11 King Arthur Dr · Niantic, CT 06357

$235,000

2 bd · 2.0 ba · 1,120 sqft · Condo · 15 Days on market

Built 1969 Poor condition

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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 +14.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +5.5/10.0
• DSCR +4.5/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

End unit - bright & sunny - hardwood pergo flooring in entry w/ elevated dining area. Updated kitchen, painted cabinets w/ newer counter tops. Condo fee is 180 & 60 for oil. Association is in process of preparing to work on ** see additional remarks ** the mansard asphalt areasto replace the shingles. Updated vinyl floors in kt & baths.

Key facts

• Open patio area
• Parks
• Golf course

Tags

• OPEN PATIO AREA
• TOP-RATED HIGH SCHOOL DISTRICT
• GOLF COURSE
• PARKS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $235k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $66 ($787/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.0% in Niantic — 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 78/100 on livability (#35 in CT, #2,462 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: cost of living D+, amenities F, commute F.
• East Lyme School District (rural): math 55% / reading 68% proficiency, ranked #42 of 153 in CT (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 61 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 33% of the median local income ($93k/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 $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 30 sale attempts since 29y ago; this cycle's ask is 77% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $133k; list at $235k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,475 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.10% ✓
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 7.6

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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-33,645
• Equity at exit: $35,039

10-year hold

• IRR: -5.3%
• Equity multiple: 0.65×
• Total profit: $-22,868
• Equity at exit: $20,319

Cash invested: $65,800 (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 06357

• Home prices YoY: -21.9%
• Active inventory: 61
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,592 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA est. from 7 same-building comps: −$358
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $66

Break-even live

Break-even rent $2,509

Max offer price $235,000

Occupancy floor 92%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Lighthouse Ln East Lyme, CT	1.0–3.0	1.0–2.5	1550	$3,145	$2.03	13d	7	0.80mi
1 Maple Tree Ln East Lyme, CT	3.0	1.0–2.0	960	$2,682	$2.79	13d	11	0.93mi
32 Upper Pattagansett Rd #25 East Lyme, CT	2.0	2.5	1228	$2,300	$1.87	43d	1	1.23mi
231 Boston Post Rd #9 East Lyme, CT	2.0	1.5	1018	$2,300	$2.26	43d	1	1.27mi
231 Boston Post Rd #9 East Lyme, CT	2.0	1.5	1088	$2,300	$2.11	13d	1	1.27mi
14 Stoney Brook Dr Waterford, CT	2.0	1.5	720	$2,300	$3.19	13d	1	1.40mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-05-12
   listed $235,000 Active 376-char remark
2. 2004-07-02
   soldstatus $132,900 350-char remark

   Show marketing remark (350 chars)

   End unit - bright & sunny - hardwood pergo flooring in entry w/ elevated dining area. Updated kitchen, painted cabinets w/ newer counter tops. Condo fee is 180 & 60 for oil. Association is in process of preparing to work on ** see additional remarks ** the mansard asphalt areasto replace the shingles. Updated vinyl floors in kt & baths.

3. 2004-05-19
   listed $132,900 350-char remark

   Show marketing remark (350 chars)

   End unit - bright & sunny - hardwood pergo flooring in entry w/ elevated dining area. Updated kitchen, painted cabinets w/ newer counter tops. Condo fee is 180 & 60 for oil. Association is in process of preparing to work on ** see additional remarks ** the mansard asphalt areasto replace the shingles. Updated vinyl floors in kt & baths.

4. 2002-09-11
   soldstatus $102,000

   Show marketing remark (207 chars)

   Lovely 2 bdrm, 1.5 Bath townhouse-style condominium w/ sunken living rm and lovely floorplan. Washer & dryer on upper level. Lovely views of grounds from rear deck. A fantastic find! Don t miss this one!

5. 2002-08-30
   soldstatus $101,900
6. 2002-06-21
   listed $99,900

   Show marketing remark (207 chars)

   Lovely 2 bdrm, 1.5 Bath townhouse-style condominium w/ sunken living rm and lovely floorplan. Washer & dryer on upper level. Lovely views of grounds from rear deck. A fantastic find! Don t miss this one!

