24 Saint Johns Pl #4

New Canaan, CT 06840

$599,000D+

2 bd · 1.0 ba · 1,263 sqft · Built 1910 · Condo · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,181/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$685
• HOA: −$970
• Vac / Maint / Mgmt: −$1,298
• Net cashflow: $86/mo
• Annual: $1,035/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• 1% rule: 1.03%
• Cash to close: $167,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $599k.
• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $599k).
• It's been on market 37 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $581k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• New Canaan School District (suburban): math 81% / reading 86% proficiency, ranked #1 of 153 in CT (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: West School (math 92% / reading 87%, grade A+, #1 of 553 statewide, top 0%, 483 students, 0% FRL); New Canaan High School (math 77% / reading 92%, grade A, #1 of 194 statewide, top 1%, 1,294 students, 0% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 165 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 4 sale attempts since 19y ago; this cycle's ask has dropped $100k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $375k; list at $599k implies a 60% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 58% 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 6.5% vs local median 1.5% in New Canaan — 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

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.
• 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.
• 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.