41 Fountain St · Norwich, CT 06360

$199,900

3 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 77 Days on market

Built 1880 2,613 sqft lot $194/sqft · 16% below area Est $237k · 16% 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 +15.9/30.0
• ARV discount +14.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• 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

Listing remarks MLS

Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

Key facts

• 2,613 sq ft lot
• 2 parking spots
• Built 1880

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (7.4% below list).
• Recommended offer: $185k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($66k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $19k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $200k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — 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 $185,067 (7.4% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.93% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 9.0

CMA / ARV

• ARV (median comp): $236,741
• List price: $199,900
• Delta: -15.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34 Buckingham Ave	0.17mi	3/1.0	1,123 (+9%)	3mo	$319,000	$284	75
51 N Cliff St	0.58mi	2/1.5 (-1)	1,053 (+2%)	4mo	$134,900	$128	59
19 Treadway Ave	0.57mi	3/2.0	1,057 (+2%)	8mo	$201,250	$190	59
224 Mount Pleasant St	0.73mi	3/1.5	1,094 (+6%)	0mo	$182,000	$166	53
33 Tanner Ave	0.72mi	2/1.0 (-1)	1,050 (+2%)	9mo	$234,000	$223	51
67 W Thames St	0.73mi	3/1.0	1,024 (-1%)	22mo	$124,000	$121	46
169 Mount Pleasant St	0.64mi	2/2.0 (-1)	1,082 (+5%)	10mo	$257,500	$238	45
26 Vine St	0.66mi	3/1.0	964 (-7%)	16mo	$190,000	$197	44
456 E Main St	0.73mi	3/1.0	1,170 (+13%)	1mo	$210,000	$179	43
15 Tanner Ave	0.68mi	3/1.5	1,176 (+14%)	10mo	$190,000	$162	35
28 Brook St	0.72mi	2/1.0 (-1)	900 (-13%)	7mo	$200,000	$222	34
60 Elizabeth St	0.62mi	3/1.0	888 (-14%)	22mo	$200,000	$225	30

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: -9.1%
• Equity multiple: 0.66×
• Total profit: $-19,262
• Equity at exit: $29,806

10-year hold

• IRR: 4.6%
• Equity multiple: 1.39×
• Total profit: $22,074
• Equity at exit: $17,284

Cash invested: $55,972 (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: 9.0×

Monthly cashflow live

• Estimated rent: $1,851 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$234 /mo · $2,811/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $96

Break-even live

Break-even rent $1,729

Max offer price $199,900

Occupancy floor 90%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
99 Cedar St Norwich, CT	2.0	1.0	800	$1,625	$2.03	11d	1	0.14mi
14-16 Slater Ave Unit 14 Norwich, CT	3.0	1.0	1200	$2,000	$1.67	43d	1	0.27mi
154 Washington St Unit 11 Norwich, CT	2.0	1.0	1100	$1,750	$1.59	43d	1	0.38mi
51 Broad St Norwich, CT	3.0	1.0	1200	$1,850	$1.54	21d	1	0.42mi
25 Boswell Ave Unit 2 Norwich, CT	3.0	1.0	900	$1,900	$2.11	13d	1	0.42mi
33 Lake St Unit c Norwich, CT	3.0	1.0	750	$1,450	$1.93	13d	1	0.50mi
138 Laurel Hill Ave Unit 2 Norwich, CT	2.0	1.0	1200	$1,690	$1.41	13d	1	0.64mi
158 Cliff St Unit 2 Norwich, CT	3.0	1.0	700	$1,700	$2.43	13d	1	0.64mi
73 Peck St Unit 2 Norwich, CT	2.0	1.5	900	$1,475	$1.64	21d	1	0.76mi
502 E Main St Unit 1 Norwich, CT	3.0	1.0	800	$1,750	$2.19	13d	1	0.85mi
159 Hickory St Norwich, CT	2.0	1.0	702	$1,500	$2.14	43d	1	0.96mi
43 Dunham St Norwich, CT	2.0	1.0	1105	$1,900	$1.72	44d	1	1.02mi
68 Thermos Ave Unit 212B Norwich, CT	2.0	2.0	1171	$2,300	$1.96	43d	1	1.11mi
204 Thermos Ave Norwich, CT	2.0	2.0	1171	$1,997	$1.71	13d	1	1.11mi
103 Thermos Ave Unit 23A Norwich, CT	2.0	1.0	1326	$1,295	$0.98	21d	1	1.11mi

