120 Florence Rd · Old Greenwich, CT 06878

$1,025,000

4 bd · 3.0 ba · 2,068 sqft · SingleFamily public records · 6 Days on market

Built 1963 0.28 ac lot Est $1518k · 32% under

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Why this score? — see what drove the A- 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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +8.6/10.0
• 1% rule +7.1/10.0
• Schools +6.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

A rare opportunity in a sought-after neighborhood. This home is being offered ''as is'' and presents a wonderful chance to renovate, customize, and make it your own. Set on a quarter acre, with over 2,000 square feet of living space, this home features 4 bedrooms, 3 full baths and is ready for your personal vision. Ideally situated close to local amenities, top-rated schools, shopping, clubs and Greenwich Point, this property offers both convenience and potential. Don't miss the chance to transform this house into your dream home.

Key facts

• Quarter acre
• Shopping
• Local amenities

Tags

• SOUGHT-AFTER NEIGHBORHOOD
• QUARTER ACRE
• LOCAL AMENITIES
• TOP-RATED SCHOOLS
• SHOPPING
• GREENWICH POINT

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $1.02M.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.02M).

Location & tenants

• Location reads 68/100 on livability (#108 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Greenwich School District (suburban): math 64% / reading 73% proficiency, ranked #12 of 153 in CT (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: North Mianus School (math 83% / reading 81%, grade A+, #11 of 553 statewide, top 3%, 492 students, 3% FRL); Eastern Middle School (math 75% / reading 81%, grade A+, #2 of 175 statewide, top 1%, 784 students, 6% FRL); Greenwich High School (math 59% / reading 78%, grade B, #23 of 194 statewide, top 12%, 2,668 students, 20% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: 45 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).

Forward outlook

• In year one you build about $82k of equity ($7k loan paydown + $75k appreciation (7.3% local appreciation)).
• At projected returns (7.3% appreciation + 3.0% rent growth), your $287k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$131k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 73% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,025,000

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.21% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.26%
• DSCR: 1.63
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $1,517,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 Old Orchard Rd	0.33mi	4/2.5	2,044 (-1%)	9mo	$1,500,000	$734	73
65 Halsey Dr	0.37mi	4/4.0	2,031 (-2%)	11mo	$1,810,000	$891	67
350 Valley Rd	0.53mi	4/3.0	1,982 (-4%)	7mo	$1,530,000	$772	62
18 Griffith Rd	0.72mi	4/2.5	1,986 (-4%)	3mo	$1,625,000	$818	55
12 Griffith Rd	0.73mi	4/2.5	2,086 (+1%)	14mo	$1,360,000	$652	51
23 Old Wagon Rd	0.24mi	4/2.5	2,371 (+15%)	14mo	$1,700,888	$717	51
28 Catoona Ln	0.54mi	3/2.0 (-1)	2,130 (+3%)	12mo	$540,000	$254	50
59 Lancer Rd	0.45mi	5/3.0 (+1)	2,286 (+10%)	17mo	$1,470,000	$643	43
334 Palmer Hill Rd	0.41mi	5/2.0 (+1)	2,246 (+9%)	20mo	$1,100,000	$490	41
37 Windsor Ln	0.62mi	4/3.0	2,332 (+13%)	10mo	$1,359,000	$583	41
133 Lancer Rd	0.71mi	4/2.5	2,306 (+12%)	11mo	$1,925,000	$835	36
37 Sundance Dr	0.68mi	3/2.5 (-1)	2,304 (+11%)	14mo	$1,700,000	$738	31

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

Projected returns pro-forma

7.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.7%
• Equity multiple: 3.07×
• Total profit: $592,934
• Equity at exit: $729,424

10-year hold

• IRR: 26.9%
• Equity multiple: 6.43×
• Total profit: $1,558,917
• Equity at exit: $1,403,255

Cash invested: $287,000 (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 06878

