40 Maple Grove Ave · Norwich, CT 06360

$435,000

4 bd · 5.0 ba · 2,543 sqft · MultiFamily public records · 17 Days on market

Built 1881 8,712 sqft lot $171/sqft · 34% above area Est $326k · 34% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

OPEN HOUSE -- Saturday, 6/20, from 12-1pm -- Charming three-family property situated along the scenic Heritage Trail with peaceful views of the Yantic River in Norwich. This unique multifamily asset blends classic New England character with strong owner-occupant or investment potential. Featuring beautiful stone and shingle architecture, the property is surrounded by mature landscaping, a large park-like yard, and a tranquil setting just moments from downtown amenities, parks, and walking trails. The property includes spacious units with abundant natural light, updated mechanicals, a newer roof, on-site laundry, a detached two-car garage, and ample off-street parking. Current market rents a

Key facts

• Yantic river views
• Large park-like yard
• Newer roof

Tags

• YANTIC RIVER VIEWS
• MATURE LANDSCAPING
• LARGE PARK-LIKE YARD
• UPDATED MECHANICALS
• NEWER ROOF
• ON-SITE LAUNDRY

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Masonry foundation
• Exterior features: Shingle exterior siding; Asphalt shingle roof

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 4 full bathrooms
• Heating & cooling: Steam heat (oil-fired); Above-ground fuel tank
• Interior features: 15 total rooms; Full basement; One fireplace

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/4.0-bath units multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $604/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $435k).
• Recommended offer: $428k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.0% in Norwich — 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 81/100 on livability (#18 in CT, #1,391 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A-; Watch: schools D+.
• Norwich School District (urban): math 19% / reading 29% proficiency, ranked #139 of 153 in CT (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.6%/yr); 241 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $5,985/mo this rent would consume 110% of the median local household income ($66k/yr) (locally 1643% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $122k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($428k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $240k; list at $435k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $428,475 (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 1881 — 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. Schools are D-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: 1.38% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.86%
• DSCR: 1.79
• GRM: 6.1

CMA / ARV

• ARV (median comp): $325,570
• List price: $435,000
• Delta: 48.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39 Greene Ave	0.23mi	3/2.0 (-1)	2,458 (-3%)	4mo	$340,000	$138	63
48 Otis St	0.53mi	5/2.0 (+1)	2,544 (0%)	5mo	$265,000	$104	54
76 Laurel Hill Ave	0.66mi	4/2.0	2,580 (+2%)	2mo	$150,000	$58	53
31 Happy St	0.23mi	5/2.0 (+1)	2,340 (-8%)	10mo	$275,000	$118	50
71 Franklin St	0.55mi	4/2.0	2,569 (+1%)	19mo	$120,000	$47	45
43 Union St	0.42mi	5/4.0 (+1)	2,238 (-12%)	9mo	$365,000	$163	44
44 Pearl St	0.32mi	4/3.0	2,920 (+15%)	14mo	$385,000	$132	41
36 Pearl St	0.30mi	5/2.0 (+1)	2,786 (+10%)	15mo	$203,000	$73	40
41 Peck St	0.56mi	5/2.0 (+1)	2,199 (-14%)	1mo	$170,000	$77	33
116 Laurel Hill Ave	0.75mi	4/4.0	2,317 (-9%)	17mo	$300,000	$129	32
125 McKinley Ave	0.59mi	5/3.0 (+1)	2,224 (-12%)	11mo	$299,000	$134	30
36 Boswell Ave	0.62mi	4/2.0	2,180 (-14%)	7mo	$155,000	$71	29

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 · 6.62% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.55×
• Total profit: $67,579
• Equity at exit: $64,860

10-year hold

• IRR: 24.8%
• Equity multiple: 3.52×
• Total profit: $307,515
• Equity at exit: $37,611

Cash invested: $121,800 (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 06360

• Home prices YoY: -19.9%
• Rents YoY: 6.6%
• Active inventory: 241
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $5,985 medium
• Mortgage (P&I): −$2,281
• Tax from tax record: −$453 /mo · $5,438/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,257
• Net cashflow: $1,813

Break-even live

Break-even rent $3,691

Max offer price $435,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	4	$5,985
Total (3 units)			$5,985

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
130 Platt Ave Norwich, CT	3.0	1.0	2010	$1,800	$0.90	43d	1	0.79mi

