860 Long Cove Rd · Gales Ferry, CT 06335

$374,900

2 bd · 2.0 ba · 1,566 sqft · SingleFamily public records · 5 Days on market

Built 1958 1.12 ac lot Est $384k · at est.

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Why this score? — see what drove the F 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).

• ARV discount +8.5/15.0
• Cash flow +5.9/30.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this well maintained ranch in desirable Gales Ferry! Offering 2-3 bedrooms (public records, due to septic size, reflect 2 bedrooms but there are 3 rooms being used as bedrooms currently), 2 full bathrooms, and a versatile office/den/playroom, this home provides flexible living space to fit a variety of needs. The spacious living area is perfect for gathering, while the kitchen features an abundance of cabinetry and storage. The remodeled primary bathroom adds a fresh, modern touch and enhanced comfort. The additional office/den/playroom offers endless possibilities, ideal for working from home, a playroom or hobby room. Enjoy your morning coffee on the inviting covered front

Key facts

• Covered front porch
• Private backyard
• Expansive yard

Tags

• WELL MAINTAINED RANCH
• REMODELED PRIMARY BATHROOM
• COVERED FRONT PORCH
• LARGE REAR DECK
• PRIVATE BACKYARD
• EXPANSIVE YARD

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Private well water; Septic sewage system; Electric service
• Home design: Single-family home
• Construction: Frame construction; Concrete foundation; Shingle roof; Vinyl siding; Built as single-family residence
• Exterior features: Sidewalk; Storage shed; Porch; Deck; Gutters; Lightly wooded, level lot

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Dishwasher
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Oil-fired heating (fuel tank in basement); Domestic hot water
• Interior features: Full unfinished basement; Attic with hatch access; Total of 5 rooms
• Laundry & utility: Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-730 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (34.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (37.6% below list).
• Recommended offer: $234k (37.6% below list) — sets the bar for 1% rule.
• Cap rate 4.0% vs local median 5.1% in Gales Ferry — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 78/100 on livability (#40 in CT, #2,751 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Ledyard School District (rural): math 34% / reading 49% proficiency, ranked #92 of 153 in CT (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 31 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $114k; list at $375k implies a 230% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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.

Recommended offer $233,939 (37.6% below list)

Questions for the listing agent

1. 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?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.62% ✗
• Cap rate: 3.96%
• Cash-on-cash: -8.35%
• DSCR: 0.63
• GRM: 13.4

CMA / ARV

• ARV (on-the-fly): $383,670
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
869 Long Cove Rd	0.10mi	3/1.5 (+1)	1,726 (+10%)	10mo	$390,000	$226	63
3 Parkwood Dr	0.43mi	3/1.5 (+1)	1,634 (+4%)	8mo	$400,000	$245	60
9 Parkwood Dr	0.45mi	3/2.0 (+1)	1,630 (+4%)	9mo	$422,000	$259	59
844 Long Cove Rd	0.15mi	3/2.0 (+1)	1,432 (-9%)	22mo	$398,000	$278	55
5 Conrad Ct	0.68mi	3/1.5 (+1)	1,569 (+0%)	11mo	$425,000	$271	52
22 Oakwood Dr	0.42mi	3/1.5 (+1)	1,524 (-3%)	23mo	$345,000	$226	50
11 Ledgewood Dr	0.52mi	3/1.5 (+1)	1,450 (-7%)	10mo	$330,750	$228	48
28 Laurel Leaf Dr	0.48mi	3/2.0 (+1)	1,438 (-8%)	17mo	$280,000	$195	44
9 Conrad Ct	0.70mi	3/2.0 (+1)	1,600 (+2%)	22mo	$430,000	$269	41
82 Vinegar Hill Rd	0.69mi	3/1.0 (+1)	1,630 (+4%)	23mo	$325,000	$199	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -31.0%
• Equity multiple: -0.02×
• Total profit: $-107,239
• Equity at exit: $55,899

10-year hold

• IRR: -34.0%
• Equity multiple: -0.46×
• Total profit: $-153,167
• Equity at exit: $32,415

Cash invested: $104,972 (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 06335

• Home prices YoY: -22.0%
• Active inventory: 31
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,339 medium
• Mortgage (P&I): −$1,966
• Tax from tax record: −$456 /mo · $5,475/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $-730

Break-even live

Break-even rent $3,264

Max offer price $245,879

Occupancy floor —

Sensitivity live

Price	-10% $-518	-5% $-624	+0% $-730	+5% $-836	+10% $-943
Rent	-10% $-915	-5% $-823	+0% $-730	+5% $-638	+10% $-546
Rate	-1.0pp $-542	-0.5pp $-635	base $-730	+0.5pp $-828	+1.0pp $-926

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-10
   status $374,900 Under Contract 5 DOM
2. 2026-06-09
   days on market $374,900 Active 5 DOM
3. 2026-06-08
   days on market $374,900 Active 4 DOM
4. 2026-06-07
   days on market $374,900 Active 3 DOM
5. 2026-06-05
   remarks 699-char remark
6. 2026-06-05
   listed $374,900 Active 1 DOM

ⓘ 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: $5,475 · $456/mo
• Projected year-2 tax: $6,749 · $562/mo
• Expected delta: +$1,274/yr (+$106/mo · 23.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,073
• − Mortgage interest: −$21,000
• − Property taxes: −$5,475
• − Insurance: −$1,874
• − Repairs & maintenance: −$2,246
• − Management: −$2,246
• − Depreciation: −$10,906
• Taxable loss: −$15,675
• Est. tax savings @ 24.0%: +$3,762
• After-tax cash flow: $-5,002/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: Ledyard School District
• NCES district ID: 0902160
• Math proficiency: 34% ▼ -12.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $84,854
• Composite: 39.02/100
• National rank: #4064
• State rank: #92 of 153 in CT

Livability — Gales Ferry

• Score: 78/100
• State rank: #40
• US rank: #2751

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

• Population (ZIP): 6,100

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 8% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 9% Lithuanian 7% Serbian 4%
• Foreign-born: 5% · Canada, China, Jamaica
• Languages at home: 94% English-only · Spanish 3% Chinese 1% French/Haitian/Cajun 1%

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: ▼ -67.79%
• Current HPI: 240.7698
• Rent YoY: —
• Metro: —
• 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

+278.7% since first listed

3 events — show timeline

• 2026-06-04 Listed $374,900 Smart MLS
• 1988-05-06 Sold (Public Records) $113,500 Public Records
• 1987-12-01 Sold (Public Records) $99,000 Public Records

Property tax history

+1.8%/yr

Latest (2023): $5,475 · +10.3% YoY. Source: county tax records.