364-366 Washington St · Norwich, CT 06360

$418,000

6 bd · 3.6 ba · 3,308 sqft · MultiFamily · 11 Days on market

Built 1860 Fair condition 0.26 ac lot Est $400k · at est.

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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 +16.2/30.0
• ARV discount +5.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• 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

Rare chance to own a one-of-a-kind, spacious vintage large 2 family home with strong income potential. Featuring of spacious 6 bedrooms and 4 bathrooms, this property offers excellent cash flow for investors and is also ideal for owner-occupants looking to offset costs with rental incomes. Based on official records and historic registries, property is located within a Federally designated historic district in Norwich, CT. Washington St is a major thoroughfare here. Washington Street Historic District - An area documented for containing many of the late 19th-century structures that contribute to the area's historic fabric. The property is recorded as a contributing resource. This means it re

Key facts

• Legal 2-family
• Prime location
• 0.26 acre lot

Tags

• LEGAL 2-FAMILY
• PRIME LOCATION
• BUILT-IN CONVERSION POTENTIAL

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family (2-family) property
• Construction: Frame construction; Concrete and stone foundation
• Exterior features: Corner lot; Level lot; Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: 6 bedrooms (two-family property total)
• Bathrooms: 3 full baths; 1 half bath
• Heating & cooling: Steam heat; Heat fuel: Electric and gas available in street; Hot water: Other
• Interior features: Total of 12 rooms; Full basement; Attic with pull-down stairs

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $418k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive. Per door: $83/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $394k (5.8% below list).
• Recommended offer: $394k (5.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $3,937/mo this rent would consume 72% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 62% 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 $393,700 (5.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.27%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $400,268
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Williams St	0.59mi	6/4.0	3,755 (+14%)	11mo	$455,000	$121	39

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: -9.5%
• Equity multiple: 0.64×
• Total profit: $-42,208
• Equity at exit: $62,325

10-year hold

• IRR: 4.3%
• Equity multiple: 1.37×
• Total profit: $42,939
• Equity at exit: $36,141

Cash invested: $117,040 (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: 17.7×

Monthly cashflow live

• Estimated rent: $3,937 medium
• Mortgage (P&I): −$2,192
• Tax est. 1.5%: −$522 /mo · $6,270/yr
• Insurance: −$174
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$827
• Net cashflow: $166

Break-even live

Break-even rent $3,727

Max offer price $418,000

Occupancy floor 91%

Sensitivity live

Price	-10% $455	-5% $310	+0% $166	+5% $22	+10% $-123
Rent	-10% $-145	-5% $10	+0% $166	+5% $321	+10% $477
Rate	-1.0pp $376	-0.5pp $272	base $166	+0.5pp $58	+1.0pp $-53

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$3,938
Total (2 units)			$3,937

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: $104,500
• Closing costs: $12,540
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $418,000 Active 11 DOM
2. 2026-06-19
   days on market $418,000 Active 9 DOM
3. 2026-06-18
   days on market $418,000 Active 8 DOM
4. 2026-06-17
   days on market $418,000 Active 7 DOM
5. 2026-06-16
   days on market $418,000 Active 6 DOM
6. 2026-06-15
   days on market $418,000 Active 5 DOM
7. 2026-06-14
   days on market $418,000 Active 3 DOM
8. 2026-06-13
   remarks 699-char remark
9. 2026-06-13
   listed $418,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $47,244
• − Mortgage interest: −$23,414
• − Property taxes: −$6,270
• − Insurance: −$2,756
• − Repairs & maintenance: −$3,780
• − Management: −$3,780
• − Depreciation: −$12,160
• Taxable loss: −$4,916
• Est. tax savings @ 24.0%: +$1,180
• After-tax cash flow: $3,172/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab

A moderate rehab project is needed to improve the home's curb appeal and value, focusing on exterior repairs and maintenance.

Repairs flagged

• Moderate Exterior siding — Weathered and in need of replacement
• Moderate Roof — Aged and likely in need of repair or replacement

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and value
• Both Replace exterior siding — Improves appearance and value
• Both Replace roof — Extends life and improves appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and in need of replacement	Moderate	$3,000–15,000
Roof · Aged and likely in need of repair or replacement	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and value ↑
• Both Replace exterior siding — Improves appearance and value ↑
• Both Replace roof — Extends life and improves appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-10 Listed $418,000 Smart MLS