15 Ripley Pl · Norwich, CT 06360

$190,000

3 bd · 1.5 ba · 1,591 sqft · SingleFamily public records · 24 Days on market

Built 1870 3,049 sqft lot Est $248k · 23% 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).

• Cash flow +20.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.8/10.0
• 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 MLS

Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

Key facts

• Hardwood flooring
• Fenced yard
• Brick patio

Tags

• HARDWOOD FLOORING
• SPACIOUS KITCHEN
• FENCED YARD
• BRICK PATIO
• CENTRAL AIR CONDITIONING
• FULL BASEMENT

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas service
• Home design: Single-family home
• Construction: Frame construction; Brick foundation; Aluminum siding; Asphalt shingle roof; Exterior color: mustard; Built prior to or in public records (year not provided)
• Exterior features: Gutters; Patio; Chain-link fence; Sloping lot

Interior

• Kitchen: Oven/Range; Range hood; Refrigerator; Dishwasher
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Gravity warm air heating; Natural gas hot water
• Interior features: Total of 5 rooms; Full basement with hatchway; Attic with storage space and pull-down stairs; Central air
• Laundry & utility: Main-level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 37% 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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $53k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 25y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $190k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% 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 $187,150 (1.5% below list)

Questions for the listing agent

1. Built in 1870 — 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: 1.08% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $248,196
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Ripley Pl	0.00mi	3/1.5	1,591 (0%)	1mo	$170,000	$107	99
176 Laurel Hill Ave	0.51mi	3/1.5	1,592 (+0%)	9mo	$260,000	$163	69
34 Division St	0.43mi	4/1.5 (+1)	1,648 (+4%)	9mo	$320,000	$194	62
21 Mulberry St	0.45mi	4/2.0 (+1)	1,566 (-2%)	12mo	$230,000	$147	60
163 Hickory St	0.64mi	3/2.0	1,518 (-5%)	4mo	$280,000	$184	57
30 Clairmont Ave	0.35mi	3/2.0	1,813 (+14%)	5mo	$168,000	$93	55
23 McKinley Ave	0.63mi	3/2.0	1,520 (-4%)	10mo	$253,000	$166	53
11 Arnold St	0.49mi	3/2.0	1,413 (-11%)	7mo	$220,000	$156	50
89 Hickory St	0.64mi	4/2.0 (+1)	1,512 (-5%)	6mo	$225,000	$149	50
31 Prospect St	0.67mi	4/2.0 (+1)	1,672 (+5%)	5mo	$260,000	$156	49
72 School St	0.66mi	3/2.0	1,440 (-10%)	9mo	$250,000	$174	44
44 Convent Ave	0.59mi	4/1.5 (+1)	1,435 (-10%)	9mo	$190,000	$132	43

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: -3.3%
• Equity multiple: 0.87×
• Total profit: $-6,912
• Equity at exit: $28,330

10-year hold

• IRR: 10.2%
• Equity multiple: 1.92×
• Total profit: $49,125
• Equity at exit: $16,428

Cash invested: $53,200 (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: 7.7×

Monthly cashflow live

• Estimated rent: $2,048 high
• Mortgage (P&I): −$996
• Tax from tax record: −$290 /mo · $3,478/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $253

Break-even live

Break-even rent $1,728

Max offer price $190,000

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51-53 Cliff St Norwich, CT	4.0	1.0	1598	$2,100	$1.31	21d	1	0.22mi
138 Laurel Hill Ave Unit 2 Norwich, CT	2.0	1.0	1200	$1,690	$1.41	13d	1	0.44mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	43d	1	0.57mi
229 Boswell Ave Unit 6 Norwich, CT	3.0	2.5	1547	$2,350	$1.52	13d	1	0.71mi
14-16 Slater Ave Unit 14 Norwich, CT	3.0	1.0	1200	$2,000	$1.67	43d	1	0.82mi
51 Broad St Norwich, CT	3.0	1.0	1200	$1,850	$1.54	21d	1	0.87mi
130 Platt Ave Norwich, CT	3.0	1.0	2010	$1,800	$0.90	43d	1	0.90mi
103 Thermos Ave Unit 23A Norwich, CT	2.0	1.0	1326	$1,295	$0.98	21d	1	0.92mi
68 Thermos Ave Unit 212B Norwich, CT	2.0	2.0	1171	$2,300	$1.96	43d	1	0.97mi
204 Thermos Ave Norwich, CT	2.0	2.0	1171	$1,997	$1.71	13d	1	0.97mi
154 Washington St Unit 11 Norwich, CT	2.0	1.0	1100	$1,750	$1.59	43d	1	1.00mi
43 Dunham St Norwich, CT	2.0	1.0	1105	$1,900	$1.72	44d	1	1.14mi

Listing history 37 events

1. 2026-04-21
   status Under Contract
2. 2026-04-11
   price $190,000
3. 2026-03-27
   listed $200,000 Active
4. 2021-01-20
   soldstatus $105,000
5. 2021-01-19
   soldstatus $105,000 Closed 628-char remark

   Show marketing remark (628 chars)

   Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

6. 2020-11-17
   historical Under Contract - Continue to Show 628-char remark

   Show marketing remark (628 chars)

   Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

7. 2020-11-14
   price $99,000 628-char remark

   Show marketing remark (628 chars)

   Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

8. 2020-11-06
   price $105,000 628-char remark

   Show marketing remark (628 chars)

   Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

9. 2020-10-07
   status Active 628-char remark

   Show marketing remark (628 chars)

   Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

10. 2020-09-15
    historical Under Contract - Continue to Show 628-char remark

    Show marketing remark (628 chars)

    Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

11. 2020-08-14
    listed $110,000 Active 628-char remark

    Show marketing remark (628 chars)

    Wonderful in town charmer has all the period touches, but completely renovated to todays desired lifestyles. This 2000 plus square foot home features hardwood floors, newer stainless appliances in a spacious kitchen, mudroom, office, laundry room, and 3 generous bedrooms. Upgraded mechanicals including central air and full basement. The private fenced backyard features an entertaining brick patio for those warm weather barbeques. So convenient to walk downtown, catch transportation, school, and shopping. Ample on street parking. An exceptional value not to be missed. Property is move-in ready so what are you waiting for?

12. 2020-01-23
    historical
13. 2019-09-02
    price $125,000
14. 2019-08-12
    listed $143,000 Active
15. 2011-03-29
    soldstatus $68,000
16. 2011-01-18
    listed $72,900
17. 2010-12-02
    historical
18. 2010-05-18
    listed $81,000
19. 2007-03-30
    historical
20. 2007-03-30
    historical
21. 2006-10-13
    historical
22. 2006-09-14
    listed $223,500
23. 2006-09-14
    listed $229,900
24. 2006-07-13
    listed $229,900
25. 2006-04-23
    historical
26. 2006-01-24
    listed $244,900
27. 2005-08-29
    soldstatus $165,000
28. 2005-08-29
    soldstatus $165,000
29. 2005-07-16
    listed $165,000
30. 2005-07-11
    historical
31. 2005-07-10
    historical
32. 2005-06-10
    listed $169,900
33. 2005-01-11
    listed $169,900
34. 2002-06-17
    soldstatus $84,000
35. 2002-02-21
    soldstatus $40,000
36. 2002-02-20
    soldstatus $40,000
37. 2001-10-18
    listed $49,900

ⓘ 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: $3,478 · $290/mo
• Projected year-2 tax: $3,772 · $314/mo
• Expected delta: +$294/yr (+$24/mo · 8.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $24,576
• − Mortgage interest: −$10,643
• − Property taxes: −$3,478
• − Insurance: −$950
• − Repairs & maintenance: −$1,966
• − Management: −$1,966
• − Depreciation: −$5,527
• Taxable income: $45
• Est. tax owed @ 24.0%: −$11
• After-tax cash flow: $3,019/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

+280.8% since first listed

37 events — show timeline

• 2026-04-21 Pending — Smart MLS
• 2026-04-11 Price Changed $190,000 Smart MLS
• 2026-03-27 Listed $200,000 Smart MLS
• 2021-01-20 Sold (Public Records) $105,000 Public Records
• 2021-01-19 Sold (MLS) $105,000 Smart MLS
• 2020-11-17 Contingent — Smart MLS
• 2020-11-14 Price Changed $99,000 Smart MLS
• 2020-11-06 Price Changed $105,000 Smart MLS
• 2020-10-07 Relisted — Smart MLS
• 2020-09-15 Contingent — Smart MLS
• 2020-08-14 Listed $110,000 Smart MLS
• 2020-01-23 Listing Removed — Smart MLS
• 2019-09-02 Price Changed $125,000 Smart MLS
• 2019-08-12 Listed $143,000 Smart MLS
• 2011-03-29 Sold (MLS) $68,000 Smart MLS
• 2011-01-18 Listed $72,900 Smart MLS
• 2010-12-02 Listing Removed — Smart MLS
• 2010-05-18 Listed $81,000 Smart MLS
• 2007-03-30 Listing Removed — Smart MLS
• 2007-03-30 Listing Removed — Smart MLS
• 2006-10-13 Listing Removed — Smart MLS
• 2006-09-14 Listed $229,900 Smart MLS
• 2006-09-14 Listed $223,500 Smart MLS
• 2006-07-13 Listed $229,900 Smart MLS
• 2006-04-23 Listing Removed — Smart MLS
• 2006-01-24 Listed $244,900 Smart MLS
• 2005-08-29 Sold (Public Records) $165,000 Public Records
• 2005-08-29 Sold (MLS) $165,000 Smart MLS
• 2005-07-16 Listed $165,000 Smart MLS
• 2005-07-11 Listing Removed — Smart MLS
• 2005-07-10 Listing Removed — Smart MLS
• 2005-06-10 Listed $169,900 Smart MLS
• 2005-01-11 Listed $169,900 Smart MLS
• 2002-06-17 Sold (Public Records) $84,000 Public Records
• 2002-02-21 Sold (Public Records) $40,000 Public Records
• 2002-02-20 Sold (MLS) $40,000 Smart MLS
• 2001-10-18 Listed $49,900 Smart MLS

Property tax history

+0.3%/yr

Latest (2023): $3,478 · +0.3% YoY. Source: county tax records.