• Home prices YoY: 3.8%
• Active inventory: 45
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $12,414 high
• Mortgage (P&I): −$5,375
• Tax from tax record: −$593 /mo · $7,121/yr
• Insurance: −$427
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,607
• Net cashflow: $3,411

Break-even live

Break-even rent $8,096

Max offer price $1,025,000

Occupancy floor 68%

Sensitivity live

Price	-10% $3,992	-5% $3,701	+0% $3,411	+5% $3,121	+10% $2,831
Rent	-10% $2,431	-5% $2,921	+0% $3,411	+5% $3,902	+10% $4,392
Rate	-1.0pp $3,927	-0.5pp $3,672	base $3,411	+0.5pp $3,146	+1.0pp $2,875

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: $256,250
• Closing costs: $30,750
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Revere Rd Riverside, CT	4.0	2.5	2383	$13,900	$5.83	13d	1	0.22mi
26 Revere Rd Riverside, CT	4.0	2.5	2383	$13,900	$5.83	12d	1	0.22mi
1 Crawford Ter Riverside, CT	4.0	4.0	2819	$18,000	$6.39	23d	1	0.33mi
25 Arnold St Old Greenwich, CT	4.0	3.0	2490	$10,500	$4.22	25d	1	0.38mi
6 Halsey Dr Old Greenwich, CT	4.0	3.0	2490	$8,500	$3.41	16d	1	0.52mi
34 Hassake Rd Old Greenwich, CT	4.0	3.5	2943	$16,000	$5.44	45d	1	0.57mi
31 Cognewaugh Rd Cos Cob, CT	3.0	2.0	1620	$6,000	$3.70	25d	1	0.60mi
8 Perry Pl Riverside, CT	4.0	3.0	2556	$11,500	$4.50	23d	1	0.66mi
12 Westwood Dr Stamford, CT	4.0	2.5	2734	$6,500	$2.38	25d	1	0.71mi
40 Mianus View Ter Cos Cob, CT	4.0	3.5	2895	$14,500	$5.01	13d	1	0.87mi
40 Mianus View Ter Cos Cob, CT	5.0	3.5	2895	$14,500	$5.01	5d	1	0.87mi
1 Ernel Dr Riverside, CT	5.0	3.5	2517	$13,000	$5.16	23d	1	0.91mi
510 W Main St Unit 2ND FL Stamford, CT	3.0	1.0	2027	$3,150	$1.55	4d	1	0.92mi
15 Dandy Dr Cos Cob, CT	3.0	2.0	1762	$6,500	$3.69	23d	1	0.96mi
38 Sheephill Rd Riverside, CT	3.0	2.5	2600	$8,200	$3.15	45d	1	1.07mi
44 Riverside Ln Riverside, CT	3.0	3.5	2404	$19,000	$7.90	5d	1	1.10mi
25 Center Dr Old Greenwich, CT	3.0	2.0	1616	$8,950	$5.54	23d	1	1.11mi
18 Cary Rd Riverside, CT	3.0	2.0	1440	$6,950	$4.83	5d	1	1.23mi
81 Cos Cob Ave Unit A Cos Cob, CT	3.0	2.0	1461	$5,900	$4.04	5d	1	1.31mi
41 Grove St Cos Cob, CT	5.0	3.5	2787	$12,000	$4.31	45d	1	1.49mi

Listing history 10 events

1. 2026-03-25
   status Under Contract

   Show marketing remark (536 chars)

   A rare opportunity in a sought-after neighborhood. This home is being offered ''as is'' and presents a wonderful chance to renovate, customize, and make it your own. Set on a quarter acre, with over 2,000 square feet of living space, this home features 4 bedrooms, 3 full baths and is ready for your personal vision. Ideally situated close to local amenities, top-rated schools, shopping, clubs and Greenwich Point, this property offers both convenience and potential. Don't miss the chance to transform this house into your dream home.

