282 Bruce Park Ave #2

Greenwich, CT 06830

$1,995,000D

4 bd · 4.5 ba · 3,263 sqft · Built 2005 · Condo · Active · 489 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,711/mo
• Mortgage (P&I): −$10,462
• Tax + insurance: −$1,544
• HOA: −$459
• Vac / Maint / Mgmt: −$1,199
• Net cashflow: $-7,953/mo
• Annual: $-95,441/yr
• Cap rate: 1.51%
• Cash-on-cash: -17.09%
• DSCR: 0.24
• 1% rule: 0.29%
• Cash to close: $558,600

Investor read

• This is a 4-bed/4.5-bath condo listed at $2.00M.
• At list price, monthly cash flow is $-8k ($-95k/yr) — negative.
• To cash-flow at today's rent, offer at most $590k (70.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $571k (71.4% below list).
• It's been on market 489 days — a 12% lower offer ($1.76M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $571k (71.4% below list) — sets the bar for 1% rule.
• In year one you build about $151k of equity ($14k loan paydown + $138k appreciation (6.9% local appreciation)).
• 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); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools average 26% FRL vs 11% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 128 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• 9 sale attempts since 5y ago; this cycle's ask is 16525% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $975k; list at $2.00M implies a 105% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$242k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.5% vs local median 1.1% 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.
• At $5,711/mo this rent would consume 47% 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?
• It's been on market 489 days. Have you received any prior offers? Is the seller open to a 71% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?