56 Wakelee Ave Ext #29 · Shelton, CT 06484

$199,900

2 bd · 1.0 ba · 823 sqft · Condo public records · 3 Days on market

Built 1966 $231/mo HOA · 12% of rent

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Why this score? — see what drove the D 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 +13.4/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• 1% rule +4.4/10.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated Unit In Quiet Complex. Immaculate Condition First Floor Unit W/New Bath & Updated Kitchen, Laundry In Basement& Storage Area.

Key facts

• Main level access
• Assigned parking
• $231 HOA

Tags

• MAIN LEVEL ACCESS
• MODERN EAT-IN KITCHEN
• LARGE PRIVATE STORAGE AREA
• ASSIGNED PARKING
• RECENTLY REPAVED PARKING AREAS

Property features AI

Finance

• Other: Pets not allowed
• HOA & community: Homeowners association with monthly fee; Monthly HOA fee of $231; HOA covers grounds maintenance, trash pickup, water and pest control

Exterior

• Utilities: Public water connected; Public sewer connected; Electric service for heat and hot water
• Home design: Condominium unit in Stephen's Terrace; Single-level unit (one level); Unit located on first floor
• Construction: Brick construction
• Exterior features: Brick exterior; Exterior lighting; Level lot

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: Two bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Electric baseboard heat; Wall and window cooling units
• Interior features: Full shared basement with storage; Wall and window air-conditioning units
• Laundry & utility: Washer and electric dryer in lower level; 30-gallon electric hot water tank

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-61 ($-737/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (5.6% below list).
• Recommended offer: $189k (5.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.1% in Shelton — 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 78/100 on livability (#36 in CT, #2,479 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Shelton School District (suburban): math 46% / reading 62% proficiency, ranked #64 of 153 in CT (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Long Hill School (math 52% / reading 67%, grade B-, #159 of 553 statewide, top 31%, 331 students, 46% FRL); Intermediate School (math 51% / reading 64%, grade B, #57 of 175 statewide, top 32%, 777 students, 34% FRL); Shelton High School (math 46% / reading 69%, grade C, #51 of 194 statewide, top 26%, 1,270 students, 30% FRL) — zoned schools average 37% FRL vs 15% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $152k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; major wind risk, 27% 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 $188,632 (5.6% 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 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.11%
• DSCR: 1.00
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.45% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.34×
• Total profit: $-37,211
• Equity at exit: $29,806

10-year hold

• IRR: -12.8%
• Equity multiple: 0.27×
• Total profit: $-41,114
• Equity at exit: $17,284

Cash invested: $55,972 (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 06484

• Rents YoY: 2.5%
• Active inventory: 144
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,886 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$123 /mo · $1,471/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$231
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $-61

Break-even live

Break-even rent $1,964

Max offer price $189,047

Occupancy floor 98%

Sensitivity live

Price	-10% $52	-5% $-5	+0% $-61	+5% $-118	+10% $-175
Rent	-10% $-210	-5% $-136	+0% $-61	+5% $13	+10% $88
Rate	-1.0pp $39	-0.5pp $-11	base $-61	+0.5pp $-113	+1.0pp $-166

