81 E Pattagansett Rd #24 · Niantic, CT 06357

$265,000

2 bd · 1.0 ba · 931 sqft · Condo public records · 7 Days on market

Built 1968 $285/sqft · 28% above area Est $285k · 7% under $346/mo HOA · 13% of rent

---

Why this score? — see what drove the D+ 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 +14.2/30.0
• ARV discount +10.6/15.0
• Schools +5.5/10.0
• 1% rule +4.9/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 2-bedroom townhouse nestled in the heart of Niantic! This inviting home was been well maintained and offers comfortable living with a versatile basement den, perfect for a home office, guest space, or cozy retreat. Enjoy the convenience of being within a mile of downtown Niantic where you'll find charming shops, restaurants, and shoreline attractions. With easy access to beautiful beaches, scenic parks, and major routes and highways, this location is ideal for both everyday living and weekend enjoyment. A perfect blend of comfort, convenience, and coastal charm awaits!

Key facts

• $346 HOA
• 2 parking spots
• Built 1968

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $43 ($519/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (0.9% below list).
• Recommended offer: $263k (0.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.0% in Niantic — 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 78/100 on livability (#35 in CT, #2,462 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: cost of living D+, amenities F, commute F.
• East Lyme School District (rural): math 55% / reading 68% proficiency, ranked #42 of 153 in CT (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 61 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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 $140k; list at $265k implies a 89% gain — meaningful room to come down on a strong offer.

Recommended offer $262,525 (0.9% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.70%
• DSCR: 1.03
• GRM: 8.4

CMA / ARV

• ARV (median comp): $284,841
• List price: $265,000
• Delta: -6.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-40,024
• Equity at exit: $39,512

10-year hold

• IRR: -6.4%
• Equity multiple: 0.59×
• Total profit: $-30,646
• Equity at exit: $22,912

Cash invested: $74,200 (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 06357

• Home prices YoY: -21.9%
• Active inventory: 61
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,625 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$185 /mo · $2,215/yr
• Insurance: −$110
• HOA: −$346
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $43

Break-even live

Break-even rent $2,570

Max offer price $265,000

Occupancy floor 93%

Sensitivity live

Price	-10% $193	-5% $118	+0% $43	+5% $-32	+10% $-107
Rent	-10% $-164	-5% $-60	+0% $43	+5% $147	+10% $251
Rate	-1.0pp $177	-0.5pp $111	base $43	+0.5pp $-25	+1.0pp $-95

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
155 Pennsylvania Ave Niantic, CT	2.0	1.5	900	$2,200	$2.44	14d	1	0.49mi
344 Main St Unit 207 Niantic, CT	2.0	1.0	798	$3,200	$4.01	14d	1	0.63mi
344 Main St Unit 201 Niantic, CT	1.0	1.0	645	$2,700	$4.19	14d	1	0.63mi
344 Main St Unit 202 Niantic, CT	1.0	1.0	572	$2,500	$4.37	14d	1	0.63mi
33 Laurel St Niantic, CT	2.0	2.5	1098	$2,500	$2.28	14d	1	1.06mi
157 W Main St Unit 4 Niantic, CT	2.0	1.0	1100	$2,000	$1.82	14d	1	1.28mi

HOA detail condo

• Monthly dues: $346 · $4,152/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-05-02
   status Under Contract 607-char remark

   Show marketing remark (607 chars)

   Welcome to this well-maintained 2-bedroom townhouse nestled in the heart of Niantic! This inviting home was been well maintained and offers comfortable living with a versatile basement den, perfect for a home office, guest space, or cozy retreat. Enjoy the convenience of being within a mile of downtown Niantic where you'll find charming shops, restaurants, and shoreline attractions. With easy access to beautiful beaches, scenic parks, and major routes and highways, this location is ideal for both everyday living and weekend enjoyment. A perfect blend of comfort, convenience, and coastal charm awaits!

2. 2026-04-30
   status Active 607-char remark

   Show marketing remark (607 chars)

   Welcome to this well-maintained 2-bedroom townhouse nestled in the heart of Niantic! This inviting home was been well maintained and offers comfortable living with a versatile basement den, perfect for a home office, guest space, or cozy retreat. Enjoy the convenience of being within a mile of downtown Niantic where you'll find charming shops, restaurants, and shoreline attractions. With easy access to beautiful beaches, scenic parks, and major routes and highways, this location is ideal for both everyday living and weekend enjoyment. A perfect blend of comfort, convenience, and coastal charm awaits!

3. 2026-04-15
   status Under Contract 607-char remark

   Show marketing remark (607 chars)

   Welcome to this well-maintained 2-bedroom townhouse nestled in the heart of Niantic! This inviting home was been well maintained and offers comfortable living with a versatile basement den, perfect for a home office, guest space, or cozy retreat. Enjoy the convenience of being within a mile of downtown Niantic where you'll find charming shops, restaurants, and shoreline attractions. With easy access to beautiful beaches, scenic parks, and major routes and highways, this location is ideal for both everyday living and weekend enjoyment. A perfect blend of comfort, convenience, and coastal charm awaits!

