303 Willow Spgs #303 · New Milford, CT 06776

$265,000

2 bd · 1.0 ba · 1,025 sqft · Condo · 18 Days on market

Built 1985 $398/mo HOA · 14% of rent

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Why this score? — see what drove the D 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 +12.9/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Livability +4.3/5.0
• DSCR +3.9/10.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Willow Springs! This well managed complex has a southern New Milford location making it an easy commute to Fairfield or Westchester County. Nice 2 bedroom ranch unit offers one level living and has everything you need, including laundry in the unit, fireplace, and combination living & dining room with low maintenance laminate flooring. The kitchen has granite counters and a pantry for extra storage. 2 bedrooms each have sliders to the back patio and the master bedroom has a huge walk in closet. The unit is tucked into a low traffic area in the complex and has plenty of parking. A storage room is available in the basement of this building. This pet friendly complex has a pool, and playground!

Key facts

• Spacious kitchen
• Newer appliances
• Ranch-style condo

Tags

• RANCH-STYLE CONDO
• OPEN-CONCEPT LIVING
• SPACIOUS KITCHEN
• GRANITE COUNTERTOPS
• NEWER APPLIANCES
• ABUNDANT CABINETRY

Property features AI

Finance

• Other: Complex contains multiple units (total ~350 units); Nearby amenities include golf course, health club, lake, medical facilities, shopping/mall, walk to bus lines, basketball court, playground
• HOA & community: Homeowners association with monthly fee; HOA fee includes clubhouse, grounds maintenance, trash pickup, property management, pool service, and road maintenance; Association amenities: basketball court, clubhouse, guest parking, playground/tot lot, pool; Pets allowed per HOA rules; Professional off-site property management

Exterior

• Parking: Paved unassigned parking; 2 parking spaces total
• Utilities: Public water connected; Public sewer connected; Electric hot water
• Home design: Condominium (unit in a complex); Part of Willow Springs complex
• Construction: Frame construction; Partial shared basement
• Exterior features: Vinyl siding; Patio; In-ground concrete swimming pool with safety fence

Interior

• Kitchen: Electric range; Range hood; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms (unit on 1st floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heat (electric); Wall cooling unit
• Interior features: Open floor plan; Accessible bathroom with grab bars
• Laundry & utility: Washer and electric dryer in closet on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-18 ($-218/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (1.0% below list).
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.5% in New Milford — 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 86/100 on livability (#2 in CT, #371 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: cost of living C-, amenities D-.
• New Milford School District (suburban): math 29% / reading 47% proficiency, ranked #100 of 153 in CT (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Sarah Noble Intermediate School (math 30% / reading 42%, grade F, #333 of 553 statewide, top 60%, 756 students, 41% FRL); Schaghticoke Middle School (math 28% / reading 47%, grade F, #112 of 175 statewide, top 66%, 811 students, 36% FRL); New Milford High School (math 33% / reading 62%, grade D, #91 of 194 statewide, top 47%, 1,247 students, 31% FRL) — zoned schools average 36% FRL vs 15% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 148 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• This rent runs 32% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $152k; list at $265k implies a 74% gain — meaningful room to come down on a strong offer.

Recommended offer $261,025 (1.5% below list)

Questions for the listing agent

1. 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?
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. 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?
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: 1.06% ✓
• Cap rate: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-43,811
• Equity at exit: $39,512

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-38,473
• Equity at exit: $22,912

Cash invested: $74,200 (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 06776

• Active inventory: 148
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,799 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$398
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $-18

Break-even live

Break-even rent $2,822

Max offer price $262,373

Occupancy floor 96%

Sensitivity live

Price	-10% $165	-5% $73	+0% $-18	+5% $-110	+10% $-201
Rent	-10% $-239	-5% $-129	+0% $-18	+5% $92	+10% $203
Rate	-1.0pp $115	-0.5pp $49	base $-18	+0.5pp $-87	+1.0pp $-157

