3 Bittersweet Trl · Norwalk, CT 06853

$3,189,000

4 bd · 2.5 ba · 3,678 sqft · SingleFamily public records · 145 Days on market

Built 1939 0.54 ac lot Est $2490k · 28% over

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Why this score? — see what drove the F 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 +14.7/30.0
• DSCR +4.5/10.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tranquil Rowayton Setting On Sought After Street Classic 1930's 4 Br Center Hall Colonial W/2 Car Garage Fmrm/Wood Stove Opens To Terrace. Lr/Fpl Opens To Sunporch Walk To Village, Park, Train & Beach/Tennis.

Key facts

• 0.54 acre lot
• 2 garage spots
• Built 1939

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $3.19M.

Deal economics

• At list price, monthly cash flow is $828 ($10k/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 $2.67M (16.2% below list).
• Recommended offer: $2.67M (16.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: Rowayton School (math 60% / reading 64%, grade B, #137 of 553 statewide, top 28%, 468 students, 33% FRL); Brien Mcmahon High School (math 30% / reading 58%, grade F, #97 of 194 statewide, top 50%, 1,711 students, 49% FRL) — zoned schools at 41% FRL track the district average.
• Zoned-school proficiency averages 53% at this address vs 36% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Norwalk School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 25 active listings in the ZIP; 6 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; 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 $22k of loan paydown is wiped out by about $96k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($2.81M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y ago; this cycle's ask is 21160% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $1.23M; list at $3.19M implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $2,672,364 (16.2% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.11%
• DSCR: 1.05
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $2,490,006
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Witch Ln	0.37mi	5/3.0 (+1)	3,601 (-2%)	6mo	$2,040,000	$567	67
25 Five Mile River Rd	0.42mi	4/3.5	3,674 (-0%)	11mo	$3,440,000	$936	67
139 Highland Ave	0.28mi	4/2.5	4,008 (+9%)	11mo	$2,100,000	$524	62
40 Tory Hill Ln	0.46mi	4/3.5	3,354 (-9%)	3mo	$1,500,000	$447	58
50 Roton Ave	0.63mi	4/3.0	3,366 (-8%)	1mo	$3,600,000	$1,070	54
246 Rowayton Ave	0.25mi	5/3.5 (+1)	3,278 (-11%)	10mo	$2,220,000	$677	53
40 Arnold Ln	0.48mi	4/4.5	3,319 (-10%)	2mo	$1,835,000	$553	52
325 Rowayton Ave	0.56mi	5/4.5 (+1)	3,594 (-2%)	8mo	$1,700,000	$473	50
98 Rowayton Ave	0.56mi	5/4.5 (+1)	3,581 (-3%)	8mo	$3,715,000	$1,037	50
13 Pond St	0.56mi	4/3.5	3,188 (-13%)	1mo	$3,475,000	$1,090	47
9 Knollwood Rd	0.73mi	5/5.5 (+1)	3,608 (-2%)	2mo	$1,156,140	$320	44
5 Dancing Bear Rd	0.50mi	3/2.5 (-1)	3,135 (-15%)	7mo	$2,350,000	$750	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.48×
• Total profit: $-464,702
• Equity at exit: $475,490

10-year hold

• IRR: -5.9%
• Equity multiple: 0.62×
• Total profit: $-339,501
• Equity at exit: $275,726

Cash invested: $892,920 (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 06853

• Home prices YoY: -26.8%
• Active inventory: 25
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $26,724 medium
• Mortgage (P&I): −$16,723
• Tax from tax record: −$2,232 /mo · $26,779/yr
• Insurance: −$1,329
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,612
• Net cashflow: $828

Break-even live

Break-even rent $25,676

Max offer price $3,189,000

Occupancy floor 92%

Sensitivity live

Price	-10% $2,633	-5% $1,730	+0% $828	+5% $-75	+10% $-977
Rent	-10% $-1,283	-5% $-228	+0% $828	+5% $1,883	+10% $2,939
Rate	-1.0pp $2,434	-0.5pp $1,639	base $828	+0.5pp $2	+1.0pp $-839

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: $797,250
• Closing costs: $95,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
139 Highland Ave Norwalk, CT	4.0	2.5	3158	$25,000	$7.92	44d	1	0.27mi
233 Rowayton Ave Norwalk, CT	3.0	2.5	2579	$26,000	$10.08	3d	1	0.30mi
9 Dancing Bear Rd Norwalk, CT	3.0	3.0	3542	$30,000	$8.47	44d	1	0.44mi
91 Raymond St Darien, CT	4.0	4.5	4141	$12,500	$3.02	24d	1	0.74mi
91 Raymond St Darien, CT	5.0	4.5	3341	$10,500	$3.14	3d	1	0.74mi
38 Yarmouth Rd Norwalk, CT	4.0	4.0	4025	$15,000	$3.73	44d	1	0.91mi

