2 Valley St · Norwich, CT 06360

$285,000

4 bd · 2.0 ba · 1,626 sqft · MultiFamily public records · 32 Days on market

Built 1884 Est $296k · at est.

---

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 +24.4/30.0
• ARV discount +9.2/15.0
• DSCR +7.9/10.0
• 1% rule +6.1/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Great investment opportunity. This 2 family home also has a partially finished basement that is currently being rented out, creating strong monthly cash flow potential. I & acirc; & euro; & trade; m only selling because I & acirc; & euro; & trade; m leaving the country. Current rental income: Basement unit: $1,000/month with utilities included. Second floor 2 bedroom: $1,200/month with separate utilities. I was considering renting out the 3 bedroom apartment for $1,800/month, which would bring total monthly rental income to approximately $4,000 per month. The property is in decent condition and has had major updates already completed. The entire sewer line was replac

Key facts

• Patio area
• Basketball court
• Fire pit

Tags

• PARTIALLY FINISHED BASEMENT
• FULLY FENCED IN BACKYARD
• FIRE PIT
• PATIO AREA
• BASKETBALL COURT
• LARGE STORAGE SHED

Property features AI

Exterior

• Home design: Built in 1884
• Construction: Historic construction (built in 1884)
• Exterior features: Located in the Greenville subdivision

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• Recommended offer: $276k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); 243 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $3,175/mo this rent would consume 58% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $80k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $142k; list at $285k implies a 101% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $276,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1884 — 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 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?
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: 1.11% ✓
• Cap rate: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $295,932
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
147 Hickory St	0.08mi	4/2.0	1,452 (-11%)	8mo	$282,000	$194	71
32 Central Ave	0.19mi	5/2.0 (+1)	1,650 (+2%)	20mo	$285,000	$173	67
253 N Main St	0.24mi	4/2.5	1,440 (-11%)	10mo	$343,000	$238	59
176 Cliff St	0.25mi	4/2.0	1,456 (-10%)	14mo	$192,000	$132	59
28 Durfey St	0.50mi	4/2.0	1,638 (+1%)	21mo	$300,000	$183	58
57 Boswell Ave	0.38mi	5/2.0 (+1)	1,841 (+13%)	8mo	$335,000	$182	49
46 Hamilton Ave	0.46mi	4/2.0	1,779 (+9%)	18mo	$320,000	$180	48
24 8th St	0.60mi	4/2.0	1,740 (+7%)	21mo	$189,000	$109	43
50 Lake St	0.39mi	4/2.0	1,388 (-15%)	21mo	$179,000	$129	40
4 Cliff Pl	0.43mi	4/3.0	1,398 (-14%)	15mo	$290,000	$207	40
33 Pratte Ave	0.36mi	5/2.0 (+1)	1,815 (+12%)	23mo	$330,000	$182	40

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: 0.9%
• Equity multiple: 1.04×
• Total profit: $2,839
• Equity at exit: $42,494

10-year hold

• IRR: 13.8%
• Equity multiple: 2.29×
• Total profit: $103,209
• Equity at exit: $24,642

Cash invested: $79,800 (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: 243
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $3,175 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$314 /mo · $3,765/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $581

Break-even live

Break-even rent $2,439

Max offer price $285,000

Occupancy floor 77%

Sensitivity live

Price	-10% $743	-5% $662	+0% $581	+5% $501	+10% $420
Rent	-10% $330	-5% $456	+0% $581	+5% $707	+10% $832
Rate	-1.0pp $725	-0.5pp $654	base $581	+0.5pp $507	+1.0pp $432

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,174
Total (2 units)			$3,175

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
229 Boswell Ave Unit 6 Norwich, CT	3.0	2.5	1547	$2,350	$1.52	14d	1	0.12mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	45d	1	0.14mi
130 Platt Ave Norwich, CT	3.0	1.0	2010	$1,800	$0.90	45d	1	0.55mi
51-53 Cliff St Norwich, CT	4.0	1.0	1598	$2,100	$1.31	22d	1	0.56mi
51 Broad St Norwich, CT	3.0	1.0	1200	$1,850	$1.54	22d	1	0.75mi
14-16 Slater Ave Unit 14 Norwich, CT	3.0	1.0	1200	$2,000	$1.67	45d	1	0.81mi
41 Elizabeth St Norwich, CT	5.0	2.0	1133	$1,700	$1.50	22d	1	1.44mi

Listing history 18 events

1. 2026-06-21
   days on market $285,000 Active 32 DOM
2. 2026-06-19
   days on market $285,000 Active 30 DOM
3. 2026-06-18
   days on market $285,000 Active 29 DOM
4. 2026-06-17
   days on market $285,000 Active 28 DOM
5. 2026-06-16
   days on market $285,000 Active 27 DOM
6. 2026-06-15
   days on market $285,000 Active 26 DOM
7. 2026-06-14
   days on market $285,000 Active 24 DOM
8. 2026-06-13
   days on market $285,000 Active 23 DOM
9. 2026-06-10
   days on market $285,000 Active 21 DOM
10. 2026-06-09
    days on market $285,000 Active 20 DOM
11. 2026-06-08
    days on market $285,000 Active 19 DOM
12. 2026-06-07
    days on market $285,000 Active 18 DOM
13. 2026-06-02
    days on market $285,000 Active 13 DOM
14. 2026-06-01
    days on market $285,000 Active 12 DOM
15. 2026-05-31
    days on market $285,000 Active 11 DOM
16. 2026-05-30
    days on market $285,000 Active 10 DOM
17. 2026-05-21
    listed $285,000 Active
18. 2009-01-07
    soldstatus $142,000

ⓘ 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: $3,765 · $314/mo
• Projected year-2 tax: $4,932 · $411/mo
• Expected delta: +$1,167/yr (+$97/mo · 31.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $38,100
• − Mortgage interest: −$15,964
• − Property taxes: −$3,765
• − Insurance: −$1,425
• − Repairs & maintenance: −$3,048
• − Management: −$3,048
• − Depreciation: −$8,291
• Taxable income: $2,559
• Est. tax owed @ 24.0%: −$614
• After-tax cash flow: $6,360/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

+100.7% since first listed

2 events — show timeline

• 2026-05-21 Listed $285,000 FSBO.com
• 2009-01-07 Sold (Public Records) $142,000 Public Records

Property tax history

-0.8%/yr

Latest (2023): $3,765 · +0.3% YoY. Source: county tax records.