2 Laurel Dr · Old Saybrook Center, CT 06441

$399,900

2 bd · 2.5 ba · 1,440 sqft · Condo public records · 31 Days on market

Built 1985 $278/sqft · 17% below area Est $480k · 17% under $726/mo HOA · 21% 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).

• ARV discount +15.0/15.0
• Cash flow +7.4/30.0
• Schools +6.4/10.0
• 1% rule +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained, one-owner tri-level condominium tucked away in a private, wooded setting. This spacious 2 bedroom, 2.5 bath home features an open floor plan with a bright living room complete with fireplace and slider leading to a large, private deck overlooking peaceful woods. .. perfect for relaxing or entertaining. The lower level offers excellent additional living space with a family room, dedicated office area, second slider to an expansive lower deck, and a generous storage area. A detached one-car garage adds convenience and extra storage. Set within beautifully landscaped grounds, this small 15 unit condominium complex is located in the charming shoreline town of Old Lyme, known fo

Key facts

• Open floor plan
• Bright living room
• Large private deck

Tags

• TRI-LEVEL CONDOMINIUM
• PRIVATE WOODED SETTING
• OPEN FLOOR PLAN
• BRIGHT LIVING ROOM
• LARGE PRIVATE DECK
• ADDITIONAL LIVING SPACE

Property features AI

Finance

• Other: Part of a 15-unit building/complex
• HOA & community: Homeowners association with monthly fee; Monthly HOA fee covers grounds maintenance, trash pickup, snow removal, property management, road maintenance and insurance; Professional off-site property management; Pet restrictions: indoor cat or one dog allowed

Exterior

• Parking: Detached garage (1-car)
• Utilities: Shared well water; Shared septic
• Home design: Condominium in a complex (Laurel Heights); Condo/Co-Op; Three levels in unit
• Construction: Frame construction
• Exterior features: Vinyl siding; Deck; Sidewalk; Secluded, treed setting

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Baseboard heating (electric); Heat pump; Central air; 50-gallon electric hot water tank
• Interior features: Open floor plan; Cable available; One fireplace; Full, partially finished walk-out basement
• Laundry & utility: Washer and dryer included; Laundry located in an upper-level full bath closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $400k.

Deal economics

• At list price, monthly cash flow is $-517 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $308k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (12.5% below list).
• Recommended offer: $308k (22.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 62/100 on livability (#135 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+; Watch: amenities F, commute F, cost of living F.
• Regional School District 18 (rural): math 67% / reading 76% proficiency, ranked #16 of 153 in CT (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Lyme-Old Lyme Middle School (math 58% / reading 72%, grade A-, #29 of 175 statewide, top 17%, 270 students, 13% FRL); Lyme-Old Lyme High School (math 67% / reading 77%, grade B+, #14 of 194 statewide, top 8%, 407 students, 12% FRL).
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 278 units permitted in Lower Connecticut River Valley Planning Region in 2024 (89 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $308,482 (22.9% 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. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 4.74%
• Cash-on-cash: -5.55%
• DSCR: 0.75
• GRM: 9.5

CMA / ARV

• ARV (median comp): $480,398
• List price: $399,900
• Delta: -16.76%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -25.6%
• Equity multiple: 0.13×
• Total profit: $-97,389
• Equity at exit: $59,626

10-year hold

• IRR: -21.7%
• Equity multiple: -0.12×
• Total profit: $-125,735
• Equity at exit: $34,576

Cash invested: $111,972 (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 06441

• Home prices YoY: -12.2%
• Active inventory: 18
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,500 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$293 /mo · $3,513/yr
• Insurance: −$167
• HOA: −$726
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $-517

Break-even live

Break-even rent $4,155

Max offer price $308,482

Occupancy floor —

Sensitivity live

Price	-10% $-291	-5% $-404	+0% $-517	+5% $-631	+10% $-744
Rent	-10% $-794	-5% $-656	+0% $-517	+5% $-379	+10% $-241
Rate	-1.0pp $-316	-0.5pp $-416	base $-517	+0.5pp $-621	+1.0pp $-727

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
58 Sill Ln Old Lyme, CT	2.0	1.0	1224	$3,500	$2.86	15d	1	0.91mi

HOA detail condo

• Monthly dues: $726 · $8,712/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-08
   status $399,900 Under Contract 31 DOM
2. 2026-06-07
   days on market $399,900 Active 31 DOM
3. 2026-06-03
   days on market $399,900 Active 27 DOM
4. 2026-06-02
   days on market $399,900 Active 26 DOM
5. 2026-06-01
   days on market $399,900 Active 25 DOM
6. 2026-05-31
   days on market $399,900 Active 24 DOM
7. 2026-05-30
   days on market $399,900 Active 23 DOM
8. 2026-05-06
   listed $399,900 Active 901-char remark

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

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $3,513 · $293/mo
• Projected year-2 tax: $6,035 · $503/mo
• Expected delta: +$2,522/yr (+$210/mo · 71.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $42,000
• − Mortgage interest: −$22,401
• − Property taxes: −$3,513
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,360
• − Management: −$3,360
• − HOA: −$8,712
• − Depreciation: −$11,633
• Taxable loss: −$12,979
• Est. tax savings @ 24.0%: +$3,115
• After-tax cash flow: $-3,095/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: Regional School District 18
• NCES district ID: 0903540
• Math proficiency: 67% ▼ -11.00%
• Reading proficiency: 76% ▼ -4.00%
• Median HH income: $87,776
• Composite: 64.19/100
• National rank: #566
• State rank: #16 of 153 in CT

Livability — Old Saybrook Center

• Score: 62/100
• State rank: #135
• US rank: #16848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,323

Population outlook (Lower Connecticut River Valley County) Hauer SSP2

• By 2040: 188,651

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 8% Hispanic / Latino 7% Two or more races 2% Black 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 12% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 6% · Vietnam, Canada
• Languages at home: 92% English-only · Vietnamese 3% Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Lower Connecticut River Valley

• 2024 margin: D (+13.4) · D 55.9% · R 42.4% · Other 1.7%
• All cycles: 2024: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.51%
• Current HPI: 175.6833
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-06-07 Pending — Smart MLS
• 2026-05-06 Listed $399,900 Smart MLS

Property tax history

+1.2%/yr

Latest (2023): $3,513 · +0.0% YoY. Source: county tax records.