80 Gregory Blvd · Norwalk, CT 06855

$949,000

4 bd · 2.0 ba · 3,120 sqft · MultiFamily public records · 28 Days on market

Built 1924 7,405 sqft lot Est $1002k · 5% 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 +20.2/30.0
• ARV discount +9.9/15.0
• DSCR +6.4/10.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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

Whether you're looking to make a savvy investment or find a place to call home while someone else helps pay the mortgage, this charming two-family residence in the heart of East Norwalk is a rare find that checks every box. Perched on a spacious corner lot, this property immediately feels like home. It's the kind of place where you can envision slow Saturday mornings and easy coastal living. The first floor features a welcoming open porch-perfect for a couple of rocking chairs, a cold drink, and watching the neighborhood go by. Upstairs, the second unit offers a cozy enclosed porch, providing a private, sun-drenched sanctuary to enjoy your morning coffee or curl up with a good book, regardl

Key facts

• 7,405 sq ft lot
• 3 garage spots
• Built 1924

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $600/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 $939k (1.1% below list).
• Recommended offer: $935k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Market conditions: Rents soft (-1.0%/yr); 40 active listings in the ZIP; 8 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; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $9,387/mo this rent would consume 106% of the median local household income ($106k/yr) (locally 462% 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 $7k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($935k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $565k; list at $949k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 75% 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 $934,765 (1.5% 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. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $1,001,520
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
80 Gregory Blvd	0.00mi	4/2.0	3,120 (0%)	0mo	$915,000	$293	100
38 Gregory Blvd	0.22mi	5/4.0 (+1)	3,315 (+6%)	5mo	$1,062,500	$321	62

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.61×
• Total profit: $-104,919
• Equity at exit: $141,499

10-year hold

• IRR: -6.7%
• Equity multiple: 0.63×
• Total profit: $-99,529
• Equity at exit: $82,052

Cash invested: $265,720 (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 06855

• Home prices YoY: -29.4%
• Rents YoY: -1.0%
• Active inventory: 40
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $9,387 high
• Mortgage (P&I): −$4,977
• Tax from tax record: −$844 /mo · $10,122/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,971
• Net cashflow: $1,200

Break-even live

Break-even rent $7,868

Max offer price $949,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$9,388
Total (2 units)			$9,387

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Shorefront Park Norwalk, CT	4.0	3.5	3048	$22,000	$7.22	14d	1	0.71mi
50 Shorefront Park Norwalk, CT	4.0	3.5	3248	$22,000	$6.77	21d	1	0.71mi
4 Covlee Dr Westport, CT	4.0	3.5	2935	$9,500	$3.24	43d	1	1.00mi
41 N Main St Norwalk, CT	3.0	2.0	2500	$5,000	$2.00	43d	1	1.01mi
6 Plover Ln Westport, CT	4.0	4.5	3540	$15,500	$4.38	23d	1	1.19mi
515 West Ave Norwalk, CT	1.0–3.0	1.0–2.0	1532	$4,853	$3.17	19d	48	1.37mi
4 Spriteview Ave Westport, CT	3.0	3.0	2404	$35,000	$14.56	43d	1	1.43mi
18 Soundview Ave Unit 1 Norwalk, CT	3.0	1.0	3168	$3,000	$0.95	43d	1	1.50mi

Listing history 5 events

1. 2026-04-10
   status Under Contract
2. 2026-03-25
   historical Under Contract - Continue to Show
3. 2026-03-14
   listed $949,000 Active
4. 2026-03-07
   historical $949,000
5. 2019-01-07
   soldstatus $565,000

ⓘ 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: $10,122 · $844/mo
• Projected year-2 tax: $15,215 · $1,268/mo
• Expected delta: +$5,093/yr (+$424/mo · 50.3%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $112,644
• − Mortgage interest: −$53,159
• − Property taxes: −$10,122
• − Insurance: −$4,745
• − Repairs & maintenance: −$9,012
• − Management: −$9,012
• − Depreciation: −$27,607
• Taxable loss: −$1,012
• Est. tax savings @ 24.0%: +$243
• After-tax cash flow: $14,645/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): 9,351
• Household income: $106,439
• Rent vs Own: 42.9% rent · 57.1% own
• Severe rent burden: 462.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 14% Black 10% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 3% Lithuanian 2% Hispanic 2%
• Foreign-born: 26% · Canada, Jamaica, Guatemala
• Languages at home: 65% English-only · Spanish 25% Other Indo-European 4% French/Haitian/Cajun 2%

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: ▼ -80.60%
• Current HPI: 193.6645
• Rent YoY: ▼ -0.97%
• 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

+68.0% since first listed

5 events — show timeline

• 2026-04-10 Pending — Smart MLS
• 2026-03-25 Contingent — Smart MLS
• 2026-03-14 Listed $949,000 Smart MLS
• 2026-03-07 Coming Soon $949,000 Smart MLS
• 2019-01-07 Sold (Public Records) $565,000 Public Records

Property tax history

+4.1%/yr

Latest (2023): $10,122 · +2.2% YoY. Source: county tax records.