7. 2002-05-24
   soldstatus $99,900
8. 2002-05-04
   listed $101,900
9. 2002-04-11
   soldstatus $104,000
10. 2002-04-08
    listed $99,900
11. 2002-03-13
    listed $109,900
12. 2002-01-14
    soldstatus $81,000
13. 2001-12-12
    listed $89,900
14. 2001-12-05
    soldstatus $85,500
15. 2001-11-15
    soldstatus $88,900
16. 2001-10-02
    listed $85,000
17. 2001-09-15
    listed $88,900
18. 2001-06-29
    soldstatus $82,500
19. 2001-05-07
    soldstatus $67,000
20. 2001-05-01
    listed $82,500
21. 2001-04-03
    soldstatus $69,900
22. 2001-03-20
    soldstatus $70,000
23. 2001-02-26
    listed $72,900
24. 2001-02-08
    listed $69,900
25. 2001-01-31
    soldstatus $69,900
26. 2000-11-25
    listed $69,900
27. 2000-11-17
    soldstatus $68,000
28. 2000-11-10
    soldstatus $68,000
29. 2000-11-10
    listed $68,500
30. 2000-10-14
    historical
31. 2000-09-16
    historical
32. 2000-07-14
    soldstatus $71,000
33. 2000-06-23
    soldstatus $70,000
34. 2000-06-03
    listed $71,900
35. 2000-04-27
    soldstatus $68,500
36. 2000-04-25
    listed $68,500
37. 2000-04-03
    listed $72,900
38. 2000-03-24
    listed $74,900
39. 2000-03-16
    listed $72,900
40. 2000-02-28
    soldstatus $59,000
41. 2000-01-14
    listed $78,900
42. 1999-12-31
    historical
43. 1999-12-27
    listed $59,900
44. 1999-10-05
    soldstatus $47,000
45. 1999-09-17
    soldstatus $60,000
46. 1999-09-14
    listed $60,000
47. 1999-08-05
    listed $49,500
48. 1999-05-07
    listed $68,900
49. 1999-04-08
    listed $58,900
50. 1999-03-12
    soldstatus $54,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,103
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,488
• − Management: −$2,488
• − HOA: −$4,296
• − Depreciation: −$6,836
• Taxable loss: −$2,870
• Est. tax savings @ 24.0%: +$689
• After-tax cash flow: $1,475/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Immediate focus should be on the roof and exterior siding to ensure safety and improve curb appeal.

Repairs flagged

• Major roof — Missing shingles
• Major exterior siding — Weathered and damaged
• Major flooring — Worn-out carpet
• Major interior walls — Peeling paint
• Major bathrooms — Visible damage to fixtures
• Major kitchen — Visible damage to cabinets and countertops

Value-add opportunities

• Both New roof — Critical to safety and appearance
• Both New siding — Improves curb appeal and durability
• Both New flooring — Enhances comfort and value
• Both Paint interior walls — Fresh paint improves aesthetics
• Both Replace bathroom fixtures — Modernizes and improves functionality
• Both Replace kitchen cabinets and countertops — Modernizes and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Missing shingles	Major	$15,000–50,000
exterior siding · Weathered and damaged	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
bathrooms · Visible damage to fixtures	Major	$15,000–50,000
kitchen · Visible damage to cabinets and countertops	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both New roof — Critical to safety and appearance ↑
• Both New siding — Improves curb appeal and durability ↑
• Both New flooring — Enhances comfort and value ↑
• Both Paint interior walls — Fresh paint improves aesthetics ↑
• Both Replace bathroom fixtures — Modernizes and improves functionality ↑
• Both Replace kitchen cabinets and countertops — Modernizes and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Lyme School District
• NCES district ID: 0901320
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 68% ▼ -7.00%
• Median HH income: $81,441
• Composite: 55.28/100
• National rank: #1264
• State rank: #42 of 153 in CT

Livability — Niantic

• Score: 78/100
• State rank: #35
• US rank: #2462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New London County · 147,197 people
• City population: 11,332
• Metro: Norwich-New London, CT
• Population (ZIP): 11,332
• Household income: $93,026
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 329.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 6% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 86% English-only · Other Indo-European 5% Spanish 3% Other Asian/Pacific 2%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.97%
• Current HPI: 313.6313
• Rent YoY: —
• Metro: Norwich-New London, 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

