381 Bennetts Farm Rd

Ridgefield, CT 06877

$390,000C

3 bd · 1.0 ba · 828 sqft · Built 1958 · SingleFamily · Active · 352 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,608/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$567
• HOA: −$0
• Vac / Maint / Mgmt: −$758
• Net cashflow: $238/mo
• Annual: $2,856/yr
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• 1% rule: 0.93%
• Cash to close: $109,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $390k.
• At list price, monthly cash flow is $238 ($3k/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 $361k (7.5% below list).
• It's been on market 352 days — a 12% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#38 in CT, #2,615 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, cost of living F.
• Ridgefield School District (suburban): math 69% / reading 79% proficiency, ranked #6 of 153 in CT (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 140 active listings in the ZIP; high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• 8 sale attempts since 21y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 2.5% in Ridgefield — 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 352 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.