2 Putnam Hl Unit 2E · Greenwich, CT 06830

$550,000

2 bd · 1.0 ba · 1,022 sqft · Condo · 52 Days on market

Built 1956 $98/mo HOA · 2% of rent

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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).

• Appreciation +8.4/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0

Listing remarks MLS

BRIGHT IN-TOWN UNIT. SCREENED TERRACE, NEW KITCHEN, NEW CARPET. J-1,3.447 SHARES. LOBBY KEY @ GATE HOUSE.

Key facts

• Open floor plan
• Custom bookshelves
• $98 HOA

Tags

• OPEN FLOOR PLAN
• CUSTOM BOOKSHELVES
• SOUGHT AFTER LOCATION

Property features AI

Finance

• HOA & community: Has homeowners association (Putnam Hill Co-ops); Association fee approximately $1,178/year; Association covers hot water, trash, taxes, snow removal, and grounds care

Exterior

• Parking: Garage door opener
• Utilities: Cable connected; Public water
• Home design: Co-op property; Built in 1956; Built-Up roof; Brick construction
• Construction: Generator on site
• Exterior features: Balcony; Park-like lot

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Hot water heating; Wall unit cooling
• Interior features: Built-in features; Entrance foyer; Galley layout; Elevator access; No basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $550k.

Deal economics

• At list price, monthly cash flow is $-585 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $465k (15.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $419k (23.7% below list).
• Recommended offer: $419k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 0.7% in Greenwich — 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 80/100 on livability (#23 in CT, #1,655 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities D, 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: Julian Curtiss School (math 52% / reading 57%, grade C, #195 of 553 statewide, top 37%, 241 students, 41% FRL); Central Middle School (math 60% / reading 71%, grade A-, #26 of 175 statewide, top 16%, 506 students, 18% FRL) — zoned schools average 30% FRL vs 11% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 128 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• This rent runs 34% of the median local income ($147k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $42k of equity ($4k loan paydown + $38k appreciation (6.9% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($534k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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 $232k; list at $550k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $419,474 (23.7% 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. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 0.76% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.56%
• DSCR: 0.80
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.89% appreciation · 3.36% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.99×
• Total profit: $152,793
• Equity at exit: $377,254

10-year hold

• IRR: 14.3%
• Equity multiple: 4.09×
• Total profit: $475,835
• Equity at exit: $713,123

Cash invested: $154,000 (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 06830

• Home prices YoY: 4.1%
• Rents YoY: 3.4%
• Active inventory: 128
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $4,195 high
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$688 /mo · $8,250/yr
• Insurance: −$229
• HOA: −$98
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $-585

Break-even live

Break-even rent $4,935

Max offer price $465,338

Occupancy floor —

Sensitivity live

Price	-10% $-205	-5% $-395	+0% $-585	+5% $-775	+10% $-965
Rent	-10% $-916	-5% $-751	+0% $-585	+5% $-419	+10% $-254
Rate	-1.0pp $-308	-0.5pp $-445	base $-585	+0.5pp $-728	+1.0pp $-873

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Lexington Ave Unit 3 Greenwich, CT	1.0	1.0	1000	$3,200	$3.20	45d	1	0.37mi
41 Sherwood Pl Greenwich, CT	2.0	2.0	1216	$5,300	$4.36	45d	1	0.39mi
43 Church St Unit 1 Greenwich, CT	3.0	2.0	1319	$3,975	$3.01	22d	1	0.44mi
47 Church St Unit First Floor Greenwich, CT	2.0	1.0	1332	$3,900	$2.93	24d	1	0.45mi
50 Church St #1 Greenwich, CT	2.0	2.5	1440	$7,500	$5.21	45d	1	0.48mi
84 Sherwood Pl #2 Greenwich, CT	2.0	1.0	1013	$3,499	$3.45	4d	1	0.48mi
52 Lafayette Pl Unit 1H Greenwich, CT	2.0	2.0	990	$3,200	$3.23	45d	1	0.54mi
156 Greenwich Ave Greenwich, CT	2.0	1.0	800	$2,300	$2.88	4d	1	0.59mi
169 Mason St Unit 1G Greenwich, CT	2.0	1.0	1050	$5,250	$5.00	15d	1	0.62mi
25 W Elm St #40 Greenwich, CT	2.0	2.0	1247	$5,250	$4.21	4d	1	0.69mi
9 Sound View Ct Unit 2B Greenwich, CT	3.0	2.0	1300	$4,500	$3.46	4d	1	0.71mi
300 Bruce Park Ave Unit B Greenwich, CT	2.0	2.0	1400	$4,500	$3.21	15d	1	0.72mi
300 Bruce Park Ave Unit A Greenwich, CT	2.0	2.0	1400	$4,500	$3.21	11d	1	0.72mi
351 Greenwich Ave Unit 3 Greenwich, CT	3.0	1.0	988	$3,600	$3.64	4d	1	0.78mi
351 Greenwich Ave Unit 3 Greenwich, CT	3.0	1.0	988	$3,300	$3.34	45d	1	0.78mi
375 Greenwich Ave Unit 5 Greenwich, CT	2.0	1.0	1350	$2,500	$1.85	24d	1	0.85mi
84 E Putnam Ave Greenwich, CT	2.0	2.0	1130	$7,500	$6.64	15d	1	0.86mi
100 E Putnam Ave Unit 301 Cos Cob, CT	2.0	2.0	1198	$9,175	$7.66	15d	1	0.87mi
100 E Putnam Ave Unit 301 Cos Cob, CT	2.0	2.0	1198	$9,175	$7.66	20d	1	0.87mi
14 Idar Ct Unit 1 Greenwich, CT	3.0	2.0	1500	$4,900	$3.27	45d	1	1.06mi
71 Prospect St Unit 2 Greenwich, CT	2.0	1.0	1073	$3,650	$3.40	4d	1	1.13mi
3 River Rd Unit 3 Cos Cob, CT	3.0	1.0	1500	$3,150	$2.10	45d	1	1.19mi
14 Cos Cob Ave Unit 2 Cos Cob, CT	2.0	1.0	1100	$2,900	$2.64	24d	1	1.32mi
32 Cos Cob Ave Unit B Cos Cob, CT	2.0	2.0	1040	$4,950	$4.76	4d	1	1.37mi
32 Cos Cob Ave Unit A Cos Cob, CT	2.0	1.0	1000	$4,450	$4.45	4d	1	1.37mi