Listing history 43 events

1. 2026-06-19
   days on market $435,000 Active 17 DOM
2. 2026-06-18
   days on market $435,000 Active 16 DOM
3. 2026-06-17
   days on market $435,000 Active 15 DOM
4. 2026-06-16
   days on market $435,000 Active 14 DOM
5. 2026-06-15
   days on market $435,000 Active 13 DOM
6. 2026-06-14
   days on market $435,000 Active 11 DOM
7. 2026-06-13
   days on market $435,000 Active 10 DOM
8. 2026-06-10
   days on market $435,000 Active 8 DOM
9. 2026-06-09
   days on market $435,000 Active 7 DOM
10. 2026-06-08
    days on market $435,000 Active 6 DOM
11. 2026-06-07
    days on market $435,000 Active 5 DOM
12. 2026-06-03
    pricedays on marketlisting id $435,000 Active 1 DOM
13. 2026-06-01
    days on market $485,000 Active 12 DOM
14. 2026-05-31
    days on market $485,000 Active 11 DOM
15. 2026-05-30
    days on market $485,000 Active 10 DOM
16. 2026-04-10
    listed $485,000 Active 1331-char remark
17. 2026-04-01
    historical
18. 2026-02-25
    status Active
19. 2026-02-19
    status Under Contract
20. 2026-02-09
    listed $485,000 Active
21. 2026-01-31
    historical
22. 2026-01-07
    historical
23. 2026-01-07
    listed $485,000 Active
24. 2025-10-29
    listed $485,000 Active
25. 2023-06-08
    soldstatus $240,160 Closed
26. 2023-05-31
    status Under Contract
27. 2023-05-03
    historical Under Contract - Continue to Show
28. 2023-04-16
    listed $1,550,000 Active
29. 2021-06-25
    soldstatus $300,000 Closed
30. 2021-05-04
    listed $270,000 Active
31. 2021-04-30
    historical $270,000
32. 2015-06-01
    soldstatus $110,000
33. 2015-05-20
    historical
34. 2015-03-15
    listed $122,500
35. 2013-07-04
    historical
36. 2013-01-05
    listed $169,000
37. 2012-09-23
    historical
38. 2011-09-24
    listed $219,900
39. 2011-01-31
    historical
40. 2010-07-13
    listed $249,900
41. 2010-03-09
    historical
42. 2010-02-15
    listed $274,500
43. 1993-11-24
    soldstatus $97,000

ⓘ 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: $5,438 · $453/mo
• Projected year-2 tax: $7,374 · $614/mo
• Expected delta: +$1,936/yr (+$161/mo · 35.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,820
• − Mortgage interest: −$24,367
• − Property taxes: −$5,438
• − Insurance: −$2,175
• − Repairs & maintenance: −$5,746
• − Management: −$5,746
• − Depreciation: −$12,655
• Taxable income: $15,694
• Est. tax owed @ 24.0%: −$3,767
• After-tax cash flow: $17,984/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: Norwich School District
• NCES district ID: 0903120
• Math proficiency: 19% ▼ -8.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $50,813
• Composite: 21.27/100
• National rank: #8395
• State rank: #139 of 153 in CT

Livability — Norwich

• Score: 81/100
• State rank: #18
• US rank: #1391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, CT
• County: New London County · 147,197 people
• City population: 37,216
• Metro: Norwich-New London, CT
• Population (ZIP): 37,216
• Household income: $65,539
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1643.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Hispanic / Latino 21% Two or more races 12% Black 10% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Cuban 1% Dominican 3%
• Common ancestry: Lithuanian 8% Romanian 5% Hispanic 4%
• Foreign-born: 15% · Canada, China
• Languages at home: 77% English-only · Spanish 11% French/Haitian/Cajun 4% Chinese 3%

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: ▼ -65.27%
• Current HPI: 261.8575
• Rent YoY: ▲ 6.62%
• 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

+348.5% since first listed

32 events — show timeline

• 2026-06-02 Listed $435,000 Smart MLS
• 2026-06-02 Listing Removed — Smart MLS
• 2026-05-20 Listing Removed — Smart MLS
• 2026-05-20 Listed $485,000 Smart MLS
• 2026-04-10 Listed $485,000 Smart MLS
• 2026-04-01 Listing Removed — Smart MLS
• 2026-02-25 Relisted — Smart MLS
• 2026-02-19 Pending — Smart MLS
• 2026-02-09 Listed $485,000 Smart MLS
• 2026-01-31 Listing Removed — Smart MLS
• 2026-01-07 Listing Removed — Smart MLS
• 2026-01-07 Listed $485,000 Smart MLS
• 2025-10-29 Listed $485,000 Smart MLS
• 2023-06-08 Sold (MLS) $240,160 Smart MLS
• 2023-05-31 Pending — Smart MLS
• 2023-05-03 Contingent — Smart MLS
• 2023-04-16 Listed $1,550,000 Smart MLS
• 2021-06-25 Sold (MLS) $300,000 Smart MLS
• 2021-05-04 Listed $270,000 Smart MLS
• 2021-04-30 Coming Soon $270,000 Smart MLS
• 2015-06-01 Sold (MLS) $110,000 Smart MLS
• 2015-05-20 Listing Removed — Smart MLS
• 2015-03-15 Listed $122,500 Smart MLS
• 2013-07-04 Listing Removed — Smart MLS
• 2013-01-05 Listed $169,000 Smart MLS
• 2012-09-23 Listing Removed — Smart MLS
• 2011-09-24 Listed $219,900 Smart MLS
• 2011-01-31 Listing Removed — Smart MLS
• 2010-07-13 Listed $249,900 Smart MLS
• 2010-03-09 Listing Removed — Smart MLS
• 2010-02-15 Listed $274,500 Smart MLS
• 1993-11-24 Sold (Public Records) $97,000 Public Records

Property tax history

-1.1%/yr

Latest (2023): $5,438 · +0.3% YoY. Source: county tax records.