12 Salem Tpke · Norwich, CT 06360

$199,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 9 Days on market

Built 1953 0.57 ac lot Est $268k · 25% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• 1% rule +4.3/10.0
• 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

Listing remarks

Bring your elbow grease and this property can provide instant equity. Property is Currently set up as a 2 bed and you can finish the 2nd floor for an additional 2 bedrooms. Property needs cosmetic updates. Conventional or 203k eligible. Property was tenant occupied until May, heating system, electrical and plumbing were in good working order. Property to convey As-Is.

Key facts

• 0.57 acre lot
• Garage
• Built 1953

Property features AI

Exterior

• Parking: Attached garage (1-car)
• Utilities: Public water connected; Public sewer connected
• Home design: Single-family home
• Construction: Frame construction; Block foundation; Asphalt shingle roof
• Exterior features: Level lot; Clapboard siding

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Interior features: Full basement; One fireplace; Total of 5 rooms
• Laundry & utility: Oil hot water heating; Fuel tank located in basement; Domestic hot water

🏷️ Possibly a rental listed for sale. The $199,900 price doesn't fit this home's estimated sale value (~$268,128) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $43 ($515/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 $187k (6.6% below list).
• Recommended offer: $187k (6.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.1% 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-.
• 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.
• Zoned schools: Moriarty Magnet School (math 26% / reading 31%, grade F, #396 of 553 statewide, top 72%, 368 students, 62% FRL); Kelly Steam Magnet Middle School (math 15% / reading 32%, grade F, #156 of 175 statewide, top 90%, 556 students, 72% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 243 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($66k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $186,679 (6.6% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.92%
• DSCR: 1.04
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $268,128
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Fairground Cir	0.32mi	3/1.0 (+1)	1,040 (+3%)	10mo	$315,000	$303	66
18 Pine St	0.48mi	2/1.5	1,080 (+7%)	2mo	$269,900	$250	62
520 New London Tpke	0.08mi	3/1.0 (+1)	1,158 (+15%)	7mo	$307,500	$266	61
27 Surrey Ln	0.26mi	3/1.0 (+1)	1,080 (+7%)	14mo	$239,000	$221	59
11 County Fair Rd	0.37mi	3/1.0 (+1)	960 (-5%)	13mo	$285,000	$297	59
435 New London Tpke	0.36mi	2/1.0	1,054 (+5%)	22mo	$235,000	$223	58
35 Surrey Ln	0.22mi	3/1.0 (+1)	1,108 (+10%)	14mo	$330,000	$298	56
47 Manwaring Rd	0.35mi	2/1.0	1,157 (+15%)	10mo	$270,000	$233	50
17 Nordon Ave	0.46mi	2/1.0	1,086 (+8%)	21mo	$273,000	$251	48
25 Great Plain Rd	0.53mi	3/1.0 (+1)	912 (-10%)	17mo	$260,000	$285	40
18 Great Plain Rd	0.55mi	2/1.0	889 (-12%)	23mo	$256,000	$288	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-22,553
• Equity at exit: $29,806

10-year hold

• IRR: 3.2%
• Equity multiple: 1.27×
• Total profit: $15,275
• 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 06360

• Home prices YoY: -19.9%
• Rents YoY: 6.6%
• Active inventory: 243
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,867 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$300 /mo · $3,603/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $43

Break-even live

Break-even rent $1,812

Max offer price $199,900

Occupancy floor 93%

Sensitivity live

Price	-10% $156	-5% $100	+0% $43	+5% $-14	+10% $-70
Rent	-10% $-105	-5% $-31	+0% $43	+5% $117	+10% $190
Rate	-1.0pp $144	-0.5pp $94	base $43	+0.5pp $-9	+1.0pp $-62

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 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Wawecus Hill Rd Norwich, CT	2.0	1.0	825	$2,000	$2.42	15d	1	0.54mi
73 Peck St Unit 2 Norwich, CT	2.0	1.5	900	$1,475	$1.64	22d	1	0.83mi
2124 Old Pond Ln #2124 Norwich, CT	1.0	2.0	864	$2,250	$2.60	15d	1	1.00mi
43 Dunham St Norwich, CT	2.0	1.0	1105	$1,900	$1.72	46d	1	1.02mi
42 Spring St Unit 1 Norwich, CT	1.0	1.0	704	$1,550	$2.20	22d	1	1.15mi
68 Thermos Ave Unit 212B Norwich, CT	2.0	2.0	1171	$2,300	$1.96	45d	1	1.42mi
204 Thermos Ave Norwich, CT	2.0	2.0	1171	$1,997	$1.71	15d	1	1.42mi

Listing history 8 events

1. 2026-06-21
   days on market $199,900 Active 9 DOM
2. 2026-06-19
   days on market $199,900 Active 7 DOM
3. 2026-06-18
   days on market $199,900 Active 6 DOM
4. 2026-06-17
   days on market $199,900 Active 5 DOM
5. 2026-06-16
   days on market $199,900 Active 4 DOM
6. 2026-06-15
   days on market $199,900 Active 3 DOM
7. 2026-06-13
   remarks 370-char remark
8. 2026-06-13
   listed $199,900 Active 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: $3,603 · $300/mo
• Projected year-2 tax: $3,940 · $328/mo
• Expected delta: +$337/yr (+$28/mo · 9.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $22,401
• − Mortgage interest: −$11,198
• − Property taxes: −$3,603
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,792
• − Management: −$1,792
• − Depreciation: −$5,815
• Taxable loss: −$2,798
• Est. tax savings @ 24.0%: +$672
• After-tax cash flow: $1,187/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

+10421.1% since first listed

3 events — show timeline

• 2026-06-12 Listed $199,900 Smart MLS
• 2024-11-13 Rental Removed $1,900 SMARTMLS
• 2024-10-09 Listed for Rent $1,900 SMARTMLS

Property tax history

-0.5%/yr

Latest (2023): $3,603 · -0.8% YoY. Source: county tax records.