28 Lincoln Ave · Norwalk, CT 06854

$699,900

3 bd · 2.0 ba · 1,568 sqft · MultiFamily public records · 21 Days on market

Built 1911 10,454 sqft lot $446/sqft · at area comps Est $668k · at est.

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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).

• Cash flow +15.5/30.0
• ARV discount +5.4/15.0
• DSCR +4.8/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Schools +3.4/10.0
• Rent growth +2.6/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Well-maintained two-family Colonial offering strong owner-occupant or investment opportunity. Property has been kept in great condition consistent with prior updates, featuring original character with revitalized moldings, hardwood floors, and functional layouts in both units. First floor unit offers an open living/dining layout, 1 bedroom and access to a private deck, with additional finished lower level space (approx. 732 SF) including multiple rooms and laundry. Second unit, upper level with 2 bedrooms, updated bath, and private deck. Recent improvements include partially renewed sewer line and a brand new furnace for the lower unit. Situated on an expansive lot with a tiered backyard and classic front porch. Sale includes two contiguous parcels (2-87-14-0 & 2-87-15-0) under single ownership, providing added flexibility and long-term value potential. Convenient to downtown SONO dining, train, and waterfront.

Key facts

• Private deck
• Expansive lot
• Updated bath

Tags

• TWO FAMILY COLONIAL
• PRIVATE DECK
• FINISHED LOWER LEVEL
• UPDATED BATH
• EXPANSIVE LOT
• TIERED BACKYARD

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive. Per door: $142/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $595k (15.0% below list).
• Recommended offer: $595k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 flat; 74 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $5,952/mo this rent would consume 82% of the median local household income ($87k/yr) (locally 1720% 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 21 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $530k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 75% 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 $595,200 (15.0% 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 1911 — 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: 0.85% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.74%
• DSCR: 1.08
• GRM: 9.8

CMA / ARV

• ARV (median comp): $668,197
• List price: $699,900
• Delta: 4.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Yost St	0.52mi	4/2.0 (+1)	1,758 (+12%)	14mo	$660,000	$375	39

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 · 0.32% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.43×
• Total profit: $-111,076
• Equity at exit: $104,357

10-year hold

• IRR: -13.3%
• Equity multiple: 0.31×
• Total profit: $-134,844
• Equity at exit: $60,515

Cash invested: $195,972 (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 06854

• Rents YoY: 0.3%
• Active inventory: 74
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $5,952 high
• Mortgage (P&I): −$3,670
• Tax from tax record: −$455 /mo · $5,464/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,250
• Net cashflow: $285

Break-even live

Break-even rent $5,592

Max offer price $699,900

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$5,952
Total (2 units)			$5,952

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: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Quintard Ave Unit 1 Norwalk, CT	4.0	2.0	1235	$4,500	$3.64	14d	1	0.08mi
134 Woodward Ave Unit 2 Norwalk, CT	4.0	3.0	1681	$3,500	$2.08	43d	1	0.25mi
108 S Main St Fl 1 Norwalk, CT	2.0	1.0	1100	$2,395	$2.18	3d	1	0.37mi
123 Water St Norwalk, CT	1.0–2.0	1.0–2.0	821	$5,223	$6.36	2d	12	0.40mi
19 Day St Norwalk, CT	2.0	1.0–2.0	901	$3,300	$3.66	3d	2	0.41mi
9 Laura St Norwalk, CT	3.0	2.0	1174	$2,900	$2.47	43d	1	0.56mi
16 Haviland St Unit B Norwalk, CT	3.0	2.0	1125	$3,495	$3.11	43d	1	0.58mi
12 Splitrock Rd Norwalk, CT	3.0	3.0	1658	$16,000	$9.65	43d	1	0.59mi
8 Haviland St Unit A Norwalk, CT	2.0	1.0	1100	$2,895	$2.63	43d	1	0.60mi
31 Bouton St Apt C Norwalk, CT	3.0	2.0	1250	$3,800	$3.04	3d	1	0.70mi
2 3rd St Unit 1 Norwalk, CT	4.0	3.0	1750	$5,500	$3.14	14d	1	0.74mi
70 N Main St Unit 3D Norwalk, CT	2.0	4.0	2000	$4,500	$2.25	43d	1	0.83mi
6 Hillside Pl Norwalk, CT	3.0	1.0	1205	$3,850	$3.20	23d	1	0.85mi
55 N Water St Norwalk, CT	1.0–2.0	1.0–2.0	924	$3,303	$3.57	2d	9	0.90mi
1 Island Dr #9 Norwalk, CT	2.0	2.5	2032	$9,200	$4.53	2d	1	0.93mi
1 Island Dr #9 Norwalk, CT	2.0	2.5	2032	$9,800	$4.82	43d	1	0.93mi
1 Cemetery St Norwalk, CT	1.0–3.0	1.0–2.0	1035	$5,500	$5.31	2d	25	0.99mi
6 Edgewood St Unit A Norwalk, CT	3.0	2.5	1900	$4,950	$2.61	43d	1	1.00mi
313 Flax Hill Rd Unit A Norwalk, CT	3.0	1.5	1100	$3,500	$3.18	43d	1	1.05mi
21 Avenue B Unit A Norwalk, CT	2.0	1.5	1100	$2,695	$2.45	23d	1	1.08mi
67 Osborne Ave Norwalk, CT	4.0	2.0	1500	$4,000	$2.67	19d	1	1.11mi
7 McAllister Ave Unit 2 Norwalk, CT	3.0	1.5	1274	$2,600	$2.04	43d	1	1.16mi
33 Emerson St Unit NA Norwalk, CT	4.0	2.0	1600	$4,995	$3.12	3d	1	1.21mi
1 Horizon Dr #11 Norwalk, CT	2.0	1.5	1258	$3,100	$2.46	3d	1	1.32mi
9 Glenwood Ave Unit 3 Norwalk, CT	2.0	2.0	1200	$2,495	$2.08	43d	1	1.37mi
15 Ferris Ave Unit C Norwalk, CT	2.0	1.5	1100	$2,950	$2.68	43d	1	1.43mi
158 East Ave Unit 2 Norwalk, CT	2.0	1.0	1188	$2,300	$1.94	43d	1	1.43mi
136 W Cedar St #7 Norwalk, CT	2.0	1.5	1188	$3,300	$2.78	23d	1	1.44mi
12 N Taylor Ave Unit 28 Norwalk, CT	2.0	1.0	1100	$2,250	$2.05	21d	1	1.46mi
12 N Taylor Ave Unit 28 Norwalk, CT	2.0	1.0	1100	$2,250	$2.05	43d	1	1.46mi
467 West Ave Norwalk, CT	3.0	1.0–2.0	1334	$6,368	$4.77	10d	190	1.46mi
370 West Ave Norwalk, CT	3.0	1.0–2.0	925	$4,475	$4.84	3d	81	1.47mi
13 Joemar Rd Norwalk, CT	4.0	1.0	1080	$3,950	$3.66	14d	1	1.49mi