4. 2026-04-10
   listed $265,000 Active 607-char remark

   Show marketing remark (607 chars)

   Welcome to this well-maintained 2-bedroom townhouse nestled in the heart of Niantic! This inviting home was been well maintained and offers comfortable living with a versatile basement den, perfect for a home office, guest space, or cozy retreat. Enjoy the convenience of being within a mile of downtown Niantic where you'll find charming shops, restaurants, and shoreline attractions. With easy access to beautiful beaches, scenic parks, and major routes and highways, this location is ideal for both everyday living and weekend enjoyment. A perfect blend of comfort, convenience, and coastal charm awaits!

5. 2026-04-04
   historical $265,000 607-char remark

   Show marketing remark (607 chars)

   Welcome to this well-maintained 2-bedroom townhouse nestled in the heart of Niantic! This inviting home was been well maintained and offers comfortable living with a versatile basement den, perfect for a home office, guest space, or cozy retreat. Enjoy the convenience of being within a mile of downtown Niantic where you'll find charming shops, restaurants, and shoreline attractions. With easy access to beautiful beaches, scenic parks, and major routes and highways, this location is ideal for both everyday living and weekend enjoyment. A perfect blend of comfort, convenience, and coastal charm awaits!

6. 2010-07-02
   soldstatus $140,000
7. 2010-07-01
   soldstatus $140,000 336-char remark

   Show marketing remark (336 chars)

   You'll smile when you see this inviting unit. Wood flrs, newer harvey windows, enclosed screened porch overlooking woods & rear deck. Unit near park/play area, generous parking. Fully applianced, inc w/dryer wood under carpet. Dellrap approval for gov't! Unit shows beautifully with rear privacy from deck, great basement potential.

8. 2010-01-14
   listed $139,000 336-char remark

   Show marketing remark (336 chars)

   You'll smile when you see this inviting unit. Wood flrs, newer harvey windows, enclosed screened porch overlooking woods & rear deck. Unit near park/play area, generous parking. Fully applianced, inc w/dryer wood under carpet. Dellrap approval for gov't! Unit shows beautifully with rear privacy from deck, great basement potential.

9. 2009-10-31
   historical
10. 2009-04-02
    listed $146,000
11. 2006-07-28
    soldstatus $160,000
12. 2006-07-28
    soldstatus $160,000
13. 1988-12-15
    soldstatus $104,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $2,215 · $185/mo
• Projected year-2 tax: $3,943 · $329/mo
• Expected delta: +$1,728/yr (+$144/mo · 78.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,503
• − Mortgage interest: −$14,844
• − Property taxes: −$2,215
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,520
• − Management: −$2,520
• − HOA: −$4,152
• − Depreciation: −$7,709
• Taxable loss: −$3,783
• Est. tax savings @ 24.0%: +$908
• After-tax cash flow: $1,427/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: East Lyme School District
• NCES district ID: 0901320
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 68% ▼ -7.00%
• Median HH income: $81,441
• Composite: 55.28/100
• National rank: #1264
• State rank: #42 of 153 in CT

Livability — Niantic

• Score: 78/100
• State rank: #35
• US rank: #2462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niantic, CT
• County: New London County · 147,197 people
• City population: 11,332
• Metro: Norwich-New London, CT
• Population (ZIP): 11,332
• Household income: $93,026
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 329.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 6% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 86% English-only · Other Indo-European 5% Spanish 3% Other Asian/Pacific 2%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.97%
• Current HPI: 313.6313
• Rent YoY: —
• Metro: Norwich-New London, CT
• 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

+154.8% since first listed

13 events — show timeline

• 2026-05-02 Pending — Smart MLS
• 2026-04-30 Relisted — Smart MLS
• 2026-04-15 Pending — Smart MLS
• 2026-04-10 Listed $265,000 Smart MLS
• 2026-04-04 Coming Soon $265,000 Smart MLS
• 2010-07-02 Sold (Public Records) $140,000 Public Records
• 2010-07-01 Sold (MLS) $140,000 Smart MLS
• 2010-01-14 Listed $139,000 Smart MLS
• 2009-10-31 Listing Removed — Smart MLS
• 2009-04-02 Listed $146,000 Smart MLS
• 2006-07-28 Sold (Public Records) $160,000 Public Records
• 2006-07-28 Sold (Public Records) $160,000 Public Records
• 1988-12-15 Sold (Public Records) $104,000 Public Records

Property tax history

+2.3%/yr

Latest (2023): $2,215 · +4.3% YoY. Source: county tax records.