11 Phelps Rd · East Haddam, CT 06423

$749,000

4 bd · 3.0 ba · 2,641 sqft · Other · 247 Days on market

Built 1780 2.03 ac lot $284/sqft · at area comps Est $758k · at est.

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Why this score? — see what drove the C 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 +22.8/30.0
• ARV discount +8.0/15.0
• DSCR +7.3/10.0
• 1% rule +5.7/10.0
• Schools +5.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity in the Hadlyme section of East Haddam featuring two dwellings on one parcel set in a scenic, natural setting. The main circa 1780 Mill House offers approximately 1,786 sq ft with original hardwood floors, chestnut paneling, two second-floor bedrooms, two additional attic rooms, and a first-floor suite with fireplace and private entrance overlooking a historic spring-fed pond. Central air, oil heat, and recent hot water heater. The second dwelling is the thoughtfully restored Grace Chapel (circa 1901), now a modern ADU featuring an open layout with one bedroom, one and a half baths, full kitchen, mudroom, and stackable washer/dryer. Upgrades include energy-efficient windows and doors, spray foam insulation, ducted air-source heat pump, new roof, shake siding, poured concrete basement, and upgraded septic. Property borders Hungerford Brook and abuts approximately 250 acres of conservation land. Additional features include a historic post-and-beam barn, shed, electrified chicken coop, invisible pet fence, and security cameras. Conveniently located near the Hadlyme Ferry, Gillette Castle, Devil's Hopyard State Park, Fox Hopyard Golf Course, and the Goodspeed Opera House. Ideal for multigenerational living, guest use, or income potential.

Key facts

• Outdoor enhancements
• Spring fed pond
• Modern amenities

Tags

• HISTORIC CHAPEL TRANSFORMATION
• SPRING FED POND
• CHESTNUT POST AND BEAM BARN
• ENERGY EFFICIENT WINDOWS
• MODERN AMENITIES
• OUTDOOR ENHANCEMENTS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $749k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $749k).
• Recommended offer: $659k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• East Haddam School District (rural): math 47% / reading 65% proficiency, ranked #59 of 153 in CT (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $251k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $459k; list at $749k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $314/mo; built in 1780 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $659,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1780 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.07% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.45%
• DSCR: 1.33
• GRM: 7.8

CMA / ARV

• ARV (median comp): $757,752
• List price: $749,000
• Delta: -1.15%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-58,191
• Equity at exit: $111,678

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $31,282
• Equity at exit: $64,760

Cash invested: $209,720 (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 06423

• Home prices YoY: -21.1%
• Active inventory: 31
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $8,000 medium
• Mortgage (P&I): −$3,928
• Tax from tax record: −$778 /mo · $9,333/yr
• Insurance: −$312
• Flood insurance flood zone: −$314 /mo · $3,765/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,680
• Net cashflow: $989

Break-even live

Break-even rent $6,749

Max offer price $749,000

Occupancy floor 83%

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 Ferry Rd Unit GATEHOUSE Lyme, CT	3.0	3.5	2766	$8,000	$2.89	1d	1	0.99mi

Listing history 25 events

1. 2026-06-18
   days on market $749,000 Active 247 DOM
2. 2026-06-17
   days on market $749,000 Active 246 DOM
3. 2026-06-16
   days on market $749,000 Active 245 DOM
4. 2026-06-15
   days on market $749,000 Active 244 DOM
5. 2026-06-13
   days on market $749,000 Active 242 DOM
6. 2026-06-12
   days on market $749,000 Active 241 DOM
7. 2026-06-09
   days on market $749,000 Active 238 DOM
8. 2026-06-08
   days on market $749,000 Active 237 DOM
9. 2026-06-07
   days on market $749,000 Active 236 DOM
10. 2026-06-04
    days on market $749,000 Active 232 DOM
11. 2026-06-02
    days on market $749,000 Active 231 DOM
12. 2026-06-01
    days on market $749,000 Active 230 DOM
13. 2026-05-31
    days on market $749,000 Active 229 DOM
14. 2026-05-31
    days on market $749,000 Active 228 DOM
15. 2026-02-09
    price $749,000 1270-char remark

    Show marketing remark (1489 chars)

