1 George St · Norwich, CT 06360

$214,925

3 bd · 2.0 ba · 1,244 sqft · MultiFamily public records · 219 Days on market

Built 1915 6,534 sqft lot $173/sqft · 13% below area Est $248k · 13% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +13.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

Key facts

• 6,534 sq ft lot
• 4 parking spots
• Built 1915

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $783/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% 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; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $3,834/mo this rent would consume 70% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $60k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 1915 — 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 $189,134 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% 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 1915 — 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: 1.78% ✓
• Cap rate: 15.04%
• Cash-on-cash: 31.25%
• DSCR: 2.39
• GRM: 4.7

CMA / ARV

• ARV (median comp): $248,224
• List price: $214,925
• Delta: -13.41%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Avery St	0.51mi	4/2.0 (+1)	1,404 (+13%)	8mo	$265,000	$189	44

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: 30.1%
• Equity multiple: 2.32×
• Total profit: $79,489
• Equity at exit: $32,046

10-year hold

• IRR: 39.4%
• Equity multiple: 5.35×
• Total profit: $261,886
• Equity at exit: $18,583

Cash invested: $60,179 (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: 9.3×

Monthly cashflow live

• Estimated rent: $3,834 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$245 /mo · $2,943/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$805
• Net cashflow: $1,567

Break-even live

Break-even rent $1,850

Max offer price $214,925

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,834
Total (2 units)			$3,834

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: $53,731
• Closing costs: $6,448
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
43 Dunham St Norwich, CT	2.0	1.0	1105	$1,900	$1.72	44d	1	0.06mi
68 Thermos Ave Unit 212B Norwich, CT	2.0	2.0	1171	$2,300	$1.96	43d	1	0.43mi
204 Thermos Ave Norwich, CT	2.0	2.0	1171	$1,997	$1.71	13d	1	0.43mi
103 Thermos Ave Unit 23A Norwich, CT	2.0	1.0	1326	$1,295	$0.98	21d	1	0.52mi
73 Peck St Unit 2 Norwich, CT	2.0	1.5	900	$1,475	$1.64	21d	1	0.61mi
138 Laurel Hill Ave Unit 2 Norwich, CT	2.0	1.0	1200	$1,690	$1.41	13d	1	0.76mi
99 Cedar St Norwich, CT	2.0	1.0	800	$1,625	$2.03	11d	1	1.21mi
14-16 Slater Ave Unit 14 Norwich, CT	3.0	1.0	1200	$2,000	$1.67	43d	1	1.35mi
502 E Main St Unit 1 Norwich, CT	3.0	1.0	800	$1,750	$2.19	13d	1	1.36mi
25 Boswell Ave Unit 2 Norwich, CT	3.0	1.0	900	$1,900	$2.11	13d	1	1.37mi
154 Washington St Unit 11 Norwich, CT	2.0	1.0	1100	$1,750	$1.59	43d	1	1.38mi
158 Cliff St Unit 2 Norwich, CT	3.0	1.0	700	$1,700	$2.43	13d	1	1.43mi
33 Lake St Unit c Norwich, CT	3.0	1.0	750	$1,450	$1.93	13d	1	1.50mi

Listing history 23 events

1. 2026-06-19
   days on market $214,925 Active 219 DOM
2. 2026-06-18
   days on market $214,925 Active 218 DOM
3. 2026-06-17
   days on market $214,925 Active 217 DOM
4. 2026-06-16
   days on market $214,925 Active 216 DOM
5. 2026-06-15
   days on market $214,925 Active 215 DOM
6. 2026-06-14
   days on market $214,925 Active 213 DOM
7. 2026-06-13
   days on market $214,925 Active 212 DOM
8. 2026-06-10
   days on market $214,925 Active 210 DOM
9. 2026-06-09
   days on market $214,925 Active 209 DOM
10. 2026-06-08
    days on market $214,925 Active 208 DOM
11. 2026-06-07
    days on market $214,925 Active 207 DOM
12. 2026-06-02
    days on market $214,925 Active 202 DOM
13. 2026-06-01
    days on market $214,925 Active 201 DOM
14. 2026-05-31
    days on market $214,925 Active 200 DOM
15. 2026-05-30
    days on market $214,925 Active 199 DOM
16. 2026-05-13
    status Active 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

17. 2026-03-23
    historical Under Contract - Continue to Show 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

18. 2026-02-09
    status Active 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

19. 2026-01-28
    status Under Contract 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

20. 2025-11-28
    status Active 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

21. 2025-10-31
    status Under Contract 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

22. 2025-10-04
    listed $214,925 Active 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

23. 2025-09-22
    historical $214,925 894-char remark

    Show marketing remark (894 chars)

    Great investment or owner-occupied opportunity in the heart of Norwich. This well-maintained two-family property at 1 George Street is 1,244 sq. ft. of living space with three bedrooms, two full baths, and seven total rooms across two units Built in 1915, the home features vinyl siding, hardwood floors, gas heat with hot water, and a partial basement for storage. The property sits on a 0.15-acre lot, providing manageable outdoor space. Included in the sale is the adjoining lot at 3 George Street, an additional 0.15 acres, for added expansion potential, extra yard space, or possible future development conduct with diligence. Together, the combined parcels provide approximately 0.30 acres in a convenient multifamily zone, close to downtown Norwich, public transportation, schools, and area amenities. A unique chance to own a versatile income-producing property with added land value.

ⓘ 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: $2,943 · $245/mo
• Projected year-2 tax: $3,771 · $314/mo
• Expected delta: +$828/yr (+$69/mo · 28.1%)

ⓘ 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 ≥98°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: $46,008
• − Mortgage interest: −$12,039
• − Property taxes: −$2,943
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,681
• − Management: −$3,681
• − Depreciation: −$6,252
• Taxable income: $16,338
• Est. tax owed @ 24.0%: −$3,921
• After-tax cash flow: $14,883/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

+0.0% since first listed

8 events — show timeline

• 2026-05-13 Relisted — Smart MLS
• 2026-03-23 Contingent — Smart MLS
• 2026-02-09 Relisted — Smart MLS
• 2026-01-28 Pending — Smart MLS
• 2025-11-28 Relisted — Smart MLS
• 2025-10-31 Pending — Smart MLS
• 2025-10-04 Listed $214,925 Smart MLS
• 2025-09-22 Coming Soon $214,925 Smart MLS

Property tax history

-1.2%/yr

Latest (2023): $2,943 · +0.3% YoY. Source: county tax records.