15 River Rd #205

Cos Cob, CT 06807

$914,000D

2 bd · 2.0 ba · 1,270 sqft · Built 1979 · Condo · Under Contract · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,484/mo
• Mortgage (P&I): −$4,793
• Tax + insurance: −$858
• HOA: −$809
• Vac / Maint / Mgmt: −$1,362
• Net cashflow: $-1,338/mo
• Annual: $-16,060/yr
• Cap rate: 4.54%
• Cash-on-cash: -6.28%
• DSCR: 0.72
• 1% rule: 0.71%
• Cash to close: $255,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $914k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $678k (25.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $648k (29.1% below list).
• It's been on market 47 days — a 3% lower offer ($887k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $648k (29.1% below list) — sets the bar for 1% rule.
• In year one you build about $79k of equity ($6k loan paydown + $72k appreciation (7.9% local appreciation)).
• Location reads 73/100 on livability (#72 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety B; Watch: housing D+, amenities F, commute F.
• Greenwich School District (suburban): math 64% / reading 73% proficiency, ranked #12 of 153 in CT (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Cos Cob School (math 62% / reading 67%, grade B, #118 of 553 statewide, top 23%, 337 students, 13% FRL); Central Middle School (math 60% / reading 71%, grade A-, #26 of 175 statewide, top 16%, 506 students, 18% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL).
• Market conditions: 31 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 5 sale attempts since 10y 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.
• By year 2, paydown + projected appreciation supports a ~$126k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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?
• 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?
• 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?
• 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?