215 Ledge Dr #215 · Torrington, CT 06790

$225,000

3 bd · 2.0 ba · 1,612 sqft · Condo · 136 Days on market

Built 1976 Good condition $140/sqft · at area comps Est $226k · at est. $350/mo HOA · 15% 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 +11.2/30.0
• ARV discount +7.7/15.0
• 1% rule +5.2/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• DSCR +3.3/10.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

*BEST VALUE IN LAKERIDGE! Price INCLUDES GARAGE!* Welcome to effortless condo living in this 2 bedroom Tanglewood end unit with a one car detached garage! Inside offers a beautifully appointed eat in kitchen with Corian counters, a bright, spacious living room with gas fireplace, and a main-level bedroom with full bath. The upper-level primary bedroom suite overlooks peaceful natural surroundings, complemented by a loft perfect for a home office or third bedroom. Gleaming hardwood floors can be found thru out. Enjoy outdoor living on the large deck and a shed for additional storage. Exceptional community amenities include indoor/outdoor pools, clubhouse, fitness center, indoor/outdoor tennis courts, snack bar, indoor/outdoor basketball courts, stables, walking-hiking, kayaking & canoeing, , sports fields, skiing and so much more! A year round nature lover's dream. *List price doesn't include garage*** Don't just live at Lakeridge, experience it!

Key facts

• Large deck
• Fitness center
• Community amenities

Tags

• EAT IN KITCHEN
• GAS FIREPLACE
• PRIMARY BEDROOM SUITE
• LARGE DECK
• COMMUNITY AMENITIES
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (5.6% below list).
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 3.9% in Torrington — 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 (#53 in CT, #3,449 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, commute F.
• Torrington School District (town): math 22% / reading 39% proficiency, ranked #125 of 153 in CT (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.9%/yr); 188 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 154 units permitted in Northwest Hills Planning Region in 2024 (6 in 5+ unit buildings).
• This rent runs 39% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $198,000 (12.0% 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. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 1.02% ✓
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• GRM: 8.1

CMA / ARV

• ARV (median comp): $226,143
• List price: $225,000
• Delta: -0.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.45×
• Total profit: $-34,835
• Equity at exit: $33,548

10-year hold

• IRR: -1.3%
• Equity multiple: 0.90×
• Total profit: $-6,429
• Equity at exit: $19,454

Cash invested: $63,000 (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 06790

• Rents YoY: 5.9%
• Active inventory: 188
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,302 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$350
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $-87

Break-even live

Break-even rent $2,411

Max offer price $212,478

Occupancy floor 99%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 Ledge Dr #355 Torrington, CT	3.0	2.0	1410	$6,000	$4.26	43d	1	0.11mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: gaspoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-19
   days on market $225,000 Active 136 DOM
2. 2026-06-18
   days on market $225,000 Active 135 DOM
3. 2026-06-17
   days on market $225,000 Active 134 DOM
4. 2026-06-16
   days on market $225,000 Active 133 DOM
5. 2026-06-15
   days on market $225,000 Active 132 DOM
6. 2026-06-14
   days on market $225,000 Active 130 DOM
7. 2026-06-13
   days on market $225,000 Active 129 DOM
8. 2026-06-10
   days on market $225,000 Active 127 DOM
9. 2026-06-09
   days on market $225,000 Active 126 DOM
10. 2026-06-08
    days on market $225,000 Active 125 DOM
11. 2026-06-07
    days on market $225,000 Active 124 DOM
12. 2026-06-05
    days on market $225,000 Active 121 DOM
13. 2026-06-03
    days on market $225,000 Active 120 DOM
14. 2026-06-02
    days on market $225,000 Active 119 DOM
15. 2026-06-01
    days on market $225,000 Active 118 DOM
16. 2026-05-31
    days on market $225,000 Active 117 DOM
17. 2026-05-30
    days on market $225,000 Active 116 DOM
18. 2026-04-28
    price $225,000 963-char remark

    Show marketing remark (963 chars)

