22 Hawthorne St · Norwich, CT 06360

$870,000

66 bd · 36.0 ba · 4,949 sqft · MultiFamily public records · 119 Days on market

Built 1870 3,920 sqft lot $176/sqft · 104% above area

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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).

• Cash flow +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

INVESTORS TAKE NOTICE. 6 family income producing property for sale. 4 one bedrooms and 1 four bedroom unit and 1 three bedroom unit. Units recently updated with fresh paint and new flooring. Bright apartments with an abundance of natural light.

Key facts

• Recently updated
• Natural light
• 3,920 sq ft lot

Tags

• INCOME PRODUCING PROPERTY
• RECENTLY UPDATED
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 4×1bd/1ba + 1×4bd/1ba + 1×3bd/1ba units multifamily listed at $870k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $356/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $870k).
• Recommended offer: $792k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.0% in Norwich — 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 81/100 on livability (#18 in CT, #1,391 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A-; Watch: schools D+.
• Norwich School District (urban): math 19% / reading 29% proficiency, ranked #139 of 153 in CT (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.6%/yr); 241 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $9,576/mo this rent would consume 175% of the median local household income ($66k/yr) (locally 1643% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $244k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 51840% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $791,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.10% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.52%
• DSCR: 1.47
• GRM: 7.6

CMA / ARV

• ARV (median comp): $426,508
• List price: $870,000
• Delta: 103.98%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.13×
• Total profit: $30,918
• Equity at exit: $129,720

10-year hold

• IRR: 15.7%
• Equity multiple: 2.48×
• Total profit: $360,936
• Equity at exit: $75,222

Cash invested: $243,600 (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 06360

• Home prices YoY: -19.9%
• Rents YoY: 6.6%
• Active inventory: 241
• Price-to-rent: 50.2×

Monthly cashflow live

• Estimated rent: $9,576 high
• Mortgage (P&I): −$4,562
• Tax from tax record: −$505 /mo · $6,065/yr
• Insurance: −$362
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,011
• Net cashflow: $2,135

Break-even live

Break-even rent $6,874

Max offer price $870,000

Occupancy floor 73%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,784
1× unit	4	1	$2,000
1× unit	3	1	$1,794
Total (6 units)			$9,576

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: $217,500
• Closing costs: $26,100
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-17
   historical $1,675
2. 2026-05-09
   listed $1,675
3. 2026-04-26
   historical $1,100
4. 2026-04-25
   historical $1,100
5. 2026-03-25
   listed $1,100
6. 2026-03-25
   listed $1,750
7. 2026-01-28
   listed $900,000 Active 244-char remark

   Show marketing remark (244 chars)

   INVESTORS TAKE NOTICE. 6 family income producing property for sale. 4 one bedrooms and 1 four bedroom unit and 1 three bedroom unit. Units recently updated with fresh paint and new flooring. Bright apartments with an abundance of natural light.

ⓘ 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: $6,065 · $505/mo
• Projected year-2 tax: $12,342 · $1,028/mo
• Expected delta: +$6,276/yr (+$523/mo · 103.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $114,912
• − Mortgage interest: −$48,734
• − Property taxes: −$6,065
• − Insurance: −$4,350
• − Repairs & maintenance: −$9,193
• − Management: −$9,193
• − Depreciation: −$25,309
• Taxable income: $12,068
• Est. tax owed @ 24.0%: −$2,896
• After-tax cash flow: $22,721/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: Norwich School District
• NCES district ID: 0903120
• Math proficiency: 19% ▼ -8.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $50,813
• Composite: 21.27/100
• National rank: #8395
• State rank: #139 of 153 in CT

Livability — Norwich

• Score: 81/100
• State rank: #18
• US rank: #1391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, CT
• County: New London County · 147,197 people
• City population: 37,216
• Metro: Norwich-New London, CT
• Population (ZIP): 37,216
• Household income: $65,539
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1643.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Hispanic / Latino 21% Two or more races 12% Black 10% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Cuban 1% Dominican 3%
• Common ancestry: Lithuanian 8% Romanian 5% Hispanic 4%
• Foreign-born: 15% · Canada, China
• Languages at home: 77% English-only · Spanish 11% French/Haitian/Cajun 4% Chinese 3%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.27%
• Current HPI: 261.8575
• Rent YoY: ▲ 6.62%
• Metro: Norwich-New London, 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

-99.8% since first listed

7 events — show timeline

• 2026-05-17 Rental Removed $1,675 SHOWMOJO
• 2026-05-09 Listed for Rent $1,675 SHOWMOJO
• 2026-04-26 Rental Removed $1,100 SHOWMOJO
• 2026-04-25 Rental Removed $1,100 SHOWMOJO
• 2026-03-25 Listed for Rent $1,100 SHOWMOJO
• 2026-03-25 Listed for Rent $1,750 SHOWMOJO
• 2026-01-28 Listed $900,000 Smart MLS

Property tax history

-1.0%/yr

Latest (2023): $6,065 · +0.3% YoY. Source: county tax records.