90 Spring Hill Ave · Norwalk, CT 06850

$699,000

4 bd · 2.5 ba · 1,917 sqft · MultiFamily public records · 36 Days on market

Built 1900 10,018 sqft lot $365/sqft · 14% below area Est $817k · 14% under

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Why this score? — see what drove the D 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).

• ARV discount +14.0/15.0
• Cash flow +11.3/30.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.4/10.0
• DSCR +3.3/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Lovely And Charming Victorian On Oversized Corner Lot In Thespring Hill Area. Many Updates And Recent Renovations. Greatfront Porch,Side Patio With Garden,Central Air,Interior And Exterior Recent Paint,New And Old Hardwood Floors,Legal Apt.

Key facts

• Finished attic
• Built-in window seat
• Wraparound porch

Tags

• WRAPAROUND PORCH
• BUILT-IN WINDOW SEAT
• FINISHED ATTIC
• LEGAL TWO-FAMILY DESIGNATION
• PRIVATE REAR ENTRANCE
• FRESH INTERIOR PAINT

Property features AI

Exterior

• Parking: Paved driveway; Driveway parking; 6 total parking spaces
• Utilities: Public water connected; Public sewer connected; Domestic hot water; Oil fuel with tank in basement
• Home design: Single-family home; Blue exterior
• Construction: Frame construction; Stone foundation; Asphalt shingle roof; Clapboard siding
• Exterior features: Corner lot; Level, cleared and dry lot; Beach rights

Interior

• Kitchen: Gas range; Oven/Range; Refrigerator
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Hot air heating (oil-fired); Window unit cooling
• Interior features: In-law apartment with separate first-floor entry; Full basement; Walk-up attic
• Laundry & utility: Washer; Dryer; Laundry room on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $-253 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $654k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $534k (23.6% below list).
• Recommended offer: $534k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• Zoned schools: Kendall College & Career Academy (math 19% / reading 33%, grade F, #415 of 553 statewide, top 75%, 403 students, 60% FRL); Ponus Ridge Steam Academy (math 19% / reading 34%, grade F, #151 of 175 statewide, top 87%, 644 students, 58% FRL); Brien Mcmahon High School (math 30% / reading 58%, grade F, #97 of 194 statewide, top 50%, 1,711 students, 49% FRL) — zoned schools average 56% FRL vs 40% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 72 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $5,343/mo this rent would consume 52% of the median local household income ($124k/yr) (locally 979% 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($678k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y 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 $232k; list at $699k implies a 202% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $534,300 (23.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.76% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• GRM: 10.9

CMA / ARV

• ARV (median comp): $817,361
• List price: $699,000
• Delta: -14.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Fillow St	0.37mi	4/2.0	1,984 (+4%)	18mo	$585,000	$295	60
52 Wilton Ave	0.56mi	4/2.0	1,952 (+2%)	15mo	$635,000	$325	56
2 Center Ave	0.64mi	4/2.0	1,920 (+0%)	19mo	$635,000	$331	52
32 Spring Hill Ave	0.37mi	3/2.0 (-1)	1,753 (-9%)	16mo	$640,000	$365	48
16 Girard St	0.29mi	4/2.0	1,666 (-13%)	19mo	$675,000	$405	47
140 Stuart Ave	0.49mi	4/2.0	1,680 (-12%)	10mo	$640,000	$381	46
32 Bartlett Ave	0.62mi	4/2.0	2,125 (+11%)	8mo	$685,000	$322	45
16 Grandview Ave	0.53mi	5/3.5 (+1)	2,148 (+12%)	3mo	$820,000	$382	43
14 Jefferson St	0.69mi	3/3.0 (-1)	1,674 (-13%)	7mo	$700,000	$418	34

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 · 3.5% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.35×
• Total profit: $-126,819
• Equity at exit: $104,223

10-year hold

• IRR: -9.9%
• Equity multiple: 0.38×
• Total profit: $-120,545
• Equity at exit: $60,437

Cash invested: $195,720 (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 06850

• Rents YoY: 3.5%
• Active inventory: 72
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $5,343 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$517 /mo · $6,205/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,122
• Net cashflow: $-253

Break-even live

Break-even rent $5,663

Max offer price $654,307

Occupancy floor 100%

Sensitivity live

Price	-10% $143	-5% $-55	+0% $-253	+5% $-451	+10% $-649
Rent	-10% $-675	-5% $-464	+0% $-253	+5% $-42	+10% $169
Rate	-1.0pp $99	-0.5pp $-75	base $-253	+0.5pp $-434	+1.0pp $-618

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,344
Total (2 units)			$5,343

