1 Walter Ave #49 · Norwalk, CT 06851

$219,000

1 bd · 1.0 ba · 574 sqft · Condo public records · 18 Days on market

Built 1968 $382/sqft · at area comps Est $229k · at est. $344/mo HOA · 16% of rent

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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 +10.5/30.0
• ARV discount +9.4/15.0
• 1% rule +4.7/10.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• DSCR +3.0/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful one bedroom unit in Sutton Place complex in sought after Wolfpit area. Walking friendly to shopping, restaurants and transportation. Great opportunity both for investors or first time homeowners. Features sunny living room, dining area, and one bedroom. Remodeled kitchen and bathroom is in the remodeling process with newly painted cabinets, new countertops, new flooring and tile backsplash. Remodeling should be finished approximately in 10 days. Heat, hot water and cooking gas is included in the common charges. wall to wall carpeting in Living room and bedroom. Complex has on site coin operated laundry. Wall unit air-conditioning.

Key facts

• One bedroom unit
• Sutton place complex
• Remodeled kitchen

Tags

• ONE BEDROOM UNIT
• SUTTON PLACE COMPLEX
• SUNNY LIVING ROOM
• REMODELED KITCHEN
• NEW KITCHEN CABINETS
• NEW COUNTERTOPS

Property features AI

Finance

• Other: Part of a 51-unit building
• HOA & community: Monthly HOA fee; HOA covers grounds maintenance, trash pickup, snow removal, heat, hot water, and property management; Professional off-site property management; Pets not allowed

Exterior

• Parking: Assigned parking space; Total parking spaces: 1
• Utilities: Public water connected; Public sewer (in street); Domestic hot water; Oil fuel with above-ground tank
• Home design: Condominium unit in a multi-unit complex (Sutton Place)
• Construction: Brick construction
• Exterior features: Brick exterior; City views; Beach rights

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 1 bedroom (single-level unit)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating (oil-fired); Wall unit air conditioning
• Interior features: Coin-operated laundry in the building; Wall air-conditioning unit; No basement
• Laundry & utility: Coin-operated laundry (on-site)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (3.0% below list).
• Recommended offer: $199k (9.0% below list) — sets the bar for cash-flow.
• Cap rate 5.7% 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: Wolfpit Integrated Arts Elementary School (math 32% / reading 47%, grade F, #298 of 553 statewide, top 56%, 361 students, 37% FRL); P-Tech Norwalk (math 32% / reading 62%, grade D-, #92 of 194 statewide, top 47%, 408 students, 50% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 91 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

Recommended offer $199,305 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.97% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.18%
• DSCR: 0.90
• GRM: 8.6

CMA / ARV

• ARV (median comp): $228,781
• List price: $219,000
• Delta: -4.28%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.11% rent growth · sell at horizon

5-year hold

• IRR: -21.0%
• Equity multiple: 0.28×
• Total profit: $-44,272
• Equity at exit: $32,654

10-year hold

• IRR: -16.7%
• Equity multiple: 0.11×
• Total profit: $-54,474
• Equity at exit: $18,935

Cash invested: $61,320 (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 06851

• Rents YoY: 2.1%
• Active inventory: 91
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,124 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$206 /mo · $2,466/yr
• Insurance: −$91
• HOA: −$344
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $-111

