21 W Division St

Greenwich, CT 06830

$1,799,000D

4 bd · 3.0 ba · 2,272 sqft · Built 1995 · MultiFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,564/mo
• Mortgage (P&I): −$9,434
• Tax + insurance: −$1,277
• HOA: −$0
• Vac / Maint / Mgmt: −$1,168
• Net cashflow: $-6,315/mo
• Annual: $-75,784/yr
• Cap rate: 2.08%
• Cash-on-cash: -15.04%
• DSCR: 0.33
• 1% rule: 0.31%
• Cash to close: $503,720

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $1.80M.
• 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).
• It's been on market 65 days — a 6% lower offer ($1.69M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $556k (69.1% below list) — sets the bar for 1% rule.
• In year one you build about $136k of equity ($12k loan paydown + $124k 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; 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).
• 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.
• By year 2, paydown + projected appreciation supports a ~$218k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• 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.
• 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.

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 65 days. Have you received any prior offers? Is the seller open to a 69% concession, seller financing, or rate buy-down credit?
• 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?
• 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.