7 Coit St #2 · New London, CT 06320

$190,000

3 bd · 1.0 ba · 1,194 sqft · Condo public records · 43 Days on market

Built 1740 $159/sqft · 41% below area Est $321k · 41% 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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming historic condo unit for sale located in downtown. This unit has been renovated and offers timeless details with modern upgrades.

Key facts

• Renovated
• Modern upgrades
• Historic condo unit

Tags

• HISTORIC CONDO UNIT
• RENOVATED
• TIMELESS DETAILS
• MODERN UPGRADES

Property features AI

Finance

• HOA & community: Pets allowed (see association documents for details)

Exterior

• Parking: Off-street parking; One parking space
• Utilities: Public water connected; Public sewer connected; Hot water: other
• Home design: Condominium (unit in a two-unit building); End unit; Located on the 2nd floor; Part of the Bream Cove Four complex
• Construction: Frame construction
• Exterior features: Vinyl siding; Located in a historic district

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: Three bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Hot air heating; Natural gas furnace; Wall-mounted cooling unit
• Interior features: Partial unfinished basement; Attic with walk-up access; Five total rooms; Single-level unit
• Laundry & utility: Washer and dryer on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $279 ($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: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.3% in New London — 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 74/100 on livability (#66 in CT, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-, crime B+; Watch: employment D+, schools F, amenities F.
• New London School District (urban): math 11% / reading 21% proficiency, ranked #149 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 69 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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 41% of the median local income ($59k/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.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask is 9900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1740 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1740 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.07% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.28%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $320,684
• List price: $190,000
• Delta: -40.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.7% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.67×
• Total profit: $-17,610
• Equity at exit: $28,330

10-year hold

• IRR: -3.3%
• Equity multiple: 0.81×
• Total profit: $-10,367
• 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 06320

• Home prices YoY: -20.7%
• Rents YoY: 0.7%
• Active inventory: 69
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,035 high
• Mortgage (P&I): −$996
• Tax from tax record: −$254 /mo · $3,047/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $279

Break-even live

Break-even rent $1,683

Max offer price $190,000

Occupancy floor 81%

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 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Reed St #1 New London, CT	2.0	1.5	1131	$1,820	$1.61	20d	1	0.06mi
157 Green St Unit 2B New London, CT	2.0	1.0	1134	$2,650	$2.34	43d	1	0.18mi
13 Thompson Ct New London, CT	3.0	1.0	1000	$1,900	$1.90	43d	1	0.28mi
50 Montauk Ave Unit 1 New London, CT	2.0	1.0	936	$1,600	$1.71	20d	1	0.36mi
121 Shaw St Unit 1 New London, CT	2.0	2.0	1173	$1,700	$1.45	43d	1	0.39mi
1 Hamilton St #3 New London, CT	2.0	1.5	1248	$2,300	$1.84	43d	1	0.41mi
42 Jefferson Ave New London, CT	2.0	1.0	825	$1,600	$1.94	43d	1	0.42mi
835 Bank St New London, CT	2.0	1.0	1031	$1,750	$1.70	43d	1	0.44mi
848 Bank St Unit 1st Floor New London, CT	2.0	1.0	913	$1,850	$2.03	43d	1	0.46mi
120 Broad St New London, CT	2.0	1.0–3.0	977	$2,500	$2.56	20d	7	0.47mi
159 Connecticut Ave New London, CT	3.0	1.0	1047	$1,850	$1.77	43d	1	0.57mi
196 Ocean Ave Unit 2 New London, CT	3.0	2.0	1400	$1,900	$1.36	20d	1	0.75mi
78 West St Unit 2A New London, CT	4.0	4.0	1250	$1,895	$1.52	20d	1	0.80mi
195 Pequot Ave New London, CT	2.0	1.0	1450	$2,000	$1.38	43d	1	1.05mi
216 Vauxhall St Unit 2 New London, CT	2.0	1.0	912	$1,700	$1.86	43d	1	1.08mi
16 School St Unit 2 New London, CT	2.0	1.0	1000	$2,300	$2.30	13d	1	1.09mi
16 Grove St New London, CT	2.0	1.0	960	$1,500	$1.56	43d	1	1.12mi
37 Hamilton Ave Groton, CT	2.0	1.0	1300	$2,200	$1.69	20d	1	1.16mi
394 Willetts Ave Waterford, CT	1.0–2.0	1.0–2.0	963	$2,725	$2.83	20d	7	1.18mi
394 Willetts Ave Waterford, CT	1.0–2.0	1.0–2.0	963	$2,725	$2.83	43d	14	1.18mi
16 Benham Rd Unit D Groton, CT	2.0	1.0	1350	$2,400	$1.78	20d	1	1.31mi
14 Clark Ln Waterford, CT	3.0	1.5	1230	$2,600	$2.11	13d	1	1.47mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-19
   days on market $190,000 Active 43 DOM
2. 2026-06-18
   days on market $190,000 Active 42 DOM
3. 2026-06-17
   days on market $190,000 Active 41 DOM
4. 2026-06-16
   days on market $190,000 Active 40 DOM
5. 2026-06-15
   days on market $190,000 Active 39 DOM
6. 2026-06-14
   days on market $190,000 Active 37 DOM
7. 2026-06-13
   days on market $190,000 Active 36 DOM
8. 2026-06-10
   days on market $190,000 Active 34 DOM
9. 2026-06-09
   days on market $190,000 Active 33 DOM
10. 2026-06-08
    days on market $190,000 Active 32 DOM
11. 2026-06-07
    days on market $190,000 Active 31 DOM
12. 2026-06-05
    days on market $190,000 Active 28 DOM
13. 2026-06-03
    days on market $190,000 Active 27 DOM
14. 2026-06-02
    days on market $190,000 Active 26 DOM
15. 2026-06-01
    days on market $190,000 Active 25 DOM
16. 2026-05-31
    days on market $190,000 Active 24 DOM
17. 2026-05-30
    days on market $190,000 Active 23 DOM
18. 2026-05-06
    listed $190,000 Active 137-char remark
19. 2026-02-10
    historical
20. 2026-01-16
    status Active
21. 2026-01-09
    historical Under Contract - Continue to Show
22. 2025-12-08
    listed $195,000 Active
23. 2025-08-28
    listed $210,000 Active
24. 2024-08-13
    historical
25. 2024-07-30
    status Active
26. 2024-06-20
    status Under Contract
27. 2024-05-31
    historical Under Contract - Continue to Show
28. 2024-05-19
    price $205,000
29. 2024-04-19
    price $209,000
30. 2024-03-26
    listed $215,000 Active
31. 2024-03-20
    historical