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7 Bartlett Mnr Norwalk, CT	3.0	1.5	1242	$3,800	$3.06	23d	1	0.27mi
10 Harvann Rd Norwalk, CT	4.0	3.5	2242	$4,995	$2.23	23d	1	0.30mi
17 Reservoir Ave Norwalk, CT	4.0	2.0	1600	$4,400	$2.75	25d	1	0.36mi
20 Spring Hill Ave Norwalk, CT	3.0	1.5	1602	$3,500	$2.18	45d	1	0.41mi
38 Eagle Rd Norwalk, CT	3.0	1.0	1920	$4,000	$2.08	12d	1	0.46mi
4 Summer St Norwalk, CT	3.0	2.5	1600	$3,995	$2.50	25d	1	0.59mi
40 Marlin Dr Norwalk, CT	4.0	2.5	2240	$4,800	$2.14	45d	1	0.70mi
11 Cornwall Rd Norwalk, CT	3.0	2.0	2128	$4,500	$2.11	5d	1	0.75mi
26 Belden Ave Norwalk, CT	1.0–3.0	1.0–2.0	1135	$4,330	$3.81	5d	20	0.77mi
370 West Ave Norwalk, CT	3.0	1.0–2.0	925	$4,475	$4.84	5d	81	1.04mi
515 West Ave Norwalk, CT	1.0–3.0	1.0–2.0	1335	$4,853	$3.63	4d	24	1.08mi
515 West Ave Norwalk, CT	1.0–3.0	1.0–2.0	1532	$4,853	$3.17	21d	48	1.08mi
467 West Ave Norwalk, CT	3.0	1.0–2.0	1334	$6,368	$4.77	12d	190	1.10mi
24 Highbrook Rd Norwalk, CT	3.0	2.0	1815	$5,050	$2.78	25d	1	1.38mi
56 Linden St Norwalk, CT	3.0	2.0	1763	$8,000	$4.54	4d	1	1.41mi
13 Birch St Norwalk, CT	3.0	2.5	2230	$9,500	$4.26	45d	1	1.49mi

Listing history 11 events

1. 2026-06-05
   days on market $699,000 Active 36 DOM
2. 2026-06-03
   days on market $699,000 Active 35 DOM
3. 2026-06-03
   days on market $699,000 Active 34 DOM
4. 2026-06-01
   days on market $699,000 Active 33 DOM
5. 2026-05-31
   days on market $699,000 Active 32 DOM
6. 2026-04-29
   listed $699,000 Active 1441-char remark
7. 2026-04-29
   listed $699,000 Active 1306-char remark
8. 1997-10-30
   soldstatus $231,500

   Show marketing remark (240 chars)

   Lovely And Charming Victorian On Oversized Corner Lot In Thespring Hill Area. Many Updates And Recent Renovations. Greatfront Porch,Side Patio With Garden,Central Air,Interior And Exterior Recent Paint,New And Old Hardwood Floors,Legal Apt.

9. 1997-10-30
   soldstatus $231,500

   Show marketing remark (240 chars)

   Lovely And Charming Victorian On Oversized Corner Lot In Thespring Hill Area. Many Updates And Recent Renovations. Greatfront Porch,Side Patio With Garden,Central Air,Interior And Exterior Recent Paint,New And Old Hardwood Floors,Legal Apt.

10. 1997-08-15
    listed $240,000

    Show marketing remark (240 chars)

    Lovely And Charming Victorian On Oversized Corner Lot In Thespring Hill Area. Many Updates And Recent Renovations. Greatfront Porch,Side Patio With Garden,Central Air,Interior And Exterior Recent Paint,New And Old Hardwood Floors,Legal Apt.

11. 1989-06-30
    soldstatus $240,000

ⓘ 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: $6,205 · $517/mo
• Projected year-2 tax: $10,582 · $882/mo
• Expected delta: +$4,377/yr (+$365/mo · 70.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,116
• − Mortgage interest: −$39,155
• − Property taxes: −$6,205
• − Insurance: −$3,495
• − Repairs & maintenance: −$5,129
• − Management: −$5,129
• − Depreciation: −$20,335
• Taxable loss: −$15,332
• Est. tax savings @ 24.0%: +$3,680
• After-tax cash flow: $644/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): 19,692
• Household income: $123,633
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 979.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Hispanic / Latino 27% Black 19% Two or more races 14% Asian 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 27% · Canada, Jamaica, China
• Languages at home: 69% English-only · Spanish 22% Other Indo-European 3% Chinese 2%

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: ▼ -232.79%
• Current HPI: 184.7489
• Rent YoY: ▲ 3.50%
• 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

+191.2% since first listed

8 events — show timeline

• 2026-06-06 Listing Removed — Smart MLS
• 2026-06-06 Listing Removed — Smart MLS
• 2026-04-29 Listed $699,000 Smart MLS
• 2026-04-29 Listed $699,000 Smart MLS
• 1997-10-30 Sold (Public Records) $231,500 Public Records
• 1997-10-30 Sold (MLS) $231,500 Smart MLS
• 1997-08-15 Listed $240,000 Smart MLS
• 1989-06-30 Sold (Public Records) $240,000 Public Records

Property tax history

+0.4%/yr

Latest (2023): $6,205 · +1.9% YoY. Source: county tax records.