276 Bruce Park Ave

Greenwich, CT 06830

$1,525,000D

4 bd · 2.5 ba · 1,969 sqft · Built 1904 · MultiFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,047/mo
• Mortgage (P&I): −$7,997
• Tax + insurance: −$1,105
• HOA: −$0
• Vac / Maint / Mgmt: −$1,480
• Net cashflow: $-3,535/mo
• Annual: $-42,419/yr
• Cap rate: 3.51%
• Cash-on-cash: -9.93%
• DSCR: 0.56
• 1% rule: 0.46%
• Cash to close: $427,000

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $1.52M.
• At list price, monthly cash flow is $-4k ($-42k/yr) — negative. Per door: $-2k/mo.
• To cash-flow at today's rent, offer at most $901k (40.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $705k (53.8% below list).
• It's been on market 34 days — a 3% lower offer ($1.48M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $705k (53.8% below list) — sets the bar for 1% rule.
• In year one you build about $116k of equity ($11k loan paydown + $105k appreciation (6.9% local appreciation)).
• Location reads 80/100 on livability (#23 in CT, #1,655 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities D, cost of living 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: Julian Curtiss School (math 52% / reading 57%, grade C, #195 of 553 statewide, top 37%, 241 students, 41% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools average 30% FRL vs 11% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 127 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 6 sale attempts since 5y 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 $770k; list at $1.52M implies a 98% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$185k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 71% 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.
• Cap rate 3.5% vs local median 1.1% in Greenwich — 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.
• At $7,047/mo this rent would consume 58% of the median local household income ($147k/yr) (locally 1088% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 34 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?