ⓘ 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: $3,047 · $254/mo
• Projected year-2 tax: $3,556 · $296/mo
• Expected delta: +$510/yr (+$42/mo · 16.7%)

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

Taxation est. · year 1

• Rental income: $24,426
• − Mortgage interest: −$10,643
• − Property taxes: −$3,047
• − Insurance: −$950
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$5,527
• Taxable income: $351
• Est. tax owed @ 24.0%: −$84
• After-tax cash flow: $3,259/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: New London School District
• NCES district ID: 0902820
• Math proficiency: 11% ▼ -11.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $40,640
• Composite: 13.66/100
• National rank: #9502
• State rank: #149 of 153 in CT

Livability — New London

• Score: 74/100
• State rank: #66
• US rank: #4772

Category grades

Amenities F Commute F Cost of living B+ Crime B+ Employment D+ Housing A- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, CT
• County: New London County · 147,197 people
• City population: 27,703
• Metro: Norwich-New London, CT
• Population (ZIP): 27,703
• Household income: $59,170
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 2014.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 45% Hispanic / Latino 34% Black 13% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 17% Dominican 7%
• Common ancestry: Romanian 3% Hispanic 3% Lithuanian 1%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -71.39%
• Current HPI: 273.3024
• Rent YoY: ▲ 0.70%
• 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

-99.1% since first listed

14 events — show timeline

• 2026-06-13 Listed for Rent $1,900 SMARTMLS
• 2026-05-06 Listed $190,000 Smart MLS
• 2026-02-10 Listing Removed — Smart MLS
• 2026-01-16 Relisted — Smart MLS
• 2026-01-09 Contingent — Smart MLS
• 2025-12-08 Listed $195,000 Smart MLS
• 2024-08-13 Listing Removed — Smart MLS
• 2024-07-30 Relisted — Smart MLS
• 2024-06-20 Pending — Smart MLS
• 2024-05-31 Contingent — Smart MLS
• 2024-05-19 Price Changed $205,000 Smart MLS
• 2024-04-19 Price Changed $209,000 Smart MLS
• 2024-03-26 Listed $215,000 Smart MLS
• 2024-03-20 Coming Soon — Smart MLS

Property tax history

-1.2%/yr

Latest (2023): $3,047 · -0.2% YoY. Source: county tax records.