1 McKinley St · Norwalk, CT 06853

$2,595,000

2 bd · 3.0 ba · 2,044 sqft · Other · 12 Days on market

Built 2002 7,840 sqft lot

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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 +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.6/10.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Private Compound In The Heart Of Rowayton. Separate C1775 Cottage W/601 Sq.Ft & Bath, Detached Barn/Garage With Loft Storage. Beautiful Landscaping, Koi Pond. Wide Plank Floorsmany Architectural & Antique Features.

Key facts

• 7,840 sq ft lot
• Garage
• Built 2002

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath other listed at $2.60M.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.50M (3.8% below list).
• Recommended offer: $2.50M (3.8% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.4% in Norwalk — 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 77/100 on livability (#41 in CT, #2,966 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities C-, cost of living F.
• Norwalk School District (urban): math 29% / reading 44% proficiency, ranked #104 of 153 in CT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rowayton School (math 60% / reading 64%, grade B, #137 of 553 statewide, top 28%, 468 students, 33% FRL); Brien Mcmahon High School (math 30% / reading 58%, grade F, #97 of 194 statewide, top 50%, 1,711 students, 49% FRL) — zoned schools at 41% FRL track the district average.
• Zoned-school proficiency averages 53% at this address vs 36% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Norwalk School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 25 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $18k of loan paydown is wiped out by about $78k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y 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.
• Current owner paid $1.88M; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $2,497,545 (3.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.96% ✗
• Cap rate: 7.63%
• Cash-on-cash: 4.77%
• DSCR: 1.21
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-236,674
• Equity at exit: $386,923

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $29,796
• Equity at exit: $224,368

Cash invested: $726,600 (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 06853

• Home prices YoY: -26.8%
• Active inventory: 25
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $24,975 medium
• Mortgage (P&I): −$13,608
• Tax from tax record: −$2,150 /mo · $25,800/yr
• Insurance: −$1,081
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,245
• Net cashflow: $2,891

Break-even live

Break-even rent $21,316

Max offer price $2,595,000

Occupancy floor 83%

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: $648,750
• Closing costs: $77,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 Rowayton Ave #201 Norwalk, CT	3.0	3.0	2399	$30,000	$12.51	3d	1	0.05mi
168 Rowayton Ave Unit A Norwalk, CT	3.0	3.0	1400	$8,750	$6.25	3d	1	0.22mi
104 Roton Ave Norwalk, CT	3.0	4.0	2449	$28,000	$11.43	44d	1	0.45mi
233 Rowayton Ave Norwalk, CT	3.0	2.5	2579	$26,000	$10.08	3d	1	0.45mi

Listing history 15 events

1. 2026-03-23
   status Under Contract
2. 2026-03-19
   historical Under Contract - Continue to Show
3. 2026-03-12
   listed $2,595,000 Active
4. 2026-03-09
   historical $2,595,000
5. 2011-03-02
   soldstatus $1,875,000 222-char remark

   Show marketing remark (222 chars)

   Private Compound In The Heart Of Rowayton. Separate C1775 Cottage W/601 Sq.Ft & Bath, Detached Barn/Garage With Loft Storage. Beautiful Landscaping, Koi Pond. Wide Plank Floorsmany Architectural & Antique Features.

6. 2011-03-02
   soldstatus $1,875,000

   Show marketing remark (222 chars)

   Private Compound In The Heart Of Rowayton. Separate C1775 Cottage W/601 Sq.Ft & Bath, Detached Barn/Garage With Loft Storage. Beautiful Landscaping, Koi Pond. Wide Plank Floorsmany Architectural & Antique Features.

7. 2010-11-24
   listed $1,995,000 222-char remark

   Show marketing remark (222 chars)

   Private Compound In The Heart Of Rowayton. Separate C1775 Cottage W/601 Sq.Ft & Bath, Detached Barn/Garage With Loft Storage. Beautiful Landscaping, Koi Pond. Wide Plank Floorsmany Architectural & Antique Features.

8. 2009-11-12
   historical
9. 2009-06-04
   listed $1,995,000
10. 2006-09-25
    soldstatus $1,900,000
11. 2006-09-25
    soldstatus $1,900,000
12. 2006-09-25
    soldstatus $1,900,000
13. 2006-02-19
    listed $1,995,000
14. 2005-04-01
    soldstatus $1,775,000
15. 2004-12-14
    soldstatus $1,650,000

ⓘ 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: $25,800 · $2,150/mo
• Projected year-2 tax: $40,666 · $3,389/mo
• Expected delta: +$14,866/yr (+$1,239/mo · 57.6%)

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

Taxation est. · year 1

• Rental income: $299,705
• − Mortgage interest: −$145,360
• − Property taxes: −$25,800
• − Insurance: −$12,975
• − Repairs & maintenance: −$23,976
• − Management: −$23,976
• − Depreciation: −$75,491
• Taxable loss: −$7,874
• Est. tax savings @ 24.0%: +$1,890
• After-tax cash flow: $36,580/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: Norwalk School District
• NCES district ID: 0903090
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 44% ▼ -6.00%
• Median HH income: $76,540
• Composite: 34.07/100
• National rank: #5297
• State rank: #104 of 153 in CT

Livability — Norwalk

• Score: 77/100
• State rank: #41
• US rank: #2966

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwalk, CT
• City population: 89,026
• Population (ZIP): 3,229

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 2% Asian 2% Black 2%
• Common ancestry: Lithuanian 5% Romanian 4% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · German/W. Germanic 3% Spanish 3% Russian/Polish/Slavic 1%

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: ▼ -77.55%
• Current HPI: 212.295
• 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

+57.3% since first listed

15 events — show timeline

• 2026-03-23 Pending — Smart MLS
• 2026-03-19 Contingent — Smart MLS
• 2026-03-12 Listed $2,595,000 Smart MLS
• 2026-03-09 Coming Soon $2,595,000 Smart MLS
• 2011-03-02 Sold (Public Records) $1,875,000 Public Records
• 2011-03-02 Sold (MLS) $1,875,000 Smart MLS
• 2010-11-24 Listed $1,995,000 Smart MLS
• 2009-11-12 Listing Removed — Smart MLS
• 2009-06-04 Listed $1,995,000 Smart MLS
• 2006-09-25 Sold (Public Records) $1,900,000 Public Records
• 2006-09-25 Sold (Public Records) $1,900,000 Public Records
• 2006-09-25 Sold (MLS) $1,900,000 Smart MLS
• 2006-02-19 Listed $1,995,000 Smart MLS
• 2005-04-01 Sold (Public Records) $1,775,000 Public Records
• 2004-12-14 Sold (Public Records) $1,650,000 Public Records

Property tax history

+6.5%/yr

Latest (2023): $25,800 · +4.2% YoY. Source: county tax records.