Break-even live

Break-even rent $2,265

Max offer price $199,305

Occupancy floor —

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
324 Strawberry Hill Ave Unit A202 Norwalk, CT	1.0	1.0	519	$1,750	$3.37	43d	1	0.44mi
10 Willard Rd Norwalk, CT	1.0–2.0	1.0–2.0	1048	$2,592	$2.47	3d	37	0.55mi
99 East Ave Unit 1 Norwalk, CT	1.0	1.0	600	$5,100	$8.50	43d	1	0.68mi
99 East Ave Norwalk, CT	1.0	1.0	500	$5,000	$10.00	43d	1	0.68mi
99 East Ave Rm 600 Norwalk, CT	1.0	1.0	750	$5,500	$7.33	43d	1	0.68mi
24 High St Unit 2 Norwalk, CT	1.0	1.0	600	$2,100	$3.50	43d	1	0.75mi
31 High St Unit 4-2C Norwalk, CT	1.0	1.0	643	$2,475	$3.85	43d	1	0.77mi
8 Norden Pl Norwalk, CT	1.0–2.0	1.0–2.0	1010	$2,486	$2.46	2d	11	0.89mi
61 Wall St Norwalk, CT	1.0–2.0	1.0	925	$2,210	$2.39	23d	1	0.93mi
31 Isaacs St Unit 1A Norwalk, CT	1.0	1.0	600	$1,695	$2.83	3d	1	0.98mi
10 Norden Pl Unit 136 Norwalk, CT	—	1.0	500	$1,860	$3.72	3d	1	1.00mi
168 Main St Unit 3B Norwalk, CT	1.0	1.0	500	$1,400	$2.80	23d	1	1.11mi
168 Main St Unit 3A Norwalk, CT	1.0	1.0	650	$2,100	$3.23	21d	1	1.11mi
168 Main St Unit 3A Norwalk, CT	1.0	1.0	650	$1,950	$3.00	3d	1	1.11mi
4 Berkeley St Unit 2 Norwalk, CT	1.0	1.0	600	$1,795	$2.99	11d	1	1.12mi
32 W Main St Unit 208 Norwalk, CT	—	1.0	450	$1,395	$3.10	14d	1	1.12mi
31 Fitch St Unit 2 Norwalk, CT	2.0	1.0	700	$2,750	$3.93	43d	1	1.25mi
467 West Ave Norwalk, CT	3.0	1.0–2.0	1334	$3,895	$2.92	10d	190	1.29mi
25 Grand St Norwalk, CT	1.0–2.0	1.0–1.5	856	$2,500	$2.92	23d	3	1.32mi
25 Grand St Norwalk, CT	1.0–2.0	1.0–1.5	856	$2,650	$3.10	43d	2	1.32mi
1 Saint John St Unit 2 Norwalk, CT	2.0	1.0	600	$2,000	$3.33	14d	1	1.33mi
370 West Ave Norwalk, CT	3.0	1.0–2.0	925	$3,185	$3.44	3d	81	1.37mi
50 Aiken St Norwalk, CT	1.0–2.0	1.0–2.0	909	$2,350	$2.59	23d	2	1.39mi
34 Prospect St Unit 6T Norwalk, CT	1.0	1.0	700	$1,995	$2.85	23d	1	1.43mi
34 Prospect St Unit 4M Norwalk, CT	1.0	1.0	625	$1,773	$2.84	43d	1	1.43mi
41 Prospect St Norwalk, CT	1.0	1.0	575	$1,925	$3.35	43d	1	1.44mi
18 Prospect Ave Unit C8 Norwalk, CT	1.0	1.0	572	$2,100	$3.67	23d	1	1.45mi
18 Prospect Ave Unit C10 Norwalk, CT	1.0	1.0	572	$2,100	$3.67	43d	1	1.45mi

HOA detail condo

• Monthly dues: $344 · $4,128/yr
• Likely covers: watergas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-05
   historical Under Contract - Continue to Show 648-char remark
2. 2026-05-02
   listed $219,000 Active 648-char remark

ⓘ 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: $2,466 · $206/mo
• Projected year-2 tax: $3,576 · $298/mo
• Expected delta: +$1,110/yr (+$93/mo · 45.0%)

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

Taxation est. · year 1

• Rental income: $25,484
• − Mortgage interest: −$12,267
• − Property taxes: −$2,466
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − HOA: −$4,128
• − Depreciation: −$6,371
• Taxable loss: −$4,920
• Est. tax savings @ 24.0%: +$1,181
• After-tax cash flow: $-157/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
• County: Fairfield County · 765,532 people
• City population: 89,026
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 27,865
• Household income: $111,341
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 995.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Hispanic / Latino 25% Black 16% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 1% Slovak 1%
• Foreign-born: 27% · Canada, Jamaica, Guatemala
• Languages at home: 68% English-only · Spanish 22% Other Indo-European 5% 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: ▼ -372.10%
• Current HPI: 190.9291
• Rent YoY: ▲ 2.11%
• Metro: Bridgeport-Stamford-Norwalk, 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

+0.5% since first listed

4 events — show timeline

• 2026-06-02 Sold (MLS) $220,000 Smart MLS
• 2026-05-19 Pending — Smart MLS
• 2026-05-05 Contingent — Smart MLS
• 2026-05-02 Listed $219,000 Smart MLS

Property tax history

+4.7%/yr

Latest (2023): $2,466 · +1.6% YoY. Source: county tax records.