700 Summer St Unit 7G

Stamford, CT 06901

$220,000D

1 bd · 1.0 ba · 478 sqft · Built 1961 · Condo · Under Contract · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,970/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$324
• HOA: −$350
• Vac / Maint / Mgmt: −$414
• Net cashflow: $-271/mo
• Annual: $-3,249/yr
• Cap rate: 4.82%
• Cash-on-cash: -5.27%
• DSCR: 0.77
• 1% rule: 0.90%
• Cash to close: $61,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $220k.
• At list price, monthly cash flow is $-271 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (21.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (10.4% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $172k (21.7% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($2k loan paydown + $6k appreciation (2.6% local appreciation)).
• Location reads 70/100 on livability (#98 in CT) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Stamford School District (urban): math 32% / reading 43% proficiency, ranked #103 of 153 in CT (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Davenport Ridge School (math 36% / reading 42%, grade F, #310 of 553 statewide, top 56%, 659 students, 41% FRL); Rippowam Middle School (math 20% / reading 37%, grade F, #146 of 175 statewide, top 84%, 725 students, 59% FRL); Westhill High School (math 33% / reading 50%, grade F, #102 of 194 statewide, top 53%, 2,265 students, 50% FRL).
• Market conditions: Rents flat; 24 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 3 sale attempts since 16y 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 $160k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.8% vs local median 3.0% in Stamford — 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

• 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?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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.