    Step into history with this charming circa 1780 Mill House combined with a historic chapel converted to a modern AUD. Located in the Hadlyme area of East Haddam, this unique property boasts many upgrades. Just under two miles from the Historic Hadlyme Ferry and Gillette's Castle State Park. This enchanting home spans 1,786 sf and beautifully balances antique elegance with modern amenities. Bedrooms: Two second floor primary bedrooms, plus two cozy attic rooms for flexible living arrangements. First-Floor Suite: A welcoming suite features a fireplace and private entrance, offering stunning views of the historic spring fed pond. Original Hardwood Floors: Original hardwood floors flow throughout the home with chestnut paneling adding character and warmth to the home. Modern Amenities: Enjoy year-round comfort with central AC, oil heating and a recently installed hot water heater. Outdoor Enhancements: Two security cameras with motion lights are installed for added peace of mind. Invisible fence for pets safety. Natural Setting: A nature lovers dream situated alongside Hungerford Brook including a historic spring fed pond, abutting 250 acres of conservation land ideal for exploration and enjoyment, Outbuildings: Historic chestnut post and beam barn, Carefree Shed and an electrified Carefree Shed chicken coop. Conveniently located just under 5 miles from Fox Hopyard Golf Course, Devils Hopyard State Park and The Goodspeed Opera House. Don't miss this park like pr

16. 2026-02-09
    price $749,000 1489-char remark

    Show marketing remark (1489 chars)

    Step into history with this charming circa 1780 Mill House combined with a historic chapel converted to a modern AUD. Located in the Hadlyme area of East Haddam, this unique property boasts many upgrades. Just under two miles from the Historic Hadlyme Ferry and Gillette's Castle State Park. This enchanting home spans 1,786 sf and beautifully balances antique elegance with modern amenities. Bedrooms: Two second floor primary bedrooms, plus two cozy attic rooms for flexible living arrangements. First-Floor Suite: A welcoming suite features a fireplace and private entrance, offering stunning views of the historic spring fed pond. Original Hardwood Floors: Original hardwood floors flow throughout the home with chestnut paneling adding character and warmth to the home. Modern Amenities: Enjoy year-round comfort with central AC, oil heating and a recently installed hot water heater. Outdoor Enhancements: Two security cameras with motion lights are installed for added peace of mind. Invisible fence for pets safety. Natural Setting: A nature lovers dream situated alongside Hungerford Brook including a historic spring fed pond, abutting 250 acres of conservation land ideal for exploration and enjoyment, Outbuildings: Historic chestnut post and beam barn, Carefree Shed and an electrified Carefree Shed chicken coop. Conveniently located just under 5 miles from Fox Hopyard Golf Course, Devils Hopyard State Park and The Goodspeed Opera House. Don't miss this park like pr

17. 2025-11-19
    price $849,900 1489-char remark

    Show marketing remark (1270 chars)

    Rare opportunity in the Hadlyme section of East Haddam featuring two dwellings on one parcel set in a scenic, natural setting. The main circa 1780 Mill House offers approximately 1,786 sq ft with original hardwood floors, chestnut paneling, two second-floor bedrooms, two additional attic rooms, and a first-floor suite with fireplace and private entrance overlooking a historic spring-fed pond. Central air, oil heat, and recent hot water heater. The second dwelling is the thoughtfully restored Grace Chapel (circa 1901), now a modern ADU featuring an open layout with one bedroom, one and a half baths, full kitchen, mudroom, and stackable washer/dryer. Upgrades include energy-efficient windows and doors, spray foam insulation, ducted air-source heat pump, new roof, shake siding, poured concrete basement, and upgraded septic. Property borders Hungerford Brook and abuts approximately 250 acres of conservation land. Additional features include a historic post-and-beam barn, shed, electrified chicken coop, invisible pet fence, and security cameras. Conveniently located near the Hadlyme Ferry, Gillette Castle, Devil's Hopyard State Park, Fox Hopyard Golf Course, and the Goodspeed Opera House. Ideal for multigenerational living, guest use, or income potential.

18. 2025-11-19
    price $849,900 1270-char remark

    Show marketing remark (1270 chars)

    Rare opportunity in the Hadlyme section of East Haddam featuring two dwellings on one parcel set in a scenic, natural setting. The main circa 1780 Mill House offers approximately 1,786 sq ft with original hardwood floors, chestnut paneling, two second-floor bedrooms, two additional attic rooms, and a first-floor suite with fireplace and private entrance overlooking a historic spring-fed pond. Central air, oil heat, and recent hot water heater. The second dwelling is the thoughtfully restored Grace Chapel (circa 1901), now a modern ADU featuring an open layout with one bedroom, one and a half baths, full kitchen, mudroom, and stackable washer/dryer. Upgrades include energy-efficient windows and doors, spray foam insulation, ducted air-source heat pump, new roof, shake siding, poured concrete basement, and upgraded septic. Property borders Hungerford Brook and abuts approximately 250 acres of conservation land. Additional features include a historic post-and-beam barn, shed, electrified chicken coop, invisible pet fence, and security cameras. Conveniently located near the Hadlyme Ferry, Gillette Castle, Devil's Hopyard State Park, Fox Hopyard Golf Course, and the Goodspeed Opera House. Ideal for multigenerational living, guest use, or income potential.

