2596 High Ridge Rd

Stamford, CT 06903

$1,000,000C

4 bd · 2.5 ba · 3,160 sqft · Built 1850 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,542/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,248
• HOA: −$0
• Vac / Maint / Mgmt: −$2,214
• Net cashflow: $1,836/mo
• Annual: $22,034/yr
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• 1% rule: 1.05%
• Cash to close: $280,000

Investor read

• This is a 4-bed/2.5-bath single-family listed at $1.00M.
• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.00M).
• It's been on market 23 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $985k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#98 in CT) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Stamford School District (urban): math 32% / reading 43% proficiency, ranked #103 of 153 in CT (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northeast School (math 40% / reading 39%, grade F, #298 of 553 statewide, top 56%, 495 students, 40% FRL); Westhill High School (math 33% / reading 50%, grade F, #102 of 194 statewide, top 53%, 2,265 students, 50% FRL) — zoned schools at 45% FRL track the district average.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 73 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 5 sale attempts since 30y ago; this cycle's ask is 25% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $380k; list at $1.00M implies a 163% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wind risk, 53% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.5% vs local median 3.0% in Stamford — 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.

Questions for listing agent

• Built in 1850 — 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 B-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?
• 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.
• 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.
• 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.