Listing history 31 events

1. 2026-06-19
   days on market $199,900 Active 77 DOM
2. 2026-06-18
   days on market $199,900 Active 76 DOM
3. 2026-06-17
   days on market $199,900 Active 75 DOM
4. 2026-06-16
   days on market $199,900 Active 74 DOM
5. 2026-06-15
   days on market $199,900 Active 73 DOM
6. 2026-06-14
   days on market $199,900 Active 71 DOM
7. 2026-06-13
   days on market $199,900 Active 70 DOM
8. 2026-06-10
   days on market $199,900 Active 68 DOM
9. 2026-06-09
   days on market $199,900 Active 67 DOM
10. 2026-06-08
    days on market $199,900 Active 66 DOM
11. 2026-06-07
    days on market $199,900 Active 65 DOM
12. 2026-06-02
    days on market $199,900 Active 60 DOM
13. 2026-06-01
    days on market $199,900 Active 59 DOM
14. 2026-05-31
    days on market $199,900 Active 58 DOM
15. 2026-05-30
    days on market $199,900 Active 57 DOM
16. 2026-05-15
    historical Under Contract - Continue to Show 785-char remark

    Show marketing remark (785 chars)

    Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

17. 2026-05-12
    price $199,900 785-char remark

    Show marketing remark (785 chars)

    Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

18. 2026-04-15
    status Active 785-char remark

    Show marketing remark (785 chars)

    Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

19. 2026-04-08
    historical Under Contract - Continue to Show 785-char remark

    Show marketing remark (785 chars)

    Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

20. 2026-04-04
    listed $219,000 Active 785-char remark

    Show marketing remark (785 chars)

    Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

21. 2026-03-30
    historical $219,000 785-char remark

    Show marketing remark (785 chars)

    Move-in ready and full of potential, this 3-bedroom, 1-bath Cape-style home is a great fit for first-time buyers or those looking to downsize. The home offers a spacious eat-in kitchen featuring butcher block countertops and stainless steel appliances-ideal for both everyday living and entertaining. A convenient first-floor bedroom and full bathroom provide the option for single-level living, while efficient oil heat and hot water add comfort and peace of mind. Upstairs, you'll find two generously sized, carpeted bedrooms with closets. Parking is off-street, located at the rear of the property and is a shared driveway. Ideally situated on a street with within walking distance to downtown Norwich and public transportation, this home combines comfort, convenience, and value.

22. 2023-02-10
    historical
23. 2023-01-11
    listed $162,000 Active
24. 2018-07-08
    soldstatus $50,000
25. 2018-07-05
    soldstatus $50,000 Closed
26. 2018-06-08
    historical Under Contract - Continue to Show
27. 2018-05-25
    price $54,900
28. 2018-04-26
    listed $69,900 Active
29. 2018-04-03
    historical
30. 2018-03-05
    price $79,900
31. 2017-10-02
    listed $82,900 Active

ⓘ 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: $2,811 · $234/mo
• Projected year-2 tax: $3,544 · $295/mo
• Expected delta: +$733/yr (+$61/mo · 26.1%)

ⓘ 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: $22,208
• − Mortgage interest: −$11,198
• − Property taxes: −$2,811
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,777
• − Management: −$1,777
• − Depreciation: −$5,815
• Taxable loss: −$2,169
• Est. tax savings @ 24.0%: +$520
• After-tax cash flow: $1,675/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

+141.1% since first listed

16 events — show timeline

• 2026-05-15 Contingent — Smart MLS
• 2026-05-12 Price Changed $199,900 Smart MLS
• 2026-04-15 Relisted — Smart MLS
• 2026-04-08 Contingent — Smart MLS
• 2026-04-04 Listed $219,000 Smart MLS
• 2026-03-30 Coming Soon $219,000 Smart MLS
• 2023-02-10 Listing Removed — Smart MLS
• 2023-01-11 Listed $162,000 Smart MLS
• 2018-07-08 Sold (Public Records) $50,000 Public Records
• 2018-07-05 Sold (MLS) $50,000 Smart MLS
• 2018-06-08 Contingent — Smart MLS
• 2018-05-25 Price Changed $54,900 Smart MLS
• 2018-04-26 Listed $69,900 Smart MLS
• 2018-04-03 Listing Removed — Smart MLS
• 2018-03-05 Price Changed $79,900 Smart MLS
• 2017-10-02 Listed $82,900 Smart MLS

Property tax history

-1.8%/yr

Latest (2023): $2,811 · +0.3% YoY. Source: county tax records.