22 Carrona Dr · Riverside, CT 06878

$1,295,000

4 bd · 2.5 ba · 1,885 sqft · SingleFamily public records · 12 Days on market

Built 1975 0.33 ac lot $687/sqft · 36% below area Est $2015k · 36% under

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Why this score? — see what drove the C 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 +15.0/15.0
• Cash flow +12.3/30.0
• Appreciation +8.6/10.0
• Schools +6.6/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

The address is Riverside. The opportunity is real. 22 Carrona Drive sits on a 1/3 acre in one of Greenwich's most convenient locations minutes from the Riverside train station, Riverside Elementary, and Eastern Middle School, with the shops and restaurants of the village close at hand. A newer roof and closed electrical permit mean the big-ticket unknowns are already behind you. With 1,885 sq ft, 4 bedrooms, 2 full baths, and a powder room, the layout is generous and with the interior taken down to the sheetrock, every finish choice is yours to make. With 4,528 sq ft of allowable FAR providing meaningful room to expand, and a location you simply can't replicate, this is the rare project whe

Key facts

• 0.33 acre lot
• 2 garage spots
• Built 1975

Property features AI

Finance

• Other: Property zoned R-12

Exterior

• Parking: 2-car garage with garage door opener
• Utilities: Public water; Natural gas available
• Home design: Single family residence; Built in 1975 (effective year 2000); Architectural shingle roof; Vinyl siding
• Construction: Vinyl siding construction; Architectural shingle roof; Year built: 1975 (effective 2000)
• Exterior features: Terrace; Deck; Fenced yard; Located on a cul-de-sac; Shed(s)

Interior

• Kitchen: Eat-in kitchen
• Bathrooms: Two full bathrooms and one half bathroom (2.5 total)
• Heating & cooling: Electric heating; Attic fan for cooling
• Interior features: Eat-in kitchen; One fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $1.29M.

Deal economics

• At list price, monthly cash flow is $-235 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.25M (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $980k (24.3% below list).
• Recommended offer: $980k (24.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.6% in Riverside — 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 76/100 on livability (#60 in CT, #3,626 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities 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: Riverside School (math 84% / reading 89%, grade A+, #4 of 553 statewide, top 1%, 435 students, 2% 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; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $103k of equity ($9k loan paydown + $94k appreciation (7.3% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$165k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y 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, 67% 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 $980,244 (24.3% 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 1975 — 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 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?
5. 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.
6. 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.
7. 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: 0.76% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• GRM: 11.0

CMA / ARV

• ARV (median comp): $2,015,296
• List price: $1,295,000
• Delta: -35.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Carrona Dr	0.00mi	4/2.5	1,885 (0%)	1mo	$1,450,000	$769	99
155 Riverside Ave	0.24mi	4/2.5	2,021 (+7%)	8mo	$2,351,008	$1,163	70
8 Somerset Ln	0.34mi	3/2.0 (-1)	1,965 (+4%)	12mo	$1,850,000	$941	60
42 Mead Ave	0.58mi	3/2.0 (-1)	1,833 (-3%)	7mo	$1,125,000	$614	55
33 Breezemont Ave	0.58mi	4/3.0	1,923 (+2%)	21mo	$1,800,000	$936	50
24 Riverside Ln	0.74mi	3/3.0 (-1)	1,871 (-1%)	13mo	$1,315,000	$703	46
69 Riverside Ave	0.29mi	3/2.5 (-1)	2,136 (+13%)	18mo	$1,600,000	$749	44
11 Mill Pond Ct	0.73mi	3/3.0 (-1)	1,795 (-5%)	10mo	$2,000,000	$1,114	42
11 Hearthstone Dr	0.49mi	4/2.0	2,064 (+10%)	22mo	$2,210,000	$1,071	40
13 Riverside Ln	0.66mi	4/3.0	2,052 (+9%)	14mo	$1,250,000	$609	40
2 River Ln	0.61mi	3/2.0 (-1)	1,613 (-14%)	11mo	$1,200,000	$744	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: 17.8%
• Equity multiple: 2.27×
• Total profit: $459,489
• Equity at exit: $921,565

10-year hold

• IRR: 17.0%
• Equity multiple: 4.71×
• Total profit: $1,343,984
• Equity at exit: $1,772,893

Cash invested: $362,600 (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: 11.0×

Monthly cashflow live

• Estimated rent: $9,802 high
• Mortgage (P&I): −$6,791
• Tax from tax record: −$648 /mo · $7,782/yr
• Insurance: −$540
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,059
• Net cashflow: $-235

Break-even live

Break-even rent $10,100

Max offer price $1,253,437

Occupancy floor 97%

Sensitivity live

Price	-10% $498	-5% $131	+0% $-235	+5% $-602	+10% $-968
Rent	-10% $-1,010	-5% $-622	+0% $-235	+5% $152	+10% $539
Rate	-1.0pp $417	-0.5pp $94	base $-235	+0.5pp $-571	+1.0pp $-912

