26 Preston Ln · Canaan, CT 06068

$1,799,000

4 bd · 3.5 ba · 3,480 sqft · SingleFamily · 192 Days on market

Built 2025 1.04 ac lot Est $1291k · 39% over $42/mo HOA ↓ 21% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Appreciation +6.3/10.0
• Schools +6.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

Shangra-Lodge, part of the allure where days spent approaches perfection. This newly constructed modern farmhouse in the Twin Lakes community enjoys shared access on Lake Washinee. The home's minimalist design melds simplicity with sophistication. Rooms are light filled and have seamless vantage points to take in the natural beauty of the out-of-doors. Fresh timbered beams, two story windows, solid white oak floors, solid hemlock & mahogany doors, Carrara countertops, just some of the finishings. Whether entertaining or the desire for quietude there are spaces to accommodate everyones needs. .an Adirondack room off the kitchen, an intimate patio setting off the dining room, huge deck

Key facts

• 28ft ceiling
• Charming balcony
• 1.04 acre lot

Tags

• SHARED ACCESS ON LAKE WASHINEE
• HUGE DECK OFF THE GREAT ROOM
• 28FT CEILING
• CHARMING BALCONY

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; HOA fee $500 per year; Association includes lake/beach access, snow removal, and road maintenance

Exterior

• Parking: Under-house garage; Driveway parking; 2-car garage; Total parking for 6 vehicles
• Utilities: Private well water; Septic system; Propane on-site (in-ground tank); Electric service
• Home design: Single-family home; Completed, never occupied; Crushed stone driveway; Lightly wooded and partially cleared lot
• Construction: Frame construction; Vertical wood siding; Wood siding; Wood shingle and metal roof options; Concrete foundation
• Exterior features: Screened porch; Covered porch; Deck; Patio; Balcony; French doors; Underground utilities; Walk-to-water access; Dock or mooring; Beach access

Interior

• Kitchen: Gas range; Microwave; Range hood; Refrigerator; Dishwasher
• Bedrooms: 4 bedrooms
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Central air with zoning; Hot air heating (zoned); Propane fuel; Programmable thermostat; Tankless hot water (propane)
• Interior features: Auto garage door opener; Pre-wired for cable; Open floor plan; Thermostat(s); Two fireplaces; Has attic with pull-down stairs; 8 total rooms
• Laundry & utility: Washer; Electric dryer; Laundry on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath single-family listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $7k ($87k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.80M).
• Recommended offer: $1.58M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 1.7% in Canaan — 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 62/100 on livability (#133 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: amenities F, commute F, employment F.
• Salisbury School District (rural): math 60% / reading 80% proficiency, ranked #55 of 192 in CT (top 29%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Salisbury Central School (math 62% / reading 77%, grade A-, #78 of 553 statewide, top 17%, 296 students, 18% FRL).
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 154 units permitted in Northwest Hills Planning Region in 2024 (6 in 5+ unit buildings).

Forward outlook

• In year one you build about $58k of equity ($12k loan paydown + $45k appreciation (2.5% local appreciation)).
• At projected returns (2.5% appreciation + 3.0% rent growth), your $504k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$145k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $601k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,583,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 11.15%
• Cash-on-cash: 17.33%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $1,291,080
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 Rocky Ln	0.48mi	5/4.0 (+1)	3,504 (+1%)	12mo	$1,300,000	$371	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.7%
• Equity multiple: 2.26×
• Total profit: $634,778
• Equity at exit: $760,267

10-year hold

• IRR: 24.1%
• Equity multiple: 4.31×
• Total profit: $1,669,165
• Equity at exit: $1,135,163

Cash invested: $503,720 (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 06068

• Home prices YoY: 0.7%
• Active inventory: 18
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $25,000 medium
• Mortgage (P&I): −$9,434
• Tax est. 1.5%: −$2,249 /mo · $26,985/yr
• Insurance: −$750
• HOA: −$42
• Vacancy / Maint / Mgmt: −$5,250
• Net cashflow: $7,276

Break-even live

Break-even rent $15,790

Max offer price $1,799,000

Occupancy floor 66%

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: $449,750
• Closing costs: $53,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
261 Taconic Rd Salisbury, CT	4.0	3.0	2499	$25,000	$10.00	43d	1	0.51mi

HOA detail

• Monthly dues: $42 · $504/yr

Listing history 25 events

1. 2026-06-19
   days on market $1,799,000 Active 192 DOM
2. 2026-06-18
   days on market $1,799,000 Active 191 DOM
3. 2026-06-17
   days on market $1,799,000 Active 190 DOM
4. 2026-06-16
   days on market $1,799,000 Active 189 DOM
5. 2026-06-15
   days on market $1,799,000 Active 188 DOM
6. 2026-06-13
   days on market $1,799,000 Active 186 DOM
7. 2026-06-13
   price $1,799,000 Active 185 DOM
8. 2026-06-12
   days on market $1,895,000 Active 185 DOM
9. 2026-06-10
   days on market $1,895,000 Active 183 DOM
10. 2026-06-09
    days on market $1,895,000 Active 182 DOM
11. 2026-06-08
    days on market $1,895,000 Active 181 DOM
12. 2026-06-07
    days on market $1,895,000 Active 180 DOM
13. 2026-06-05
    days on market $1,895,000 Active 178 DOM
14. 2026-06-05
    days on market $1,895,000 Active 177 DOM
15. 2026-06-03
    days on market $1,895,000 Active 176 DOM
16. 2026-06-02
    days on market $1,895,000 Active 175 DOM
17. 2026-06-01
    days on market $1,895,000 Active 174 DOM
18. 2026-05-31
    days on market $1,895,000 Active 173 DOM
19. 2026-05-30
    days on market $1,895,000 Active 172 DOM
20. 2026-05-02
    status Active
21. 2026-05-02
    price $1,895,000
22. 2026-01-16
    historical
23. 2025-10-04
    price $1,975,000
24. 2025-09-18
    price $2,295,000
25. 2025-08-25
    listed $2,400,000 Active

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $300,000
• − Mortgage interest: −$100,772
• − Property taxes: −$26,985
• − Insurance: −$8,995
• − Repairs & maintenance: −$24,000
• − Management: −$24,000
• − HOA: −$504
• − Depreciation: −$52,335
• Taxable income: $62,409
• Est. tax owed @ 24.0%: −$14,978
• After-tax cash flow: $72,328/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: Salisbury School District
• NCES district ID: 0903930
• Math proficiency: 60% ▼ -5.00%
• Reading proficiency: 80% ▲ 5.00%
• Median HH income: $69,634
• Composite: 62.4/100
• National rank: #1420
• State rank: #55 of 192 in CT

Livability — Canaan

• Score: 62/100
• State rank: #133
• US rank: #16567

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,034

Population outlook (Northwest Hills County) Hauer SSP2

• By 2040: 118,998

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 9% Hispanic / Latino 4%
• Common ancestry: Slovak 8% Estonian 4% Portuguese 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Other Indo-European 6% Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Northwest Hills

• 2024 margin: Toss-up / Even · D 48.6% · R 49.9% · Other 1.6%
• All cycles: 2024: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.52%
• Current HPI: 359.4432
• 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

-21.0% since first listed

6 events — show timeline

• 2026-05-02 Relisted — Smart MLS
• 2026-05-02 Price Changed $1,895,000 Smart MLS
• 2026-01-16 Listing Removed — Smart MLS
• 2025-10-04 Price Changed $1,975,000 Smart MLS
• 2025-09-18 Price Changed $2,295,000 Smart MLS
• 2025-08-25 Listed $2,400,000 Smart MLS