1 Walter Ave #42 · Norwalk, CT 06851

$223,900

1 bd · 1.0 ba · 494 sqft · Condo public records · 42 Days on market

Built 1968 $453/sqft · at area comps Est $223k · at est. $287/mo HOA · 11% of rent

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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 +21.2/30.0
• ARV discount +7.3/15.0
• 1% rule +6.7/10.0
• DSCR +6.7/10.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right into this beautifully updated end-unit condo in the Sutton Place community! Fully renovated less than a year ago, this bright and modern home features a sleek kitchen with stainless steel appliances, updated full bath, new flooring, and fresh paint throughout. The efficient layout offers comfortable living with abundant natural light. Enjoy low common charges that include heat and hot water, plus assigned off-street parking. Conveniently located with a Walk Score of 86-close to shopping, dining, and transportation. A fantastic opportunity for homeowners or investors alike!

Key facts

• $287 HOA
• Parking
• Built 1968

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $224k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $224k).
• Recommended offer: $217k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 rising (+2.1%/yr); 91 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y 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.

Recommended offer $217,183 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.17% ✓
• Cap rate: 8.02%
• Cash-on-cash: 6.18%
• DSCR: 1.27
• GRM: 7.1

CMA / ARV

• ARV (median comp): $222,706
• List price: $223,900
• Delta: 0.54%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.11% rent growth · sell at horizon

5-year hold

• IRR: -7.8%
• Equity multiple: 0.71×
• Total profit: $-17,885
• Equity at exit: $33,384

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $2,183
• Equity at exit: $19,359

Cash invested: $62,692 (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 06851

• Rents YoY: 2.1%
• Active inventory: 91
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,622 medium
• Mortgage (P&I): −$1,174
• Tax from tax record: −$194 /mo · $2,333/yr
• Insurance: −$93
• HOA: −$287
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $323

Break-even live

Break-even rent $2,214

Max offer price $223,900

Occupancy floor 83%

Sensitivity live

Price	-10% $450	-5% $386	+0% $323	+5% $259	+10% $196
Rent	-10% $116	-5% $219	+0% $323	+5% $426	+10% $530
Rate	-1.0pp $436	-0.5pp $380	base $323	+0.5pp $265	+1.0pp $206

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: $55,975
• Closing costs: $6,717
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
99 East Ave Unit 2 Norwalk, CT	1.0	1.0	310	$3,100	$10.00	44d	1	0.68mi
99 East Ave Unit King Norwalk, CT	1.0	1.0	240	$3,000	$12.50	44d	1	0.68mi

HOA detail condo

• Monthly dues: $287 · $3,444/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-03
   statusdays on market $223,900 Under Contract 42 DOM
2. 2026-06-03
   days on market $223,900 Under Contract - Continue to Show 41 DOM
3. 2026-06-01
   days on market $223,900 Under Contract - Continue to Show 40 DOM
4. 2026-05-31
   days on market $223,900 Under Contract - Continue to Show 39 DOM
5. 2026-04-23
   listed $223,900 Active 590-char remark

   Show marketing remark (590 chars)

   Move right into this beautifully updated end-unit condo in the Sutton Place community! Fully renovated less than a year ago, this bright and modern home features a sleek kitchen with stainless steel appliances, updated full bath, new flooring, and fresh paint throughout. The efficient layout offers comfortable living with abundant natural light. Enjoy low common charges that include heat and hot water, plus assigned off-street parking. Conveniently located with a Walk Score of 86-close to shopping, dining, and transportation. A fantastic opportunity for homeowners or investors alike!

6. 2026-04-16
   historical $223,900 590-char remark

   Show marketing remark (590 chars)

   Move right into this beautifully updated end-unit condo in the Sutton Place community! Fully renovated less than a year ago, this bright and modern home features a sleek kitchen with stainless steel appliances, updated full bath, new flooring, and fresh paint throughout. The efficient layout offers comfortable living with abundant natural light. Enjoy low common charges that include heat and hot water, plus assigned off-street parking. Conveniently located with a Walk Score of 86-close to shopping, dining, and transportation. A fantastic opportunity for homeowners or investors alike!

7. 2025-05-29
   soldstatus $220,000 Closed 238-char remark

   Show marketing remark (238 chars)

   This unit sparkles! New kitchen and full bath! New flooring and freshly painted nothing to do but move in. Great for an investment property. Heat and hot water included in the common charges. Owner occupancy low so financing may not work.

8. 2025-05-11
   status Under Contract 238-char remark

   Show marketing remark (238 chars)

   This unit sparkles! New kitchen and full bath! New flooring and freshly painted nothing to do but move in. Great for an investment property. Heat and hot water included in the common charges. Owner occupancy low so financing may not work.

9. 2025-05-06
   historical Under Contract - Continue to Show 238-char remark

   Show marketing remark (238 chars)

   This unit sparkles! New kitchen and full bath! New flooring and freshly painted nothing to do but move in. Great for an investment property. Heat and hot water included in the common charges. Owner occupancy low so financing may not work.

10. 2025-04-24
    listed $220,000 Active 238-char remark

    Show marketing remark (238 chars)

    This unit sparkles! New kitchen and full bath! New flooring and freshly painted nothing to do but move in. Great for an investment property. Heat and hot water included in the common charges. Owner occupancy low so financing may not work.

11. 2000-01-14
    soldstatus $237,000
12. 1999-12-31
    historical
13. 1999-08-20
    listed $71,500

ⓘ 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: $2,333 · $194/mo
• Projected year-2 tax: $3,562 · $297/mo
• Expected delta: +$1,229/yr (+$102/mo · 52.7%)

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

Taxation est. · year 1

• Rental income: $31,469
• − Mortgage interest: −$12,542
• − Property taxes: −$2,333
• − Insurance: −$1,120
• − Repairs & maintenance: −$2,517
• − Management: −$2,517
• − HOA: −$3,444
• − Depreciation: −$6,513
• Taxable income: $482
• Est. tax owed @ 24.0%: −$116
• After-tax cash flow: $3,758/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): 27,865
• Household income: $111,341
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 995.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Hispanic / Latino 25% Black 16% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 1% Slovak 1%
• Foreign-born: 27% · Canada, Jamaica, Guatemala
• Languages at home: 68% English-only · Spanish 22% Other Indo-European 5% Russian/Polish/Slavic 1%

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: ▼ -372.10%
• Current HPI: 190.9291
• Rent YoY: ▲ 2.11%
• 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

+213.1% since first listed

9 events — show timeline

• 2026-04-23 Listed $223,900 Smart MLS
• 2026-04-16 Coming Soon $223,900 Smart MLS
• 2025-05-29 Sold (MLS) $220,000 Smart MLS
• 2025-05-11 Pending — Smart MLS
• 2025-05-06 Contingent — Smart MLS
• 2025-04-24 Listed $220,000 Smart MLS
• 2000-01-14 Sold (Public Records) $237,000 Public Records
• 1999-12-31 Listing Removed — Smart MLS
• 1999-08-20 Listed $71,500 Smart MLS

Property tax history

+4.7%/yr

Latest (2023): $2,333 · +1.6% YoY. Source: county tax records.