2. 2026-03-25
   status Pending 536-char remark

   Show marketing remark (536 chars)

   A rare opportunity in a sought-after neighborhood. This home is being offered ''as is'' and presents a wonderful chance to renovate, customize, and make it your own. Set on a quarter acre, with over 2,000 square feet of living space, this home features 4 bedrooms, 3 full baths and is ready for your personal vision. Ideally situated close to local amenities, top-rated schools, shopping, clubs and Greenwich Point, this property offers both convenience and potential. Don't miss the chance to transform this house into your dream home.

3. 2026-03-20
   listed $1,025,000 Active

   Show marketing remark (536 chars)

   A rare opportunity in a sought-after neighborhood. This home is being offered ''as is'' and presents a wonderful chance to renovate, customize, and make it your own. Set on a quarter acre, with over 2,000 square feet of living space, this home features 4 bedrooms, 3 full baths and is ready for your personal vision. Ideally situated close to local amenities, top-rated schools, shopping, clubs and Greenwich Point, this property offers both convenience and potential. Don't miss the chance to transform this house into your dream home.

4. 2026-03-20
   listed $1,025,000 Active 536-char remark

   Show marketing remark (536 chars)

   A rare opportunity in a sought-after neighborhood. This home is being offered ''as is'' and presents a wonderful chance to renovate, customize, and make it your own. Set on a quarter acre, with over 2,000 square feet of living space, this home features 4 bedrooms, 3 full baths and is ready for your personal vision. Ideally situated close to local amenities, top-rated schools, shopping, clubs and Greenwich Point, this property offers both convenience and potential. Don't miss the chance to transform this house into your dream home.

5. 2006-11-15
   historical
6. 2006-10-31
   historical
7. 2006-04-21
   listed $849,900
8. 2006-04-20
   historical
9. 2006-04-19
   listed $995,000
10. 2006-04-15
    listed $849,900

ⓘ 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: $7,121 · $593/mo
• Projected year-2 tax: $14,528 · $1,211/mo
• Expected delta: +$7,407/yr (+$617/mo · 104.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 73% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $148,967
• − Mortgage interest: −$57,416
• − Property taxes: −$7,121
• − Insurance: −$5,125
• − Repairs & maintenance: −$11,917
• − Management: −$11,917
• − Depreciation: −$29,818
• Taxable income: $25,652
• Est. tax owed @ 24.0%: −$6,157
• After-tax cash flow: $34,779/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: Greenwich School District
• NCES district ID: 0901710
• Math proficiency: 64% ▼ -7.00%
• Reading proficiency: 73% ▼ -5.00%
• Median HH income: $129,257
• Composite: 65.67/100
• National rank: #461
• State rank: #12 of 153 in CT

Livability — Old Greenwich

• Score: 68/100
• State rank: #108
• US rank: #9415

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Greenwich, CT
• City population: 7,903
• Population (ZIP): 8,446

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 62% Hispanic / Latino 16% Asian 13% Two or more races 12% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 4% Salvadoran 5%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 3%
• Foreign-born: 31% · Canada, Dominican Republic, China
• Languages at home: 64% English-only · Spanish 16% Russian/Polish/Slavic 5% Other Indo-European 3%

Political lean MEDSL · Western Connecticut

• 2024 margin: D (+19.1) · D 58.8% · R 39.7% · Other 1.6%
• All cycles: 2024: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.28%
• Current HPI: 198.3808
• 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

+20.6% since first listed

10 events — show timeline

• 2026-03-25 Pending — Smart MLS
• 2026-03-25 Pending — GMLS
• 2026-03-20 Listed $1,025,000 GMLS
• 2026-03-20 Listed $1,025,000 Smart MLS
• 2006-11-15 Listing Removed — Smart MLS
• 2006-10-31 Delisted — GMLS
• 2006-04-21 Listed $849,900 Smart MLS
• 2006-04-20 Listing Removed — Smart MLS
• 2006-04-19 Listed $995,000 Smart MLS
• 2006-04-15 Listed $849,900 GMLS

Property tax history

+1.2%/yr

Latest (2023): $7,121 · +0.9% YoY. Source: county tax records.