    *BEST VALUE IN LAKERIDGE! Price INCLUDES GARAGE!* Welcome to effortless condo living in this 2 bedroom Tanglewood end unit with a one car detached garage! Inside offers a beautifully appointed eat in kitchen with Corian counters, a bright, spacious living room with gas fireplace, and a main-level bedroom with full bath. The upper-level primary bedroom suite overlooks peaceful natural surroundings, complemented by a loft perfect for a home office or third bedroom. Gleaming hardwood floors can be found thru out. Enjoy outdoor living on the large deck and a shed for additional storage. Exceptional community amenities include indoor/outdoor pools, clubhouse, fitness center, indoor/outdoor tennis courts, snack bar, indoor/outdoor basketball courts, stables, walking-hiking, kayaking & canoeing, , sports fields, skiing and so much more! A year round nature lover's dream. *List price doesn't include garage*** Don't just live at Lakeridge, experience it!

19. 2026-04-08
    price $234,900 963-char remark

    Show marketing remark (963 chars)

    *BEST VALUE IN LAKERIDGE! Price INCLUDES GARAGE!* Welcome to effortless condo living in this 2 bedroom Tanglewood end unit with a one car detached garage! Inside offers a beautifully appointed eat in kitchen with Corian counters, a bright, spacious living room with gas fireplace, and a main-level bedroom with full bath. The upper-level primary bedroom suite overlooks peaceful natural surroundings, complemented by a loft perfect for a home office or third bedroom. Gleaming hardwood floors can be found thru out. Enjoy outdoor living on the large deck and a shed for additional storage. Exceptional community amenities include indoor/outdoor pools, clubhouse, fitness center, indoor/outdoor tennis courts, snack bar, indoor/outdoor basketball courts, stables, walking-hiking, kayaking & canoeing, , sports fields, skiing and so much more! A year round nature lover's dream. *List price doesn't include garage*** Don't just live at Lakeridge, experience it!

20. 2026-02-03
    listed $249,900 Active 963-char remark

    Show marketing remark (963 chars)

    *BEST VALUE IN LAKERIDGE! Price INCLUDES GARAGE!* Welcome to effortless condo living in this 2 bedroom Tanglewood end unit with a one car detached garage! Inside offers a beautifully appointed eat in kitchen with Corian counters, a bright, spacious living room with gas fireplace, and a main-level bedroom with full bath. The upper-level primary bedroom suite overlooks peaceful natural surroundings, complemented by a loft perfect for a home office or third bedroom. Gleaming hardwood floors can be found thru out. Enjoy outdoor living on the large deck and a shed for additional storage. Exceptional community amenities include indoor/outdoor pools, clubhouse, fitness center, indoor/outdoor tennis courts, snack bar, indoor/outdoor basketball courts, stables, walking-hiking, kayaking & canoeing, , sports fields, skiing and so much more! A year round nature lover's dream. *List price doesn't include garage*** Don't just live at Lakeridge, experience it!

21. 2021-05-07
    soldstatus $165,000 Closed 452-char remark

    Show marketing remark (452 chars)

    Tanglewood model in small cul-de-sac. End unit with beautifully remodelled kitchen and bathrooms. Bedroom and full bath on main level. Master bedroom is en-suite and has a lovely sitting area with view of woods. Loft on second level can be used as a third bedroom or a home office. All bedrooms and loft have a vaulted ceiling. Wood stove in living room can be removed and fireplace can be used as a regular wood-burning fireplace. Large expanded deck.

22. 2021-04-02
    historical Under Contract - Continue to Show 452-char remark

    Show marketing remark (452 chars)

    Tanglewood model in small cul-de-sac. End unit with beautifully remodelled kitchen and bathrooms. Bedroom and full bath on main level. Master bedroom is en-suite and has a lovely sitting area with view of woods. Loft on second level can be used as a third bedroom or a home office. All bedrooms and loft have a vaulted ceiling. Wood stove in living room can be removed and fireplace can be used as a regular wood-burning fireplace. Large expanded deck.