Listing history 14 events

1. 2026-05-06
   status Under Contract 928-char remark

   Show marketing remark (928 chars)

   Well-maintained two-family Colonial offering strong owner-occupant or investment opportunity. Property has been kept in great condition consistent with prior updates, featuring original character with revitalized moldings, hardwood floors, and functional layouts in both units. First floor unit offers an open living/dining layout, 1 bedroom and access to a private deck, with additional finished lower level space (approx. 732 SF) including multiple rooms and laundry. Second unit, upper level with 2 bedrooms, updated bath, and private deck. Recent improvements include partially renewed sewer line and a brand new furnace for the lower unit. Situated on an expansive lot with a tiered backyard and classic front porch. Sale includes two contiguous parcels (2-87-14-0 & 2-87-15-0) under single ownership, providing added flexibility and long-term value potential. Convenient to downtown SONO dining, train, and waterfront.

2. 2026-04-15
   listed $699,900 Active 928-char remark

   Show marketing remark (928 chars)

   Well-maintained two-family Colonial offering strong owner-occupant or investment opportunity. Property has been kept in great condition consistent with prior updates, featuring original character with revitalized moldings, hardwood floors, and functional layouts in both units. First floor unit offers an open living/dining layout, 1 bedroom and access to a private deck, with additional finished lower level space (approx. 732 SF) including multiple rooms and laundry. Second unit, upper level with 2 bedrooms, updated bath, and private deck. Recent improvements include partially renewed sewer line and a brand new furnace for the lower unit. Situated on an expansive lot with a tiered backyard and classic front porch. Sale includes two contiguous parcels (2-87-14-0 & 2-87-15-0) under single ownership, providing added flexibility and long-term value potential. Convenient to downtown SONO dining, train, and waterfront.

3. 2021-11-17
   soldstatus $530,000
4. 2021-11-15
   soldstatus $530,000 Closed 879-char remark

   Show marketing remark (879 chars)

   Sale includes 2 parcels. No. 235106 & 235107 each .12 acres. for both parcels. Resurfaced Two Family colonial home in the heart of SONO. Two level apartment lovingly "Fixed and Fashioned" with original revitalized moldings, columns and hardwood floors, windows, central air on main level, tile and fixtures. First floor apartment with master en suite and large open floor plan, living room to eat in kitchen with dishwasher and private deck. Includes fully finished lower level with large living space, cable ready, 2 additional rooms and laundry room. 2nd floor apartment has 2 bedrooms with updated bathroom. Kitchen with laundry opens to large private deck and open floor plan to living room. Third floor has 2nd bedroom and additional room. Impressive grounds with expansive 3 tier backyard and classic front porch. Owner has 3+ year rental history. AGENT/OWNER

5. 2021-10-18
   historical Under Contract - Continue to Show 879-char remark

   Show marketing remark (879 chars)

