102 Lake Kitchawan Dr

Ridgefield, CT 10590

$295,000B-

2 bd · 2.0 ba · 900 sqft · Built 1936 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,689/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$549
• HOA: −$7
• Vac / Maint / Mgmt: −$775
• Net cashflow: $811/mo
• Annual: $9,733/yr
• Cap rate: 9.59%
• Cash-on-cash: 11.78%
• DSCR: 1.52
• 1% rule: 1.25%
• Cash to close: $82,600

Investor read

• This is a 2-bed/2.0-bath single-family listed at $295k.
• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• It's been on market 51 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $286k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#38 in CT, #2,615 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, commute A-; Watch: amenities F, cost of living F.
• Katonah-Lewisboro Union Free School District (suburban): math 75% / reading 82% proficiency, ranked #32 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Meadow Pond Elementary School (math 77% / reading 87%, grade A+, #138 of 2,108 statewide, top 8%, 342 students, 8% FRL); John Jay Middle School (math 58% / reading 79%, grade A, #94 of 729 statewide, top 13%, 662 students, 7% FRL); John Jay High School (math 98% / reading 82%, grade A+, #238 of 1,100 statewide, top 23%, 917 students, 9% FRL) — zoned schools at 8% FRL track the district average.
• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $54k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $161k; list at $295k implies a 84% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.6% vs local median 2.5% in Ridgefield — 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

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1936 — 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?
• 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 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.