3 Florence Dr · Noank, CT 06355

$362,500

3 bd · 2.0 ba · 1,503 sqft · SingleFamily public records · 2 Days on market

Built 1992 0.47 ac lot Est $470k · 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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.1/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 3 Florence Dr! This 3 bedroom 2 bath West Mystic ranch has a lot of potential for first time home buyers, those downsizing and looking for single-level living, or someone handy to bring this manageable-sized home up to speed with their finishing touches. The main level has low-maintenance laminate flooring throughout and offers 2 spacious sunlit living rooms, a formal dining room which steps out onto a deck overlooking the private backyard, a centrally located kitchen with breakfast bar and plenty of storage, a full bathroom, and 3 bedrooms including a primary suite complete with it's own private bathroom. The large lower level includes laundry hookups and could be finished for a

Key facts

• Formal dining room
• Plenty of storage
• Private bathroom

Tags

• SPACIOUS SUNLIT LIVING ROOMS
• FORMAL DINING ROOM
• CENTRALLY LOCATED KITCHEN
• BREAKFAST BAR
• PLENTY OF STORAGE
• PRIVATE BATHROOM

Property features AI

Exterior

• Parking: 4 total parking spaces; Driveway; Off-street parking
• Utilities: Public water connected; Public sewer connected; Electric service (appliances listed include electric cooktop)
• Home design: Single family home; Frame construction
• Construction: Asphalt shingle roof; Aluminum siding; Concrete foundation; Full unfinished basement with interior access and hatchway; Has attic with hatch access
• Exterior features: Deck; Shed; Gutters; Exterior lighting; Level lot on a cul-de-sac; Paved driveway; Off-street paved parking

Interior

• Kitchen: Electric cooktop; Wall oven; Microwave; Refrigerator; Dishwasher
• Bedrooms: 3 bedrooms
• Flooring: Concrete floor in basement
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Oil-fired heat; fuel tank located in basement
• Interior features: Open floor plan; Cable available; Possible in-law apartment with lower level access
• Laundry & utility: Laundry hookups on lower level; Hot water: domestic

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $362k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $362k).

Location & tenants

• Location reads 70/100 on livability (#96 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Groton School District (suburban): math 32% / reading 50% proficiency, ranked #96 of 153 in CT (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 32% of the median local income ($137k/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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $362,500

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.01% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.92%
• DSCR: 1.22
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $470,439
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
164 Noank Ledyard Rd	0.39mi	3/2.0	1,581 (+5%)	14mo	$525,000	$332	62
576 Noank Ledyard Rd	0.37mi	2/2.0 (-1)	1,440 (-4%)	14mo	$430,000	$299	59
102 Noank Ledyard Rd	0.48mi	3/2.0	1,566 (+4%)	15mo	$549,000	$351	58
576 New London Rd	0.61mi	3/1.5	1,440 (-4%)	13mo	$450,000	$313	52
59 Noank Ledyard Rd	0.56mi	3/1.5	1,705 (+13%)	8mo	$356,775	$209	43
527 New London Rd	0.69mi	3/2.0	1,663 (+11%)	9mo	$435,000	$262	42
80 Farmstead Ave	0.70mi	3/1.5	1,680 (+12%)	6mo	$451,000	$268	41
16 Regatta Cir	0.53mi	3/2.0	1,636 (+9%)	24mo	$675,000	$413	41
8- Ice House Ln	0.72mi	4/2.0 (+1)	1,344 (-11%)	23mo	$695,000	$517	25

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-32,204
• Equity at exit: $54,050

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $6,216
• Equity at exit: $31,342

Cash invested: $101,500 (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 06355

• Home prices YoY: -17.8%
• Active inventory: 84
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,650 high
• Mortgage (P&I): −$1,901
• Tax from tax record: −$415 /mo · $4,981/yr
• Insurance: −$151
• HOA: −$0
• Vacancy / Maint / Mgmt: −$766
• Net cashflow: $416

Break-even live

Break-even rent $3,123

Max offer price $362,500

Occupancy floor 84%

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: $90,625
• Closing costs: $10,875
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 Noank Ledyard Rd Mystic, CT	3.0	2.0	1500	$3,500	$2.33	13d	1	0.11mi
99 Bay View Ave Mystic, CT	3.0	2.0	1668	$8,500	$5.10	43d	1	1.00mi
26 Academy Ln Mystic, CT	4.0	2.0	1858	$3,550	$1.91	43d	1	1.17mi
12 Water St Mystic, CT	1.0–2.0	1.0–2.0	912	$2,800	$3.07	13d	3	1.24mi
54 High St Mystic, CT	3.0	2.5	1826	$3,800	$2.08	43d	1	1.24mi
5 Ashby St Mystic, CT	3.0	2.0	1842	$8,000	$4.34	43d	1	1.26mi
3 Pearl St Apt A Mystic, CT	2.0	1.0	1200	$3,250	$2.71	43d	1	1.26mi
12 Water St Unit 408 Mystic, CT	2.0	1.0	1075	$2,800	$2.60	21d	1	1.26mi
98 Oslo St Mystic, CT	3.0	1.0	1152	$2,900	$2.52	11d	1	1.46mi

Listing history 5 events

1. 2026-06-19
   days on market $362,500 Active 2 DOM
2. 2026-06-18
   statusdays on market $362,500 Active 1 DOM
3. 2026-06-17
   days on market $362,500 Coming Soon 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $362,500 Coming Soon 1 DOM

ⓘ 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: $4,981 · $415/mo
• Projected year-2 tax: $6,369 · $531/mo
• Expected delta: +$1,388/yr (+$116/mo · 27.9%)

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

Taxation est. · year 1

• Rental income: $43,797
• − Mortgage interest: −$20,306
• − Property taxes: −$4,981
• − Insurance: −$1,812
• − Repairs & maintenance: −$3,504
• − Management: −$3,504
• − Depreciation: −$10,545
• Taxable loss: −$856
• Est. tax savings @ 24.0%: +$205
• After-tax cash flow: $5,199/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: Groton School District
• NCES district ID: 0901770
• Math proficiency: 32% ▼ -16.00%
• Reading proficiency: 50% ▼ -10.00%
• Median HH income: $60,709
• Composite: 36.28/100
• National rank: #4702
• State rank: #96 of 153 in CT

Livability — Noank

• Score: 70/100
• State rank: #96
• US rank: #7575

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New London County · 147,197 people
• Metro: Norwich-New London, CT
• Population (ZIP): 12,173
• Household income: $137,425
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 197.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 9% Asian 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Lithuanian 6% Romanian 6% Slovak 5%
• Foreign-born: 7% · Canada, China
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 1% French/Haitian/Cajun 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: ▼ -62.46%
• Current HPI: 287.7568
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-15 Coming Soon $362,500 Smart MLS

Property tax history

+3.1%/yr

Latest (2022): $4,981 · +16.7% YoY. Source: county tax records.