   Sale includes 2 parcels. No. 235106 & 235107 each .12 acres. for both parcels. Resurfaced Two Family colonial home in the heart of SONO. Two level apartment lovingly "Fixed and Fashioned" with original revitalized moldings, columns and hardwood floors, windows, central air on main level, tile and fixtures. First floor apartment with master en suite and large open floor plan, living room to eat in kitchen with dishwasher and private deck. Includes fully finished lower level with large living space, cable ready, 2 additional rooms and laundry room. 2nd floor apartment has 2 bedrooms with updated bathroom. Kitchen with laundry opens to large private deck and open floor plan to living room. Third floor has 2nd bedroom and additional room. Impressive grounds with expansive 3 tier backyard and classic front porch. Owner has 3+ year rental history. AGENT/OWNER

6. 2021-07-29
   listed $529,000 Active 879-char remark

   Show marketing remark (879 chars)

   Sale includes 2 parcels. No. 235106 & 235107 each .12 acres. for both parcels. Resurfaced Two Family colonial home in the heart of SONO. Two level apartment lovingly "Fixed and Fashioned" with original revitalized moldings, columns and hardwood floors, windows, central air on main level, tile and fixtures. First floor apartment with master en suite and large open floor plan, living room to eat in kitchen with dishwasher and private deck. Includes fully finished lower level with large living space, cable ready, 2 additional rooms and laundry room. 2nd floor apartment has 2 bedrooms with updated bathroom. Kitchen with laundry opens to large private deck and open floor plan to living room. Third floor has 2nd bedroom and additional room. Impressive grounds with expansive 3 tier backyard and classic front porch. Owner has 3+ year rental history. AGENT/OWNER

7. 2021-07-23
   historical $529,000 879-char remark

   Show marketing remark (879 chars)

   Sale includes 2 parcels. No. 235106 & 235107 each .12 acres. for both parcels. Resurfaced Two Family colonial home in the heart of SONO. Two level apartment lovingly "Fixed and Fashioned" with original revitalized moldings, columns and hardwood floors, windows, central air on main level, tile and fixtures. First floor apartment with master en suite and large open floor plan, living room to eat in kitchen with dishwasher and private deck. Includes fully finished lower level with large living space, cable ready, 2 additional rooms and laundry room. 2nd floor apartment has 2 bedrooms with updated bathroom. Kitchen with laundry opens to large private deck and open floor plan to living room. Third floor has 2nd bedroom and additional room. Impressive grounds with expansive 3 tier backyard and classic front porch. Owner has 3+ year rental history. AGENT/OWNER

8. 2017-05-05
   soldstatus $175,000
9. 2017-04-18
   soldstatus $175,000
10. 2017-04-14
    soldstatus $175,000
11. 2016-12-16
    historical
12. 2016-10-30
    listed $238,000
13. 2016-10-26
    historical
14. 2015-10-27
    listed $238,000

ⓘ 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: $5,464 · $455/mo
• Projected year-2 tax: $10,221 · $852/mo
• Expected delta: +$4,757/yr (+$396/mo · 87.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $71,424
• − Mortgage interest: −$39,205
• − Property taxes: −$5,464
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,714
• − Management: −$5,714
• − Depreciation: −$20,361
• Taxable loss: −$8,533
• Est. tax savings @ 24.0%: +$2,048
• After-tax cash flow: $5,465/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): 32,118
• Household income: $86,679
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1720.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 26% Black 22% Two or more races 19% Asian 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 6% Dominican 2%
• Common ancestry: Hispanic 3% Romanian 2% Subsaharan African 1%
• Foreign-born: 38% · Canada, Jamaica, Guatemala
• Languages at home: 50% English-only · Spanish 38% French/Haitian/Cajun 5% Other Indo-European 4%

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: ▼ -286.00%
• Current HPI: 209.0301
• Rent YoY: ▲ 0.32%
• 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

+194.1% since first listed

14 events — show timeline

• 2026-05-06 Pending — Smart MLS
• 2026-04-15 Listed $699,900 Smart MLS
• 2021-11-17 Sold (Public Records) $530,000 Public Records
• 2021-11-15 Sold (MLS) $530,000 Smart MLS
• 2021-10-18 Contingent — Smart MLS
• 2021-07-29 Listed $529,000 Smart MLS
• 2021-07-23 Coming Soon $529,000 Smart MLS
• 2017-05-05 Sold (Public Records) $175,000 Public Records
• 2017-04-18 Sold (Public Records) $175,000 Public Records
• 2017-04-14 Sold (MLS) $175,000 Smart MLS
• 2016-12-16 Listing Removed — Smart MLS
• 2016-10-30 Listed $238,000 Smart MLS
• 2016-10-26 Listing Removed — Smart MLS
• 2015-10-27 Listed $238,000 Smart MLS

Property tax history

+2.7%/yr

Latest (2023): $5,464 · +2.2% YoY. Source: county tax records.