23. 2021-02-04
    status Active 452-char remark

    Show marketing remark (452 chars)

    Tanglewood model in small cul-de-sac. End unit with beautifully remodelled kitchen and bathrooms. Bedroom and full bath on main level. Master bedroom is en-suite and has a lovely sitting area with view of woods. Loft on second level can be used as a third bedroom or a home office. All bedrooms and loft have a vaulted ceiling. Wood stove in living room can be removed and fireplace can be used as a regular wood-burning fireplace. Large expanded deck.

24. 2021-01-20
    historical Under Contract - Continue to Show 452-char remark

    Show marketing remark (452 chars)

    Tanglewood model in small cul-de-sac. End unit with beautifully remodelled kitchen and bathrooms. Bedroom and full bath on main level. Master bedroom is en-suite and has a lovely sitting area with view of woods. Loft on second level can be used as a third bedroom or a home office. All bedrooms and loft have a vaulted ceiling. Wood stove in living room can be removed and fireplace can be used as a regular wood-burning fireplace. Large expanded deck.

25. 2020-11-01
    listed $159,000 Active 452-char remark

    Show marketing remark (452 chars)

    Tanglewood model in small cul-de-sac. End unit with beautifully remodelled kitchen and bathrooms. Bedroom and full bath on main level. Master bedroom is en-suite and has a lovely sitting area with view of woods. Loft on second level can be used as a third bedroom or a home office. All bedrooms and loft have a vaulted ceiling. Wood stove in living room can be removed and fireplace can be used as a regular wood-burning fireplace. Large expanded deck.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,621
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,210
• − Management: −$2,210
• − HOA: −$4,200
• − Depreciation: −$6,545
• Taxable loss: −$4,647
• Est. tax savings @ 24.0%: +$1,115
• After-tax cash flow: $77/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained, move-in-ready condo offers a good condition with minor cosmetic updates to enhance its resale value.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Resale Replace gutters — Improves home's appearance
• Resale Replace Corian countertops — Modernizes kitchen and adds value
• Resale Replace hardwood floors — Modernizes and adds value
• Resale Replace windows — Modernizes and adds value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Resale Replace gutters — Improves home's appearance ↑
• Resale Replace Corian countertops — Modernizes kitchen and adds value ↑
• Resale Replace hardwood floors — Modernizes and adds value ↑
• Resale Replace windows — Modernizes and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Torrington School District
• NCES district ID: 0904590
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $53,647
• Composite: 26.9/100
• National rank: #7087
• State rank: #125 of 153 in CT

Livability — Torrington

• Score: 76/100
• State rank: #53
• US rank: #3449

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Torrington, CT
• County: Litchfield County · 81,203 people
• City population: 35,566
• Metro: Torrington, CT
• Population (ZIP): 35,566
• Household income: $70,912
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1401.0

Population outlook (Northwest Hills County) Hauer SSP2

• By 2040: 118,998

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 8% Black 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 8% Lithuanian 5% Slovak 2%
• Foreign-born: 12% · Canada, South Korea, Jamaica
• Languages at home: 86% English-only · Spanish 8% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Northwest Hills

• 2024 margin: Toss-up / Even · D 48.6% · R 49.9% · Other 1.6%
• All cycles: 2024: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.78%
• Current HPI: 208.4818
• Rent YoY: ▲ 5.89%
• Metro: Torrington, 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

+41.5% since first listed

8 events — show timeline

• 2026-04-28 Price Changed $225,000 Smart MLS
• 2026-04-08 Price Changed $234,900 Smart MLS
• 2026-02-03 Listed $249,900 Smart MLS
• 2021-05-07 Sold (MLS) $165,000 Smart MLS
• 2021-04-02 Contingent — Smart MLS
• 2021-02-04 Relisted — Smart MLS
• 2021-01-20 Contingent — Smart MLS
• 2020-11-01 Listed $159,000 Smart MLS