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: $323,750
• Closing costs: $38,850
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 Miltiades Ave Riverside, CT	3.0	2.0	1477	$7,600	$5.15	16d	1	0.21mi
3 River Rd Unit 3 Cos Cob, CT	3.0	1.0	1500	$3,150	$2.10	46d	1	0.49mi
14 Shoalpoint Ln Riverside, CT	4.0	2.5	2340	$14,000	$5.98	25d	1	0.63mi
25 Weston Hill Rd Riverside, CT	3.0	3.0	2531	$10,950	$4.33	5d	1	0.65mi
78 River Rd #15 Cos Cob, CT	3.0	2.5	2381	$12,000	$5.04	46d	1	0.67mi
78 River Rd #15 Cos Cob, CT	3.0	3.5	2381	$12,000	$5.04	46d	1	0.67mi
45 Thornhill Rd Riverside, CT	3.0	2.0	1386	$6,500	$4.69	25d	1	0.77mi
18 Cary Rd Riverside, CT	3.0	2.0	1440	$6,950	$4.83	5d	1	0.79mi
38 Sheephill Rd Riverside, CT	3.0	2.5	2600	$8,200	$3.15	46d	1	0.81mi
14 Cos Cob Ave Unit 3 Cos Cob, CT	3.0	2.5	1900	$6,500	$3.42	46d	1	0.86mi
44 Riverside Ln Riverside, CT	3.0	3.5	2404	$19,000	$7.90	5d	1	0.86mi
8 Potter Dr Old Greenwich, CT	4.0	3.0	1979	$10,500	$5.31	46d	1	0.87mi
143 Sound Beach Ave Old Greenwich, CT	1.0–3.0	1.0–3.0	1269	$12,985	$10.23	0d	1	0.89mi
1 Ernel Dr Riverside, CT	5.0	3.5	2517	$13,000	$5.16	23d	1	0.96mi
45 N Sound Beach Ave Riverside, CT	3.0	2.0	1344	$9,500	$7.07	25d	1	0.99mi
9 Valleywood Rd Cos Cob, CT	5.0	3.0	2348	$13,500	$5.75	46d	1	1.00mi
25 Center Dr Old Greenwich, CT	3.0	2.0	1616	$8,950	$5.54	23d	1	1.01mi
51 Forest Ave #19 Old Greenwich, CT	3.0	2.5	1946	$8,500	$4.37	46d	1	1.10mi
51 Forest Ave Old Greenwich, CT	3.0	3.0	1737	$8,150	$4.69	5d	2	1.10mi
51 Forest Ave #26 Old Greenwich, CT	3.0	3.0	2194	$9,500	$4.33	4d	1	1.10mi
17 Circle Dr Greenwich, CT	3.0	3.0	1911	$7,500	$3.92	16d	1	1.11mi
4 Highview Ave Old Greenwich, CT	3.0	2.0	1542	$10,000	$6.49	21d	1	1.12mi
30 Mary Ln Riverside, CT	3.0	1.5	1255	$6,200	$4.94	16d	1	1.13mi
81 Cos Cob Ave Unit A Cos Cob, CT	3.0	2.0	1461	$5,900	$4.04	5d	1	1.15mi
28 Pleasant St Cos Cob, CT	4.0	2.5	2140	$6,250	$2.92	14d	1	1.16mi
8 Perry Pl Riverside, CT	4.0	3.0	2556	$11,500	$4.50	23d	1	1.20mi
11 Annjim Dr Greenwich, CT	5.0	4.0	2417	$19,500	$8.07	16d	1	1.22mi
15 Dandy Dr Cos Cob, CT	3.0	2.0	1762	$6,500	$3.69	23d	1	1.31mi
51 Benjamin St Old Greenwich, CT	3.0	1.5	1462	$8,500	$5.81	21d	1	1.33mi
6 Irvine Rd Old Greenwich, CT	3.0	3.0	2066	$12,500	$6.05	5d	1	1.42mi

Listing history 4 events

1. 2026-05-18
   status Pending 738-char remark
2. 2026-05-07
   listed $1,295,000 Active 738-char remark
3. 2017-06-13
   historical
4. 2005-08-15
   listed $995,000

ⓘ 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: $7,782 · $648/mo
• Projected year-2 tax: $17,748 · $1,479/mo
• Expected delta: +$9,966/yr (+$830/mo · 128.1%)

ⓘ 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 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% chance of damaging wind over 30 yrs
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $117,629
• − Mortgage interest: −$72,540
• − Property taxes: −$7,782
• − Insurance: −$6,475
• − Repairs & maintenance: −$9,410
• − Management: −$9,410
• − Depreciation: −$37,673
• Taxable loss: −$25,661
• Est. tax savings @ 24.0%: +$6,159
• After-tax cash flow: $3,335/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 — Riverside

• Score: 76/100
• State rank: #60
• US rank: #3626

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Riverside, CT
• City population: 8,446
• 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

+45.7% since first listed

5 events — show timeline

• 2026-05-29 Sold (MLS) $1,450,000 GMLS
• 2026-05-18 Pending — GMLS
• 2026-05-07 Listed $1,295,000 GMLS
• 2017-06-13 Delisted — GMLS
• 2005-08-15 Listed $995,000 GMLS

Property tax history

+1.2%/yr

Latest (2023): $7,782 · +0.9% YoY. Source: county tax records.