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Willow Spgs #123 New Milford, CT	2.0	1.0	1025	$2,325	$2.27	46d	1	0.23mi
67 Lake Lillinonah Rd N Bridgewater, CT	2.0	1.5	1152	$3,500	$3.04	46d	1	1.05mi
75 Lake Lillinonah Rd N Bridgewater, CT	2.0	2.0	1344	$7,500	$5.58	46d	1	1.05mi

HOA detail condo

• Monthly dues: $398 · $4,776/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-02
   status Under Contract
2. 2026-04-10
   listed $265,000 Active
3. 2019-09-06
   soldstatus $152,000 Closed 715-char remark

   Show marketing remark (715 chars)

   Welcome to Willow Springs! This well managed complex has a southern New Milford location making it an easy commute to Fairfield or Westchester County. Nice 2 bedroom ranch unit offers one level living and has everything you need, including laundry in the unit, fireplace, and combination living & dining room with low maintenance laminate flooring. The kitchen has granite counters and a pantry for extra storage. 2 bedrooms each have sliders to the back patio and the master bedroom has a huge walk in closet. The unit is tucked into a low traffic area in the complex and has plenty of parking. A storage room is available in the basement of this building. This pet friendly complex has a pool, and playground!

4. 2019-08-01
   historical Under Contract - Continue to Show 715-char remark

   Show marketing remark (715 chars)

   Welcome to Willow Springs! This well managed complex has a southern New Milford location making it an easy commute to Fairfield or Westchester County. Nice 2 bedroom ranch unit offers one level living and has everything you need, including laundry in the unit, fireplace, and combination living & dining room with low maintenance laminate flooring. The kitchen has granite counters and a pantry for extra storage. 2 bedrooms each have sliders to the back patio and the master bedroom has a huge walk in closet. The unit is tucked into a low traffic area in the complex and has plenty of parking. A storage room is available in the basement of this building. This pet friendly complex has a pool, and playground!

5. 2019-07-15
   listed $159,900 Active 715-char remark

   Show marketing remark (715 chars)

   Welcome to Willow Springs! This well managed complex has a southern New Milford location making it an easy commute to Fairfield or Westchester County. Nice 2 bedroom ranch unit offers one level living and has everything you need, including laundry in the unit, fireplace, and combination living & dining room with low maintenance laminate flooring. The kitchen has granite counters and a pantry for extra storage. 2 bedrooms each have sliders to the back patio and the master bedroom has a huge walk in closet. The unit is tucked into a low traffic area in the complex and has plenty of parking. A storage room is available in the basement of this building. This pet friendly complex has a pool, and playground!

6. 2000-11-01
   soldstatus $85,900
7. 2000-10-20
   listed $85,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $33,588
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,687
• − Management: −$2,687
• − HOA: −$4,776
• − Depreciation: −$7,709
• Taxable loss: −$4,415
• Est. tax savings @ 24.0%: +$1,060
• After-tax cash flow: $842/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: New Milford School District
• NCES district ID: 0902850
• Math proficiency: 29% ▼ -22.00%
• Reading proficiency: 47% ▼ -11.00%
• Median HH income: $81,576
• Composite: 35.78/100
• National rank: #4839
• State rank: #100 of 153 in CT

Livability — New Milford

• Score: 86/100
• State rank: #2
• US rank: #371

Category grades

Amenities D- Commute A+ Cost of living C- Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Litchfield County · 81,203 people
• City population: 27,010
• Metro: Torrington, CT
• Population (ZIP): 27,010
• Household income: $104,112
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 627.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 12% Two or more races 7% Black 4% Asian 4%
• Hispanic origin (detail): Puerto Rican 4% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Italian 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Chinese 1%

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: ▼ -264.52%
• Current HPI: 305.6036
• Rent YoY: —
• Metro: Torrington, 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

+208.5% since first listed

7 events — show timeline

• 2026-05-02 Pending — Smart MLS
• 2026-04-10 Listed $265,000 Smart MLS
• 2019-09-06 Sold (MLS) $152,000 Smart MLS
• 2019-08-01 Contingent — Smart MLS
• 2019-07-15 Listed $159,900 Smart MLS
• 2000-11-01 Sold (MLS) $85,900 Smart MLS
• 2000-10-20 Listed $85,900 Smart MLS