tax records.