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189 Derby Ave
Score
0
Orange, CT

189 Derby Ave

625K
3 bd • 3 ba • 1,904 sf

This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$624,900

Price/Sq.Ft

$328

Year Built

1920

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 1920-built home at 189 Derby Ave, Orange, CT has been beautifully renovated, combining historic charm with modern amenities. At $328.20/sqft, it's priced 20% below the area average of $410/sqft for similar properties. The recent renovation includes brand-new windows, an open-concept design, and a move-in ready status, potentially saving buyers $20,000-$30,000 in immediate upgrades. The property's flood risk score of 1/10 is exceptionally low, potentially reducing insurance costs by 15-20% compared to properties with higher risk. Its location near top-rated schools (Amity Middle School: 8/10, Amity Regional High School: 8/10) adds significant value, typically commanding a 5-10% premium in the market. The home's square footage (1,904 sqft) is about 10% larger than the average for 3-bedroom homes in the area, offering more space for the price.

The Bad

The property's price increased by 92.3% since its last sale in August 2024, which is significantly above the average market appreciation rate of 5-7% annually in Orange, CT. This rapid price increase may impact future appreciation potential. The home's age (built in 1920) suggests potential hidden maintenance issues despite the renovation. The property has limited yard space based on the images, which may not appeal to buyers seeking larger outdoor areas. The air quality risk score of 5/10 and heat risk score of 6/10 are higher than ideal, potentially impacting long-term livability and energy costs.

The Ugly

The total monthly ownership costs are high, estimated at $4,500+ ($3,125 mortgage at 3% down + $520 property tax + $187 insurance + $668 estimated maintenance/utilities). This is significantly above the area's median rental rate of $2,740 for a 3-bedroom home, potentially making it cash flow negative for investors. The property's age may require substantial updates to major systems within 5-10 years, including potential costs for electrical ($8,000-$12,000), plumbing ($5,000-$15,000), and roof replacement ($10,000-$20,000). The wind risk score of 6/10 is concerning, potentially leading to 20-30% higher insurance premiums and increased maintenance costs over time.

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Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for buyers with a household income of $160,000+ (based on a 28% front-end DTI ratio). It suits young families or professionals who value proximity to highly-rated schools and appreciate historic homes with modern updates. The open-concept design and updated kitchen make it perfect for those who enjoy entertaining. First-time homebuyers with substantial savings for a down payment and an appreciation for character homes would find this property attractive. The low flood risk and recent renovations make it suitable for those seeking a balance of charm and reduced immediate maintenance concerns.

Not For

This property is not suitable for investors seeking immediate positive cash flow, as the high purchase price relative to rental rates makes this challenging. It's not ideal for buyers on a tight budget due to the high monthly ownership costs and potential for significant future maintenance expenses. Those seeking a large yard or extensive outdoor space may find the property lacking. Buyers with sensitivity to air quality issues or extreme heat should consider the higher-than-average risk scores for these factors. The property may not suit those looking for a home with minimal long-term maintenance needs, given its age and potential for major system replacements in the coming years.
Demographics
Area Median Income

$128,171

Property History

Price History
Ownership Timeline
$325,000Financed
Aug 12, 2024
Patricia Gill Ret, Patricia GillGlenstone Dev P2 Llc
Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Jan 1, 1970
Patricia GillPatricia Gill Ret, Patricia A Gill
Quit Claim Deed
Non-Arm's Length Transactions

Property Taxes

$6,795
2024 Tax Assessment
33.9%from previous year
Assessed Value$219,200
Tax Rate3.10%

Sunlight Analysis

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Sunlight Analysis

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Risk Assessment

Climate Risks

heatMAJOR

7 extreme heat days per year

98th percentile: 98°F

windMAJOR

Insurance: Required

airMODERATE

5 bad air quality days per year

fireMINIMAL

Insurance: Recommended

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

Risk Analysis

The rapid price increase (92.3% in 5 months) raises concerns about potential overvaluation and future appreciation limitations. The high wind risk (6/10) and major heat risk (6/10) could lead to increased insurance costs and potential property damage over time. Despite renovations, the home's age (103 years) suggests a high likelihood of hidden issues and the need for major system replacements within the next decade. The air quality risk (5/10) may necessitate investment in air purification systems and could impact long-term health and comfort. The high monthly ownership costs relative to rental rates in the area ($4,500+ vs. $2,740) create a risk of negative cash flow for investors and potential affordability issues for owner-occupants if their financial situation changes.
Insurance
Annual Cost

$2,250

$187 per month

Cost & Affordability

Monthly Costs

Breakdown of estimated monthly expenses for this property

Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements

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20.0% of purchase price

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$625 monthly
$187 monthly

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Schools

Race Brook School

Public•Grades 1-6
6/5
Elementary
0.5 mi
Get more information on GreatSchools

Amity Middle School: Orange

Public•Grades 7-8
8/5
Middle
0.3 mi
Get more information on GreatSchools

Amity Regional High School

Public•Grades 9-12
8/5
High
4.1 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (3 bed)

$2,740

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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$624,900
Price/sqft
$328
Layout
3 bd•3 ba
0

Stats in the Area

Based on 2 comparable properties nearby

Average Price

$522,000

19.7%

Your price is 19.7% above average

Median Price

$549,000

13.8%

Based on 2 recent sales

Price per Sq.Ft

$256

28.2%

Your price is 28.2% above average $/sqft

Comparable Properties

594 Saddle Ridge Road, Orange, CT 06477
Price: $549,000
Sq.Ft: 2,087
Beds/Baths: 4/3
$/Sq.Ft:
$26319.8%
Sale Date: 11/8/2024
8 Pryde Drive, Orange, CT 06477
Price: $495,000
Sq.Ft: 1,994
Beds/Baths: 3/3
$/Sq.Ft:
$24824.4%
Sale Date: 10/2/2024

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