1535 E Putnam Ave #307 · Greenwich, CT 06870

$415,000

1 bd · 1.0 ba · 665 sqft · Condo public records · 18 Days on market

Built 1975 $556/mo HOA · 11% of rent

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Why this score? — see what drove the B 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 +24.7/30.0
• Appreciation +9.7/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Relax and enjoy easy living in this light filled, cozy 1BR condo with sunny Southern exposure. Close to town, schools, and beach with easy access to trains and public transportation. Spacious kitchen has pass-through to DR/LR for added convenience. Laundry on premises. 2 Parking stickers included in HOA fee of $557/mo. Plenty of off street parking for guests. Assessment of $89.72/mo for replacement of elevators until 7/31/2035

Key facts

• $556 HOA
• 2 parking spots
• Built 1975

Property features AI

Finance

• Other: Part of a 63-unit building
• HOA & community: Monthly HOA ($556); HOA covers grounds maintenance, trash pickup, snow removal, hot water and water; Association amenities include elevator; Professional off-site property management; Pets allowed with restrictions

Exterior

• Parking: Paved off-street parking and parking lot; 2 parking spaces
• Security: Building security system
• Utilities: Public water connected; Public sewer connected; Hot water: other
• Home design: Condominium in a multi-unit complex (Greenwich Green I); Unit located on 3rd floor; White exterior color
• Construction: Other construction type
• Exterior features: Stucco exterior; Terrace; Treed, level lot

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: 1 bedroom (unit on 3rd floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall unit heating; Wall unit cooling
• Interior features: Cable pre-wired; Elevator; Security system
• Laundry & utility: Laundry on main/1st floor

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $415k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $415k).
• Recommended offer: $409k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: International School At Dundee (math 77% / reading 82%, grade A, #22 of 553 statewide, top 4%, 341 students, 8% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 49 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).

Forward outlook

• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (9.4% local appreciation)).
• At projected returns (9.4% appreciation + 3.0% rent growth), your $116k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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 18 days — a 2% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 25y 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 $285k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $408,775 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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 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: 1.21% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.6%
• Equity multiple: 3.27×
• Total profit: $264,061
• Equity at exit: $355,561

10-year hold

• IRR: 25.9%
• Equity multiple: 7.29×
• Total profit: $730,767
• Equity at exit: $748,105

Cash invested: $116,200 (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 06870

• Home prices YoY: 4.8%
• Active inventory: 49
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $5,006 high
• Mortgage (P&I): −$2,176
• Tax from tax record: −$186 /mo · $2,226/yr
• Insurance: −$173
• HOA: −$556
• Vacancy / Maint / Mgmt: −$1,051
• Net cashflow: $864

Break-even live

Break-even rent $3,912

Max offer price $415,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,099	-5% $982	+0% $864	+5% $747	+10% $629
Rent	-10% $469	-5% $666	+0% $864	+5% $1,062	+10% $1,260
Rate	-1.0pp $1,073	-0.5pp $970	base $864	+0.5pp $757	+1.0pp $647