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
87 Kneen St Unit 3rd floor Shelton, CT	2.0	1.0	725	$1,350	$1.86	13d	1	0.16mi
151 Long Hill Ave Unit 2 Shelton, CT	1.0	1.0	1000	$1,350	$1.35	45d	1	0.18mi
19-21 Orchard St Unit 1st Floor Shelton, CT	2.0	1.0	1000	$1,850	$1.85	23d	1	0.27mi
174 Coram Ave Unit 2B Shelton, CT	2.0	1.0	700	$1,950	$2.79	25d	1	0.32mi
174 Coram Ave Unit 1A Shelton, CT	2.0	1.0	800	$2,100	$2.62	16d	1	0.32mi
90 High St Unit 1st Floor Shelton, CT	1.0	1.0	875	$1,595	$1.82	25d	1	0.36mi
42 Wells Ave Shelton, CT	3.0	1.5	1092	$3,200	$2.93	21d	1	0.39mi
209 Howe Ave Unit 3 Shelton, CT	3.0	1.0	950	$1,900	$2.00	16d	1	0.41mi
199 Howe Ave Unit 203 Shelton, CT	2.0	1.0	725	$1,650	$2.28	16d	1	0.41mi
219 Howe Ave Unit 3L Shelton, CT	2.0	1.0	700	$1,650	$2.36	45d	1	0.41mi
209 Howe Ave Shelton, CT	1.0	1.0	650	$1,500	$2.31	45d	1	0.42mi
500 Howe Ave Unit 301 Shelton, CT	1.0	1.0	590	$1,550	$2.63	25d	1	0.69mi
303 Bridgeport Ave Shelton, CT	1.0	1.0	937	$2,300	$2.45	4d	1	0.70mi
502 Howe Ave Unit 113 Shelton, CT	1.0	1.0	670	$1,700	$2.54	5d	1	0.70mi
502 Howe Ave Unit 112 Shelton, CT	1.0	1.0	673	$1,775	$2.64	5d	1	0.70mi
145 Canal St #6 Shelton, CT	2.0	2.0	1050	$2,400	$2.29	16d	1	0.72mi
25 Elm St Unit 1st floor Shelton, CT	3.0	1.0	1100	$2,650	$2.41	4d	1	0.73mi
185 Canal St Shelton, CT	1.0–2.0	1.0–2.0	987	$6,276	$6.36	12d	1	0.78mi
102 Wooster St Unit B Shelton, CT	2.0	1.0	850	$1,800	$2.12	45d	1	0.81mi
565 Howe Ave Unit 1 F Shelton, CT	1.0	1.0	700	$1,495	$2.14	5d	1	0.81mi
50 Derby Ave Derby, CT	2.0	1.0	700	$1,600	$2.29	25d	1	0.88mi
38 New Haven Ave Derby, CT	2.0	1.0	1000	$1,800	$1.80	16d	1	0.92mi
59 Elizabeth St Unit 59A Derby, CT	1.0	1.0	579	$1,500	$2.59	25d	1	0.92mi
45 Derby Ave Derby, CT	2.0	1.0	700	$1,700	$2.43	45d	2	0.93mi
45 Minerva St Derby, CT	1.0	1.0	700	$1,500	$2.14	23d	1	0.93mi
45 Minerva St Unit 45-104 Derby, CT	1.0	1.0	700	$1,500	$2.14	25d	1	0.93mi
74 4th St Unit 16 B Derby, CT	1.0	1.0	600	$1,400	$2.33	45d	1	0.94mi
63 Derby Ave Unit 1 Derby, CT	2.0	1.0	900	$2,050	$2.28	5d	1	0.98mi
281 Canal St E Shelton, CT	2.0	1.0–2.0	935	$3,200	$3.42	4d	1	0.99mi
106 River Rd Unit 1 Shelton, CT	1.0	1.0	800	$1,700	$2.12	25d	1	0.99mi
116 River Rd Unit 2 Shelton, CT	1.0	1.0	800	$1,850	$2.31	12d	1	1.02mi
41 New St Unit 43 Shelton, CT	2.0	1.0	1000	$1,750	$1.75	25d	1	1.06mi
156 New Haven Ave Derby, CT	2.0	1.0	1066	$1,875	$1.76	5d	1	1.07mi
58 Minerva St Derby, CT	1.0	1.0	579	$1,500	$2.59	23d	1	1.08mi
19 Hawkins St Unit 3 Derby, CT	3.0	1.0	1064	$2,300	$2.16	45d	1	1.13mi
180 Olivia St Unit 2B Derby, CT	1.0	1.0	700	$1,300	$1.86	4d	1	1.13mi
74 Mount Pleasant St Unit 2 Derby, CT	2.0	1.0	900	$2,000	$2.22	25d	1	1.20mi
16 A St Unit a-3 Derby, CT	2.0	1.0	900	$1,850	$2.06	13d	1	1.27mi
27 8th St Unit first floor Derby, CT	2.0	1.0	750	$2,150	$2.87	21d	1	1.33mi
273 Derby Ave #612 Derby, CT	2.0	1.5	1022	$2,000	$1.96	4d	1	1.45mi

HOA detail condo

• Monthly dues: $231 · $2,772/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-22
   days on market $199,900 Active 3 DOM
2. 2026-06-19
   statusdays on market $199,900 Active 1 DOM
3. 2026-06-18
   days on market $199,900 Coming Soon 2 DOM
4. 2026-06-16
   remarks 699-char remark
5. 2026-06-16
   listed $199,900 Coming Soon 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: $1,471 · $123/mo
• Projected year-2 tax: $2,874 · $240/mo
• Expected delta: +$1,403/yr (+$117/mo · 95.4%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,636
• − Mortgage interest: −$11,198
• − Property taxes: −$1,471
• − Insurance: −$1,797
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − HOA: −$2,772
• − Depreciation: −$5,815
• Taxable loss: −$4,039
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $232/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: Shelton School District
• NCES district ID: 0904050
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 62% ▼ -9.00%
• Median HH income: $84,866
• Composite: 49.37/100
• National rank: #2016
• State rank: #64 of 153 in CT

Livability — Shelton

• Score: 78/100
• State rank: #36
• US rank: #2479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelton, CT
• County: Fairfield County · 765,532 people
• City population: 41,889
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 41,889
• Household income: $108,185
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 874.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 12% Asian 9% Two or more races 8% Black 6%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 8% Russian 3% Scotch-Irish 2%
• Foreign-born: 17% · Canada, China
• Languages at home: 78% English-only · Other Indo-European 8% Spanish 6% French/Haitian/Cajun 2%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -376.90%
• Current HPI: 247.639
• Rent YoY: ▲ 2.45%
• Metro: Bridgeport-Stamford-Norwalk, CT
• 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

+166.5% since first listed

4 events — show timeline

• 2026-06-16 Coming Soon $199,900 Smart MLS
• 2005-02-07 Sold (MLS) $152,000 Smart MLS
• 2004-12-02 Listed $154,900 Smart MLS
• 2002-03-27 Sold (Public Records) $75,000 Public Records

Property tax history

-1.8%/yr

Latest (2023): $1,471 · +0.0% YoY. Source: county tax records.