33 Terrace Vw · Norfolk, CT 06058

$399,000

6 bd · 2.0 ba · 2,436 sqft · MultiFamily public records · 48 Days on market

Built 1900 0.82 ac lot

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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 +19.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.9/10.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Located just minutes from the heart of Norfolk, this two-family home offers space, character and excellent income potential. The first-floor apartment features 2 bedrooms and 1 full bath, enhanced by a welcoming front porch-perfect for relaxing and enjoying the surroundings. The second-floor unit offers a generous layout with 4 bedrooms and 1 full bath, highlighted by a beautiful claw-foot tub and a large, bright living room providing both charm and comfort. Outside, the property sits on a large yard with ample parking on both sides of the home, allowing separate parking for each tenant. The property is in a desirable location close tot he center of town.

Key facts

• Ample parking
• Front porch
• Desirable location

Tags

• FRONT PORCH
• CLAW-FOOT TUB
• LARGE YARD
• AMPLE PARKING
• DESIRABLE LOCATION

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Power utilities available
• Home design: Multi-family property (2-family); Multi-Family For Sale
• Construction: Frame construction; Concrete foundation
• Exterior features: Secluded lot; Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Oil-fired heating; 40-gallon hot water tank (oil) located in basement
• Interior features: Total of 10 rooms; Full basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $482 ($6k/yr) — positive. Per door: $241/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 $395k (1.0% below list).
• Recommended offer: $387k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#79 in CT) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime A-; Watch: amenities F, commute F.
• Regional School District 07 (town): math 38% / reading 63% proficiency, ranked #81 of 153 in CT (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 21 active listings in the ZIP; 154 units permitted in Northwest Hills Planning Region in 2024 (6 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $26k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $387,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 3.22×
• Total profit: $248,009
• Equity at exit: $359,451

10-year hold

• IRR: 24.4%
• Equity multiple: 7.32×
• Total profit: $706,166
• Equity at exit: $775,169

Cash invested: $111,720 (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 06058

• Home prices YoY: 3.8%
• Active inventory: 21
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $3,952 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$381 /mo · $4,574/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$830
• Net cashflow: $482

Break-even live

Break-even rent $3,342

Max offer price $399,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,952
Total (2 units)			$3,952

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $399,000 Active 48 DOM
2. 2026-06-18
   price $399,000 Active 47 DOM
3. 2026-06-18
   days on market $425,000 Active 47 DOM
4. 2026-06-17
   days on market $425,000 Active 46 DOM
5. 2026-06-16
   days on market $425,000 Active 45 DOM
6. 2026-06-15
   days on market $425,000 Active 44 DOM
7. 2026-06-14
   days on market $425,000 Active 42 DOM
8. 2026-06-13
   days on market $425,000 Active 41 DOM
9. 2026-06-10
   days on market $425,000 Active 39 DOM
10. 2026-06-09
    days on market $425,000 Active 38 DOM
11. 2026-06-08
    days on market $425,000 Active 37 DOM
12. 2026-06-07
    days on market $425,000 Active 36 DOM
13. 2026-06-05
    days on market $425,000 Active 33 DOM
14. 2026-06-03
    days on market $425,000 Active 32 DOM
15. 2026-06-02
    days on market $425,000 Active 31 DOM
16. 2026-06-01
    days on market $425,000 Active 30 DOM
17. 2026-05-31
    days on market $425,000 Active 29 DOM
18. 2026-05-30
    days on market $425,000 Active 28 DOM
19. 2026-04-30
    listed $425,000 Active
20. 2023-11-06
    historical
21. 2023-07-30
    listed $309,000 Active

ⓘ 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: $4,574 · $381/mo
• Projected year-2 tax: $6,556 · $546/mo
• Expected delta: +$1,982/yr (+$165/mo · 43.3%)

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

Taxation est. · year 1

• Rental income: $47,424
• − Mortgage interest: −$22,350
• − Property taxes: −$4,574
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,794
• − Management: −$3,794
• − Depreciation: −$11,607
• Taxable loss: −$690
• Est. tax savings @ 24.0%: +$166
• After-tax cash flow: $5,953/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: Regional School District 07
• NCES district ID: 0903720
• Math proficiency: 38% ▼ -18.00%
• Reading proficiency: 63% ▼ -12.00%
• Median HH income: $58,205
• Composite: 43.88/100
• National rank: #2918
• State rank: #81 of 153 in CT

Livability — Norfolk

• Score: 72/100
• State rank: #79
• US rank: #5707

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, CT
• Population (ZIP): 1,819

Population outlook (Northwest Hills County) Hauer SSP2

• By 2040: 118,998

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 12% Hispanic / Latino 11% Asian 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 9% Romanian 7% Slovak 3%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Northwest Hills

• 2024 margin: Toss-up / Even · D 48.6% · R 49.9% · Other 1.6%
• All cycles: 2024: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.32%
• Current HPI: 283.0526
• 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

+37.5% since first listed

3 events — show timeline

• 2026-04-30 Listed $425,000 Smart MLS
• 2023-11-06 Listing Removed — Smart MLS
• 2023-07-30 Listed $309,000 Smart MLS

Property tax history

+2.8%/yr

Latest (2023): $4,574 · -0.5% YoY. Source: county tax records.