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1525 E Putnam Ave #407 Old Greenwich, CT	1.0	1.0	676	$2,590	$3.83	12d	1	0.05mi
19 Piave St Stamford, CT	1.0	1.0	501	$1,995	$3.98	11d	1	0.53mi
1 Birch Dr Unit 38 Stamford, CT	1.0	1.0	675	$2,295	$3.40	44d	1	0.57mi
22 Leslie St #3 Stamford, CT	2.0	1.0	700	$2,600	$3.71	44d	1	0.58mi
14 Southwood Dr Stamford, CT	1.0–2.0	1.0–2.0	801	$2,325	$2.90	4d	4	0.68mi
29 Wilson St Unit 3 Stamford, CT	1.0	1.0	600	$1,900	$3.17	20d	1	0.70mi
22 Orchard St Unit 1 Stamford, CT	2.0	1.0	725	$2,400	$3.31	4d	1	1.03mi
9 W Main St Stamford, CT	2.0	1.0–2.0	739	$2,770	$3.75	4d	1	1.12mi
28 Southfield Ave Stamford, CT	1.0–2.0	1.0–2.0	964	$2,661	$2.76	4d	6	1.17mi
25 Main St Apt 3 Stamford, CT	1.0	1.0	525	$1,850	$3.52	24d	1	1.18mi
75 Tresser Blvd Stamford, CT	2.0	1.0–2.0	870	$3,348	$3.85	3d	21	1.24mi
100 Tresser Blvd Stamford, CT	3.0	1.0–2.0	1090	$5,121	$4.70	0d	11	1.33mi
1011 Washington Blvd Stamford, CT	2.0	1.0–2.0	883	$3,456	$3.91	4d	20	1.33mi
20 North St Unit 11-2 Stamford, CT	1.0	1.0	596	$2,000	$3.36	15d	1	1.37mi
60 Knobloch Ln Stamford, CT	1.0	1.0	545	$1,675	$3.07	44d	1	1.37mi
405 Atlantic St Stamford, CT	2.0	1.0–2.0	818	$3,852	$4.71	0d	18	1.38mi
66 Summer St Stamford, CT	1.0–2.0	1.0–2.0	889	$2,861	$3.22	4d	15	1.39mi
1340 Washington Blvd Stamford, CT	1.0–2.0	1.0–2.0	969	$2,669	$2.75	12d	11	1.40mi
1450 Washington Blvd Stamford, CT	3.0	1.0–2.5	1188	$2,700	$2.27	24d	1	1.41mi
1315 Washington Blvd Stamford, CT	—	1.0	455	$1,925	$4.23	4d	3	1.42mi
681 Atlantic St Stamford, CT	1.0–2.0	1.0–2.0	944	$2,580	$2.73	44d	5	1.42mi
184 Summer St Stamford, CT	3.0	1.0–2.5	1138	$2,876	$2.53	44d	18	1.43mi
184 Summer St Stamford, CT	2.0	1.0–2.5	901	$3,456	$3.83	3d	18	1.43mi
355 Atlantic St Stamford, CT	2.0	1.0–2.0	840	$3,529	$4.20	4d	13	1.43mi
401 Atlantic St Unit 26A Stamford, CT	—	1.0	488	$2,302	$4.72	22d	1	1.44mi
51 Bank St Unit 2C Stamford, CT	1.0	1.0	750	$2,095	$2.79	4d	1	1.45mi
191 Summer St Unit 3 Stamford, CT	1.0	1.0	700	$2,500	$3.57	44d	1	1.46mi
460 Summer St Ste 310 Stamford, CT	1.0	1.0	550	$2,400	$4.36	4d	1	1.49mi
460 Summer St Unit 500 Stamford, CT	1.0	1.0	550	$2,425	$4.41	15d	1	1.49mi
460 Summer St Unit 207 Stamford, CT	—	1.0	418	$2,125	$5.08	15d	1	1.49mi
2 Harbor Point Rd S Stamford, CT	1.0–2.0	1.0–2.0	1091	$3,365	$3.08	4d	3	1.49mi

HOA detail condo

• Monthly dues: $556 · $6,672/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-04-10
   status Under Contract
2. 2026-04-09
   status Pending 430-char remark

   Show marketing remark (430 chars)

   Relax and enjoy easy living in this light filled, cozy 1BR condo with sunny Southern exposure. Close to town, schools, and beach with easy access to trains and public transportation. Spacious kitchen has pass-through to DR/LR for added convenience. Laundry on premises. 2 Parking stickers included in HOA fee of $557/mo. Plenty of off street parking for guests. Assessment of $89.72/mo for replacement of elevators until 7/31/2035

3. 2026-03-23
   listed $415,000 Active

   Show marketing remark (430 chars)

   Relax and enjoy easy living in this light filled, cozy 1BR condo with sunny Southern exposure. Close to town, schools, and beach with easy access to trains and public transportation. Spacious kitchen has pass-through to DR/LR for added convenience. Laundry on premises. 2 Parking stickers included in HOA fee of $557/mo. Plenty of off street parking for guests. Assessment of $89.72/mo for replacement of elevators until 7/31/2035

4. 2026-03-23
   listed $415,000 Active 430-char remark

   Show marketing remark (430 chars)

   Relax and enjoy easy living in this light filled, cozy 1BR condo with sunny Southern exposure. Close to town, schools, and beach with easy access to trains and public transportation. Spacious kitchen has pass-through to DR/LR for added convenience. Laundry on premises. 2 Parking stickers included in HOA fee of $557/mo. Plenty of off street parking for guests. Assessment of $89.72/mo for replacement of elevators until 7/31/2035

5. 2018-12-14
   soldstatus $285,000
6. 2018-12-12
   soldstatus $285,000 Closed 292-char remark

   Show marketing remark (292 chars)

   Bright and spacious south facing condo in mid-rise elevator building with park-like surroundings. Conveniently located across from the Old Greenwich Hyatt, offering easy access to Old Greenwich village, Parks, Beach and Riverside & Stamford shopping. Ample parking for owner and guests.

7. 2018-12-11
   soldstatus $285,000 Closed
8. 2018-11-07
   historical Contingent Contract 292-char remark

   Show marketing remark (292 chars)

   Bright and spacious south facing condo in mid-rise elevator building with park-like surroundings. Conveniently located across from the Old Greenwich Hyatt, offering easy access to Old Greenwich village, Parks, Beach and Riverside & Stamford shopping. Ample parking for owner and guests.