+121.9% since first listed

60 events — show timeline

• 2004-07-02 Sold (MLS) $132,900 Smart MLS
• 2004-05-19 Listed $132,900 Smart MLS
• 2002-09-11 Sold (MLS) $102,000 Smart MLS
• 2002-08-30 Sold (MLS) $101,900 Smart MLS
• 2002-06-21 Listed $99,900 Smart MLS
• 2002-05-24 Sold (MLS) $99,900 Smart MLS
• 2002-05-04 Listed $101,900 Smart MLS
• 2002-04-11 Sold (MLS) $104,000 Smart MLS
• 2002-04-08 Listed $99,900 Smart MLS
• 2002-03-13 Listed $109,900 Smart MLS
• 2002-01-14 Sold (MLS) $81,000 Smart MLS
• 2001-12-12 Listed $89,900 Smart MLS
• 2001-12-05 Sold (MLS) $85,500 Smart MLS
• 2001-11-15 Sold (MLS) $88,900 Smart MLS
• 2001-10-02 Listed $85,000 Smart MLS
• 2001-09-15 Listed $88,900 Smart MLS
• 2001-06-29 Sold (MLS) $82,500 Smart MLS
• 2001-05-07 Sold (MLS) $67,000 Smart MLS
• 2001-05-01 Listed $82,500 Smart MLS
• 2001-04-03 Sold (MLS) $69,900 Smart MLS
• 2001-03-20 Sold (MLS) $70,000 Smart MLS
• 2001-02-26 Listed $72,900 Smart MLS
• 2001-02-08 Listed $69,900 Smart MLS
• 2001-01-31 Sold (MLS) $69,900 Smart MLS
• 2000-11-25 Listed $69,900 Smart MLS
• 2000-11-17 Sold (MLS) $68,000 Smart MLS
• 2000-11-10 Listed $68,500 Smart MLS
• 2000-11-10 Sold (MLS) $68,000 Smart MLS
• 2000-10-14 Listing Removed — Smart MLS
• 2000-09-16 Listing Removed — Smart MLS
• 2000-07-14 Sold (MLS) $71,000 Smart MLS
• 2000-06-23 Sold (MLS) $70,000 Smart MLS
• 2000-06-03 Listed $71,900 Smart MLS
• 2000-04-27 Sold (MLS) $68,500 Smart MLS
• 2000-04-25 Listed $68,500 Smart MLS
• 2000-04-03 Listed $72,900 Smart MLS
• 2000-03-24 Listed $74,900 Smart MLS
• 2000-03-16 Listed $72,900 Smart MLS
• 2000-02-28 Sold (MLS) $59,000 Smart MLS
• 2000-01-14 Listed $78,900 Smart MLS
• 1999-12-31 Listing Removed — Smart MLS
• 1999-12-27 Listed $59,900 Smart MLS
• 1999-10-05 Sold (MLS) $47,000 Smart MLS
• 1999-09-17 Sold (MLS) $60,000 Smart MLS
• 1999-09-14 Listed $60,000 Smart MLS
• 1999-08-05 Listed $49,500 Smart MLS
• 1999-05-07 Listed $68,900 Smart MLS
• 1999-04-08 Listed $58,900 Smart MLS
• 1999-03-12 Sold (MLS) $54,000 Smart MLS
• 1998-10-31 Sold (MLS) $48,000 Smart MLS
• 1998-10-01 Listed $62,500 Smart MLS
• 1998-09-24 Sold (MLS) $66,200 Smart MLS
• 1998-07-16 Sold (MLS) $54,000 Smart MLS
• 1998-06-03 Listing Removed — Smart MLS
• 1998-06-03 Listed $49,900 Smart MLS
• 1998-06-03 Listed $49,900 Smart MLS
• 1998-05-06 Sold (MLS) $55,000 Smart MLS
• 1998-04-30 Listed $54,000 Smart MLS
• 1998-03-27 Listed $69,900 Smart MLS
• 1997-05-10 Listed $59,900 Smart MLS