32 Whitney Gln #32

Westport, CT 06880

$459,000C+

1 bd · 2.0 ba · 949 sqft · Built 1982 · Condo · Under Contract · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,884/mo
• Mortgage (P&I): −$2,407
• Tax + insurance: −$765
• HOA: −$261
• Vac / Maint / Mgmt: −$1,026
• Net cashflow: $426/mo
• Annual: $5,108/yr
• Cap rate: 7.41%
• Cash-on-cash: 3.97%
• DSCR: 1.18
• 1% rule: 1.06%
• Cash to close: $128,520

Investor read

• This is a 1-bed/2.0-bath condo listed at $459k. Condition is rated good.
• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $459k).
• It's been on market 16 days — a 2% lower offer ($452k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $452k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#119 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing D+, amenities F, commute F.
• Westport School District (suburban): math 74% / reading 82% proficiency, ranked #3 of 153 in CT (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Long Lots School (math 76% / reading 86%, grade A+, #20 of 553 statewide, top 4%, 590 students, 2% FRL); Staples High School (math 76% / reading 92%, grade A, #3 of 194 statewide, top 1%, 1,686 students, 2% FRL) — zoned schools at 2% FRL track the district average.
• Market conditions: Rents rising fast (+5.6%/yr); 196 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• 2 sale attempts since 30y 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.
• Climate carrying-cost: major wind risk, 65% 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.

Questions for listing agent

• 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?
• 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?
• 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.
• 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.