9. 2018-09-27
   listed $295,000 Active
10. 2018-08-29
    listed $295,000 Active 292-char remark

    Show marketing remark (292 chars)

    Bright and spacious south facing condo in mid-rise elevator building with park-like surroundings. Conveniently located across from the Old Greenwich Hyatt, offering easy access to Old Greenwich village, Parks, Beach and Riverside & Stamford shopping. Ample parking for owner and guests.

11. 2017-07-10
    historical
12. 2013-12-23
    soldstatus $254,000
13. 2013-12-20
    soldstatus $254,000
14. 2013-12-20
    soldstatus $270,000
15. 2013-10-22
    listed $270,000
16. 2013-10-08
    listed $270,000
17. 2009-12-21
    listed $295,000
18. 2007-09-04
    soldstatus $320,000
19. 2007-08-28
    soldstatus $320,000
20. 2006-09-20
    listed $339,000
21. 2006-09-19
    listed $339,000
22. 2002-03-08
    soldstatus $215,000
23. 2002-03-08
    soldstatus $215,000
24. 2002-03-08
    soldstatus $215,000
25. 2002-01-16
    listed $224,900
26. 2002-01-11
    listed $224,900
27. 2002-01-10
    historical
28. 2001-10-24
    listed $230,000
29. 1990-01-30
    soldstatus $127,500

ⓘ 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: $2,226 · $186/mo
• Projected year-2 tax: $5,554 · $463/mo
• Expected delta: +$3,328/yr (+$277/mo · 149.5%)

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

Taxation est. · year 1

• Rental income: $60,073
• − Mortgage interest: −$23,246
• − Property taxes: −$2,226
• − Insurance: −$2,075
• − Repairs & maintenance: −$4,806
• − Management: −$4,806
• − HOA: −$6,672
• − Depreciation: −$12,073
• Taxable income: $4,169
• Est. tax owed @ 24.0%: −$1,001
• After-tax cash flow: $9,368/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: Old Greenwich, CT
• County: Fairfield County · 765,532 people
• City population: 47,954
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 7,864
• Household income: $250,001
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 143.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 10% Asian 9% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Puerto Rican 2% Salvadoran 1%
• Common ancestry: Romanian 5% Slovak 3% Estonian 2%
• Foreign-born: 21% · Canada, China, Jamaica
• Languages at home: 82% English-only · Other Indo-European 7% Spanish 5% Chinese 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: ▲ 9.39%
• Current HPI: 205.9983
• Rent YoY: —
• 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

+225.5% since first listed

29 events — show timeline

• 2026-04-10 Pending — Smart MLS
• 2026-04-09 Pending — GMLS
• 2026-03-23 Listed $415,000 GMLS
• 2026-03-23 Listed $415,000 Smart MLS
• 2018-12-14 Sold (Public Records) $285,000 Public Records
• 2018-12-12 Sold (MLS) $285,000 GMLS
• 2018-12-11 Sold (MLS) $285,000 Smart MLS
• 2018-11-07 Contingent — GMLS
• 2018-09-27 Listed $295,000 Smart MLS
• 2018-08-29 Listed $295,000 GMLS
• 2017-07-10 Delisted — GMLS
• 2013-12-23 Sold (Public Records) $254,000 Public Records
• 2013-12-20 Sold (MLS) $270,000 Smart MLS
• 2013-12-20 Sold (MLS) $254,000 GMLS
• 2013-10-22 Listed $270,000 Smart MLS
• 2013-10-08 Listed $270,000 GMLS
• 2009-12-21 Listed $295,000 GMLS
• 2007-09-04 Sold (MLS) $320,000 Smart MLS
• 2007-08-28 Sold (MLS) $320,000 GMLS
• 2006-09-20 Listed $339,000 Smart MLS
• 2006-09-19 Listed $339,000 GMLS
• 2002-03-08 Sold (Public Records) $215,000 Public Records
• 2002-03-08 Sold (MLS) $215,000 Smart MLS
• 2002-03-08 Sold (MLS) $215,000 GMLS
• 2002-01-16 Listed $224,900 Smart MLS
• 2002-01-11 Listed $224,900 GMLS
• 2002-01-10 Listing Removed — Smart MLS
• 2001-10-24 Listed $230,000 Smart MLS
• 1990-01-30 Sold (Public Records) $127,500 Public Records

Property tax history

+0.9%/yr

Latest (2023): $2,226 · +0.9% YoY. Source: county tax records.