19. 2025-10-10
    listed $999,999 Active 1270-char remark

    Show marketing remark (1489 chars)

    Step into history with this charming circa 1780 Mill House combined with a historic chapel converted to a modern AUD. Located in the Hadlyme area of East Haddam, this unique property boasts many upgrades. Just under two miles from the Historic Hadlyme Ferry and Gillette's Castle State Park. This enchanting home spans 1,786 sf and beautifully balances antique elegance with modern amenities. Bedrooms: Two second floor primary bedrooms, plus two cozy attic rooms for flexible living arrangements. First-Floor Suite: A welcoming suite features a fireplace and private entrance, offering stunning views of the historic spring fed pond. Original Hardwood Floors: Original hardwood floors flow throughout the home with chestnut paneling adding character and warmth to the home. Modern Amenities: Enjoy year-round comfort with central AC, oil heating and a recently installed hot water heater. Outdoor Enhancements: Two security cameras with motion lights are installed for added peace of mind. Invisible fence for pets safety. Natural Setting: A nature lovers dream situated alongside Hungerford Brook including a historic spring fed pond, abutting 250 acres of conservation land ideal for exploration and enjoyment, Outbuildings: Historic chestnut post and beam barn, Carefree Shed and an electrified Carefree Shed chicken coop. Conveniently located just under 5 miles from Fox Hopyard Golf Course, Devils Hopyard State Park and The Goodspeed Opera House. Don't miss this park like pr

20. 2025-10-10
    listed $999,999 Active 1489-char remark

    Show marketing remark (1489 chars)

    Step into history with this charming circa 1780 Mill House combined with a historic chapel converted to a modern AUD. Located in the Hadlyme area of East Haddam, this unique property boasts many upgrades. Just under two miles from the Historic Hadlyme Ferry and Gillette's Castle State Park. This enchanting home spans 1,786 sf and beautifully balances antique elegance with modern amenities. Bedrooms: Two second floor primary bedrooms, plus two cozy attic rooms for flexible living arrangements. First-Floor Suite: A welcoming suite features a fireplace and private entrance, offering stunning views of the historic spring fed pond. Original Hardwood Floors: Original hardwood floors flow throughout the home with chestnut paneling adding character and warmth to the home. Modern Amenities: Enjoy year-round comfort with central AC, oil heating and a recently installed hot water heater. Outdoor Enhancements: Two security cameras with motion lights are installed for added peace of mind. Invisible fence for pets safety. Natural Setting: A nature lovers dream situated alongside Hungerford Brook including a historic spring fed pond, abutting 250 acres of conservation land ideal for exploration and enjoyment, Outbuildings: Historic chestnut post and beam barn, Carefree Shed and an electrified Carefree Shed chicken coop. Conveniently located just under 5 miles from Fox Hopyard Golf Course, Devils Hopyard State Park and The Goodspeed Opera House. Don't miss this park like pr

21. 2010-03-02
    soldstatus $459,000
22. 2010-03-01
    soldstatus $459,000
23. 2009-05-21
    listed $459,000
24. 2009-05-15
    historical
25. 2009-03-06
    listed $489,000

ⓘ 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: $9,333 · $778/mo
• Projected year-2 tax: $12,681 · $1,057/mo
• Expected delta: +$3,348/yr (+$279/mo · 35.9%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $96,000
• − Mortgage interest: −$41,956
• − Property taxes: −$9,333
• − Insurance: −$7,510
• − Repairs & maintenance: −$7,680
• − Management: −$7,680
• − Depreciation: −$21,789
• Taxable income: $52
• Est. tax owed @ 24.0%: −$13
• After-tax cash flow: $11,850/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: East Haddam School District
• NCES district ID: 0901200
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $82,341
• Composite: 50.78/100
• National rank: #1809
• State rank: #59 of 153 in CT

Livability — East Haddam

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 5,163

Population outlook (Lower Connecticut River Valley County) Hauer SSP2

• By 2040: 188,651

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 97% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lower Connecticut River Valley

• 2024 margin: D (+13.4) · D 55.9% · R 42.4% · Other 1.7%
• All cycles: 2024: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.47%
• Current HPI: 192.6785
• 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

+53.2% since first listed

11 events — show timeline

• 2026-02-09 Price Changed $749,000 Smart MLS
• 2026-02-09 Price Changed $749,000 Smart MLS
• 2025-11-19 Price Changed $849,900 Smart MLS
• 2025-11-19 Price Changed $849,900 Smart MLS
• 2025-10-10 Listed $999,999 Smart MLS
• 2025-10-10 Listed $999,999 Smart MLS
• 2010-03-02 Sold (Public Records) $459,000 Public Records
• 2010-03-01 Sold (MLS) $459,000 Smart MLS
• 2009-05-21 Listed $459,000 Smart MLS
• 2009-05-15 Listing Removed — Smart MLS
• 2009-03-06 Listed $489,000 Smart MLS

Property tax history

+6.2%/yr

Latest (2022): $9,333 · +68.1% YoY. Source: county tax records.