21 W Division St · Greenwich, CT 06830

$1,799,000

4 bd · 3.0 ba · 2,272 sqft · MultiFamily public records · 65 Days on market

Built 1995 6,098 sqft lot $792/sqft · 16% below area Est $2155k · 17% under

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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).

• ARV discount +14.9/15.0
• Appreciation +8.4/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Well-maintained side-by-side two-family in Byram featuring two mirror-image units, each offering 2 bedrooms and 1.1 baths. Spacious layouts include living rooms, eat-in kitchens with breakfast areas, and private outdoor space. Each unit offers hardwood floors, central air, in-unit laundry, and a 2-car tandem garage with driveway. Benefit from Greenwich's extremely low property taxes while living in one unit and offsetting costs with rental income from the other. Ideally located in Byram, one of Greenwich's fastest-growing areas, just minutes to Metro-North for an easy NYC commute, with continued upside and long-term value.

Key facts

• Mirror image units
• In unit laundry
• Low property taxes

Tags

• MIRROR IMAGE UNITS
• PRIVATE OUTDOOR SPACE
• HARDWOOD FLOORS
• CENTRAL AIR
• IN UNIT LAUNDRY
• LOW PROPERTY TAXES

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $-6k ($-76k/yr) — negative.
• To cash-flow at today's rent, offer at most $683k (62.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $556k (69.1% below list).
• Recommended offer: $556k (69.1% below list) — sets the bar for 1% rule.
• Cap rate 2.1% 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.

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); 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; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• At $5,564/mo this rent would consume 46% 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.

Forward outlook

• In year one you build about $136k of equity ($12k loan paydown + $124k appreciation (6.9% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$218k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($1.69M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 32y ago; this cycle's ask has dropped $151k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 56% 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 $556,382 (69.1% 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 65 days. Have you received any prior offers? Is the seller open to a 69% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
7. 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.
8. 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.
9. 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: 0.31% ✗
• Cap rate: 2.08%
• Cash-on-cash: -15.04%
• DSCR: 0.33
• GRM: 26.9

CMA / ARV

• ARV (median comp): $2,154,601
• List price: $1,799,000
• Delta: -16.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 W Division St	0.04mi	4/2.0	2,327 (+2%)	19mo	$920,000	$395	74

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

Projected returns pro-forma

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

5-year hold

• IRR: 5.9%
• Equity multiple: 1.43×
• Total profit: $215,089
• Equity at exit: $1,233,962

10-year hold

• IRR: 8.1%
• Equity multiple: 2.85×
• Total profit: $929,683
• Equity at exit: $2,332,561

Cash invested: $503,720 (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: 26.9×

Monthly cashflow live

• Estimated rent: $5,564 medium
• Mortgage (P&I): −$9,434
• Tax from tax record: −$527 /mo · $6,324/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,168
• Net cashflow: $-6,315

Break-even live

Break-even rent $13,558

Max offer price $683,372

Occupancy floor —

Sensitivity live

Price	-10% $-5,297	-5% $-5,806	+0% $-6,315	+5% $-6,825	+10% $-7,334
Rent	-10% $-6,755	-5% $-6,535	+0% $-6,315	+5% $-6,096	+10% $-5,876
Rate	-1.0pp $-5,409	-0.5pp $-5,858	base $-6,315	+0.5pp $-6,781	+1.0pp $-7,256

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: $449,750
• Closing costs: $53,970
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
63 Sherwood Pl #63 Greenwich, CT	5.0	5.5	3072	$17,500	$5.70	5d	1	0.16mi
7 Prescott Ln Greenwich, CT	3.0	2.5	1706	$8,250	$4.84	23d	1	0.23mi
155 Milbank Ave Greenwich, CT	4.0	3.5	2794	$25,000	$8.95	45d	1	0.56mi
80 Brookside Dr Greenwich, CT	5.0	4.5	3327	$14,750	$4.43	5d	1	0.57mi
146 E Elm St Unit B Greenwich, CT	4.0	3.5	2809	$9,700	$3.45	21d	1	0.67mi
116 E Elm St Unit A Greenwich, CT	3.0	3.5	2150	$7,750	$3.60	5d	1	0.70mi
107 Havemeyer Pl Greenwich, CT	4.0	3.0	3077	$18,000	$5.85	25d	1	0.88mi
257 Bruce Park Ave Unit B Greenwich, CT	3.0	3.5	2270	$11,750	$5.18	16d	1	0.97mi
56 Old Field Point Rd Unit 4 Greenwich, CT	3.0	2.0	1800	$12,000	$6.67	5d	1	1.05mi
47 Indian Harbor Dr #7 Greenwich, CT	3.0	3.5	2200	$10,000	$4.55	45d	1	1.12mi
12 Artic St Unit 1 Greenwich, CT	3.0	2.0	1900	$4,850	$2.55	25d	1	1.23mi
17 Circle Dr Greenwich, CT	3.0	3.0	1911	$7,500	$3.92	16d	1	1.26mi
18 Cornelia Dr Greenwich, CT	4.0	3.5	2656	$12,250	$4.61	5d	1	1.30mi
16 Harold Ave Apt 2 Greenwich, CT	3.0	1.0	1686	$2,800	$1.66	45d	1	1.31mi
9 Valleywood Rd Cos Cob, CT	5.0	3.0	2348	$13,500	$5.75	45d	1	1.34mi
11 Annjim Dr Greenwich, CT	5.0	4.0	2417	$19,500	$8.07	16d	1	1.35mi
25 Alexander St Unit B Greenwich, CT	4.0	3.0	2550	$5,500	$2.16	45d	1	1.42mi
37 Gerry St Unit A Greenwich, CT	3.0	2.0	1700	$4,975	$2.93	45d	1	1.42mi

