83 Washington St Unit 3C

Norwalk, CT 06854

$264,900D-

1 bd · 1.0 ba · 550 sqft · Built 1986 · Condo · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,220/mo
• Mortgage (P&I): −$1,389
• Tax + insurance: −$340
• HOA: −$305
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-280/mo
• Annual: $-3,362/yr
• Cap rate: 5.02%
• Cash-on-cash: -4.53%
• DSCR: 0.80
• 1% rule: 0.84%
• Cash to close: $74,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $265k.
• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (16.2% below list).
• It's been on market 145 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (18.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#41 in CT, #2,966 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities C-, cost of living F.
• Norwalk School District (urban): math 29% / reading 44% proficiency, ranked #104 of 153 in CT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 74 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 2 sale attempts since 26y ago; this cycle's ask has dropped $57k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $265k implies a 201% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.4% in Norwalk — 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.
• This rent runs 31% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 145 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.