HOA detail condo

• Monthly dues: $98 · $1,176/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   status $550,000 Pending 52 DOM
2. 2026-06-18
   days on market $550,000 Active Under Contract 52 DOM
3. 2026-06-17
   days on market $550,000 Active Under Contract 51 DOM
4. 2026-06-16
   days on market $550,000 Active Under Contract 50 DOM
5. 2026-06-15
   days on market $550,000 Active Under Contract 49 DOM
6. 2026-06-13
   days on market $550,000 Active Under Contract 47 DOM
7. 2026-06-10
   days on market $550,000 Active Under Contract 44 DOM
8. 2026-06-09
   days on market $550,000 Active Under Contract 43 DOM
9. 2026-06-08
   days on market $550,000 Active Under Contract 42 DOM
10. 2026-06-07
    days on market $550,000 Active Under Contract 41 DOM
11. 2026-06-03
    days on market $550,000 Active Under Contract 37 DOM
12. 2026-06-03
    days on market $550,000 Active Under Contract 36 DOM
13. 2026-06-01
    days on market $550,000 Active Under Contract 35 DOM
14. 2026-05-31
    days on market $550,000 Active Under Contract 34 DOM
15. 2026-05-12
    historical Active Under Contract 800-char remark
16. 2026-04-27
    listed $550,000 Active 800-char remark
17. 1999-07-30
    soldstatus $232,500 105-char remark

    Show marketing remark (105 chars)

    BRIGHT IN-TOWN UNIT. SCREENED TERRACE, NEW KITCHEN, NEW CARPET. J-1,3.447 SHARES. LOBBY KEY @ GATE HOUSE.

18. 1999-04-16
    listed $242,000 105-char remark

    Show marketing remark (105 chars)

    BRIGHT IN-TOWN UNIT. SCREENED TERRACE, NEW KITCHEN, NEW CARPET. J-1,3.447 SHARES. LOBBY KEY @ GATE HOUSE.

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% chance of damaging wind over 30 yrs
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,337
• − Mortgage interest: −$30,809
• − Property taxes: −$8,250
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,027
• − Management: −$4,027
• − HOA: −$1,176
• − Depreciation: −$16,000
• Taxable loss: −$16,702
• Est. tax savings @ 24.0%: +$4,008
• After-tax cash flow: $-3,013/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: Greenwich School District
• NCES district ID: 0901710
• Math proficiency: 64% ▼ -7.00%
• Reading proficiency: 73% ▼ -5.00%
• Median HH income: $129,257
• Composite: 65.67/100
• National rank: #461
• State rank: #12 of 153 in CT

Livability — Greenwich

• Score: 80/100
• State rank: #23
• US rank: #1655

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenwich, CT
• County: Fairfield County · 765,532 people
• City population: 47,954
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 24,880
• Household income: $146,654
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 1088.0

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 64% Hispanic / Latino 18% Two or more races 10% Asian 6% Black 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 24% · Canada, Jamaica, China
• Languages at home: 72% English-only · Spanish 12% Other Indo-European 5% Russian/Polish/Slavic 3%

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: ▲ 6.89%
• Current HPI: 173.5938
• Rent YoY: ▲ 3.36%
• Metro: Bridgeport-Stamford-Norwalk, 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

+127.3% since first listed

5 events — show timeline

• 2026-06-19 Pending — GMLS
• 2026-05-12 Contingent — GMLS
• 2026-04-27 Listed $550,000 GMLS
• 1999-07-30 Sold (MLS) $232,500 GMLS
• 1999-04-16 Listed $242,000 GMLS