Listing history 23 events

1. 2026-06-21
   days on market $1,799,000 Active 65 DOM
2. 2026-06-18
   days on market $1,799,000 Active 62 DOM
3. 2026-06-17
   days on market $1,799,000 Active 61 DOM
4. 2026-06-16
   days on market $1,799,000 Active 60 DOM
5. 2026-06-15
   days on market $1,799,000 Active 59 DOM
6. 2026-06-13
   days on market $1,799,000 Active 57 DOM
7. 2026-06-10
   days on market $1,799,000 Active 54 DOM
8. 2026-06-09
   days on market $1,799,000 Active 53 DOM
9. 2026-06-08
   days on market $1,799,000 Active 52 DOM
10. 2026-06-07
    days on market $1,799,000 Active 51 DOM
11. 2026-06-03
    days on market $1,799,000 Active 47 DOM
12. 2026-06-03
    days on market $1,799,000 Active 46 DOM
13. 2026-06-02
    price $1,799,000 Active 45 DOM
14. 2026-06-01
    days on market $1,950,000 Active 45 DOM
15. 2026-05-31
    days on market $1,950,000 Active 44 DOM
16. 2026-04-17
    listed $1,950,000 Active 630-char remark

    Show marketing remark (630 chars)

    Well-maintained side-by-side two-family in Byram featuring two mirror-image units, each offering 2 bedrooms and 1.1 baths. Spacious layouts include living rooms, eat-in kitchens with breakfast areas, and private outdoor space. Each unit offers hardwood floors, central air, in-unit laundry, and a 2-car tandem garage with driveway. Benefit from Greenwich's extremely low property taxes while living in one unit and offsetting costs with rental income from the other. Ideally located in Byram, one of Greenwich's fastest-growing areas, just minutes to Metro-North for an easy NYC commute, with continued upside and long-term value.

17. 2026-04-17
    listed $1,950,000 Active 630-char remark

    Show marketing remark (630 chars)

    Well-maintained side-by-side two-family in Byram featuring two mirror-image units, each offering 2 bedrooms and 1.1 baths. Spacious layouts include living rooms, eat-in kitchens with breakfast areas, and private outdoor space. Each unit offers hardwood floors, central air, in-unit laundry, and a 2-car tandem garage with driveway. Benefit from Greenwich's extremely low property taxes while living in one unit and offsetting costs with rental income from the other. Ideally located in Byram, one of Greenwich's fastest-growing areas, just minutes to Metro-North for an easy NYC commute, with continued upside and long-term value.

18. 2026-04-17
    listed $1,950,000 Active

    Show marketing remark (630 chars)

    Well-maintained side-by-side two-family in Byram featuring two mirror-image units, each offering 2 bedrooms and 1.1 baths. Spacious layouts include living rooms, eat-in kitchens with breakfast areas, and private outdoor space. Each unit offers hardwood floors, central air, in-unit laundry, and a 2-car tandem garage with driveway. Benefit from Greenwich's extremely low property taxes while living in one unit and offsetting costs with rental income from the other. Ideally located in Byram, one of Greenwich's fastest-growing areas, just minutes to Metro-North for an easy NYC commute, with continued upside and long-term value.

19. 2026-04-17
    listed $1,950,000 Active

    Show marketing remark (630 chars)

    Well-maintained side-by-side two-family in Byram featuring two mirror-image units, each offering 2 bedrooms and 1.1 baths. Spacious layouts include living rooms, eat-in kitchens with breakfast areas, and private outdoor space. Each unit offers hardwood floors, central air, in-unit laundry, and a 2-car tandem garage with driveway. Benefit from Greenwich's extremely low property taxes while living in one unit and offsetting costs with rental income from the other. Ideally located in Byram, one of Greenwich's fastest-growing areas, just minutes to Metro-North for an easy NYC commute, with continued upside and long-term value.

20. 2026-04-16
    listed $1,950,000 Active
21. 2026-04-16
    listed $1,950,000 Active
22. 1994-05-16
    soldstatus
23. 1994-05-16
    listed $315,000

ⓘ 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: $6,324 · $527/mo
• Projected year-2 tax: $22,411 · $1,868/mo
• Expected delta: +$16,087/yr (+$1,341/mo · 254.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $66,766
• − Mortgage interest: −$100,772
• − Property taxes: −$6,324
• − Insurance: −$8,995
• − Repairs & maintenance: −$5,341
• − Management: −$5,341
• − Depreciation: −$52,335
• Taxable loss: −$112,342
• Est. tax savings @ 24.0%: +$26,962
• After-tax cash flow: $-48,822/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

+519.0% since first listed

8 events — show timeline

• 2026-04-17 Listed $1,950,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-17 Listed $1,950,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-17 Listed $1,950,000 Smart MLS
• 2026-04-17 Listed $1,950,000 Smart MLS
• 2026-04-16 Listed $1,950,000 GMLS
• 2026-04-16 Listed $1,950,000 GMLS
• 1994-05-16 Listed $315,000 GMLS
• 1994-05-16 Sold (MLS) — GMLS

Property tax history

+2.1%/yr

Latest (2023): $6,324 · +0.9% YoY. Source: county tax records.