19 Crooked Trl

Norwalk, CT 06853

$1,495,000B-

3 bd · 2.0 ba · 2,119 sqft · Built 1960 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,918/mo
• Mortgage (P&I): −$7,840
• Tax + insurance: −$1,807
• HOA: −$0
• Vac / Maint / Mgmt: −$3,553
• Net cashflow: $3,719/mo
• Annual: $44,622/yr
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• 1% rule: 1.13%
• Cash to close: $418,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.50M.
• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.50M).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#41 in CT, #2,966 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities C-, cost of living F.
• Norwalk School District (urban): math 29% / reading 44% proficiency, ranked #104 of 153 in CT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rowayton School (math 60% / reading 64%, grade B, #137 of 553 statewide, top 28%, 468 students, 33% FRL); Roton Middle School (math 38% / reading 49%, grade D, #98 of 175 statewide, top 57%, 494 students, 49% FRL); Brien Mcmahon High School (math 30% / reading 58%, grade F, #97 of 194 statewide, top 50%, 1,711 students, 49% FRL) — zoned schools at 44% FRL track the district average.
• Zoned-school proficiency averages 50% at this address vs 36% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Norwalk School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 25 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 5 sale attempts since 20y 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 $685k; list at $1.50M implies a 118% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 73% 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 9.3% vs local median 3.4% in Norwalk — 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.

Questions for listing agent

• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.