Listing history 24 events

1. 2026-03-13
   status Under Contract
2. 2026-03-05
   price $3,189,000
3. 2026-03-05
   status Active
4. 2025-11-21
   historical
5. 2025-09-27
   price $3,195,000
6. 2025-08-29
   status Active
7. 2025-08-25
   historical $15,000
8. 2025-08-02
   listed $15,000
9. 2025-08-01
   historical
10. 2025-07-22
    price $3,395,000
11. 2025-06-10
    status Active
12. 2025-06-10
    historical
13. 2025-06-09
    listed $3,495,000 Active
14. 2025-06-06
    historical $3,495,000
15. 2023-11-27
    historical $15,000
16. 2023-07-21
    listed $15,000
17. 2006-06-02
    soldstatus $1,225,000
18. 2006-06-01
    soldstatus $1,225,000 219-char remark

    Show marketing remark (219 chars)

    Tranquil Rowayton Setting On Sought After Street Classic 1930's 4 Br Center Hall Colonial W/2 Car Garage Fmrm/Wood Stove Opens To Terrace. Lr/Fpl Opens To Sunporch Walk To Village, Park, Train & Beach/Tennis.

19. 2006-03-14
    listed $1,225,000 219-char remark

    Show marketing remark (219 chars)

    Tranquil Rowayton Setting On Sought After Street Classic 1930's 4 Br Center Hall Colonial W/2 Car Garage Fmrm/Wood Stove Opens To Terrace. Lr/Fpl Opens To Sunporch Walk To Village, Park, Train & Beach/Tennis.

20. 2005-12-01
    historical
21. 2005-07-18
    listed $1,295,000
22. 2005-07-18
    historical
23. 2005-05-15
    listed $1,295,000
24. 2000-07-20
    soldstatus $825,000

ⓘ 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: $26,779 · $2,232/mo
• Projected year-2 tax: $47,512 · $3,959/mo
• Expected delta: +$20,733/yr (+$1,728/mo · 77.4%)

ⓘ 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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $320,684
• − Mortgage interest: −$178,634
• − Property taxes: −$26,779
• − Insurance: −$15,945
• − Repairs & maintenance: −$25,655
• − Management: −$25,655
• − Depreciation: −$92,771
• Taxable loss: −$44,754
• Est. tax savings @ 24.0%: +$10,741
• After-tax cash flow: $20,676/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
• City population: 89,026
• Population (ZIP): 3,229

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 2% Asian 2% Black 2%
• Common ancestry: Lithuanian 5% Romanian 4% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · German/W. Germanic 3% Spanish 3% 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: ▼ -77.55%
• Current HPI: 212.295
• Rent YoY: —
• Metro: —
• 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

+286.5% since first listed

24 events — show timeline

• 2026-03-13 Pending — Smart MLS
• 2026-03-05 Price Changed $3,189,000 Smart MLS
• 2026-03-05 Relisted — Smart MLS
• 2025-11-21 Listing Removed — Smart MLS
• 2025-09-27 Price Changed $3,195,000 Smart MLS
• 2025-08-29 Relisted — Smart MLS
• 2025-08-25 Rental Removed $15,000 SMARTMLS
• 2025-08-02 Listed for Rent $15,000 SMARTMLS
• 2025-08-01 Listing Removed — Smart MLS
• 2025-07-22 Price Changed $3,395,000 Smart MLS
• 2025-06-10 Relisted — Smart MLS
• 2025-06-10 Listing Removed — Smart MLS
• 2025-06-09 Listed $3,495,000 Smart MLS
• 2025-06-06 Coming Soon $3,495,000 Smart MLS
• 2023-11-27 Rental Removed $15,000 SMARTMLS
• 2023-07-21 Listed for Rent $15,000 SMARTMLS
• 2006-06-02 Sold (Public Records) $1,225,000 Public Records
• 2006-06-01 Sold (MLS) $1,225,000 Smart MLS
• 2006-03-14 Listed $1,225,000 Smart MLS
• 2005-12-01 Listing Removed — Smart MLS
• 2005-07-18 Listing Removed — Smart MLS
• 2005-07-18 Listed $1,295,000 Smart MLS
• 2005-05-15 Listed $1,295,000 Smart MLS
• 2000-07-20 Sold (Public Records) $825,000 Public Records

Property tax history

+2.6%/yr

Latest (2023): $26,779 · +4.3% YoY. Source: county tax records.