303 Central Ave · Norwich, CT 06360

$199,900

4 bd · 3.0 ba · 1,596 sqft · SingleFamily public records · 135 Days on market

Built 1890 2,178 sqft lot Est $286k · 30% 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 +20.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +6.5/10.0
• 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

Fully remodeled 5-bedroom, 2-full bath colonial style home. The home was remodeled from studs up and offers all new electrical, plumbing, insulation and mechanicals. Contemporary features include stainless steel appliances, recessed lights, butcher-block counter tops, luxury-laminate flooring, barn-yard doors, soothing paint colors, new light fixtures and ceiling fans, sinks, vanities, faucets and so much more. Specious backyard.

Key facts

• 2,178 sq ft lot
• Built 1890
• Listed 135 days

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Electric hot water
• Home design: Single-family home
• Construction: Frame construction; Vinyl siding; Stone foundation; Asphalt shingle roof; Beige exterior
• Exterior features: Porch; Gutters; Exterior lighting; Level lot

Interior

• Kitchen: Oven/Range; Range hood; Refrigerator
• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: No heat specified; Thermopane windows (energy efficient)
• Interior features: Cable pre-wired; Full unfinished basement with hatchway
• Laundry & utility: Laundry on 2nd floor / upper level; 40-gallon electric hot water tank

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent runs 42% 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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $60k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.15% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $285,684
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
79 Roosevelt Ave	0.32mi	3/2.0 (-1)	1,537 (-4%)	2mo	$355,800	$231	69
113 4th St	0.27mi	3/1.0 (-1)	1,696 (+6%)	2mo	$260,000	$153	62
31 Prospect St	0.48mi	4/2.0	1,672 (+5%)	5mo	$260,000	$156	61
556 Boswell Ave	0.33mi	3/2.0 (-1)	1,716 (+8%)	3mo	$257,000	$150	61
3 Curtis St	0.57mi	4/1.0	1,560 (-2%)	3mo	$400,000	$256	59
163 Hickory St	0.52mi	3/2.0 (-1)	1,518 (-5%)	4mo	$280,000	$184	55
89 Hickory St	0.60mi	4/2.0	1,512 (-5%)	6mo	$225,000	$149	55
276 Boswell Ave	0.51mi	3/1.0 (-1)	1,536 (-4%)	8mo	$275,000	$179	50
290 Boswell Ave	0.47mi	3/1.5 (-1)	1,416 (-11%)	1mo	$335,500	$237	48
272 Boswell Ave	0.52mi	4/2.0	1,800 (+13%)	6mo	$240,000	$133	46
128 Smith Ave	0.49mi	3/1.0 (-1)	1,357 (-15%)	0mo	$275,000	$203	39
17 Daniel St	0.53mi	3/1.0 (-1)	1,381 (-14%)	6mo	$160,000	$116	35

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-6,239
• Equity at exit: $29,806

10-year hold

• IRR: 10.8%
• Equity multiple: 2.00×
• Total profit: $55,883
• 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: 7.2×

Monthly cashflow live

• Estimated rent: $2,305 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$417 /mo · $5,005/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $272

Break-even live

Break-even rent $1,960

Max offer price $199,900

Occupancy floor 83%

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 6 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	13d	1	0.50mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	43d	1	0.69mi
130 Platt Ave Norwich, CT	3.0	1.0	2010	$1,800	$0.90	43d	1	0.91mi
51-53 Cliff St Norwich, CT	4.0	1.0	1598	$2,100	$1.31	21d	1	1.13mi
51 Broad St Norwich, CT	3.0	1.0	1200	$1,850	$1.54	21d	1	1.22mi
14-16 Slater Ave Unit 14 Norwich, CT	3.0	1.0	1200	$2,000	$1.67	43d	1	1.33mi

Listing history 26 events

1. 2026-05-06
   status Under Contract
2. 2026-04-23
   historical Under Contract - Continue to Show
3. 2026-04-16
   status Active
4. 2026-03-02
   status Under Contract
5. 2026-02-20
   historical Under Contract - Continue to Show
6. 2026-02-16
   status Active
7. 2026-02-12
   historical Under Contract - Continue to Show
8. 2026-01-24
   price $199,900
9. 2025-12-24
   price $224,900
10. 2025-11-06
    listed $259,900 Active
11. 2025-06-25
    historical
12. 2025-04-09
    listed $300,000 Active
13. 2023-07-29
    status Under Contract 433-char remark

    Show marketing remark (433 chars)

    Fully remodeled 5-bedroom, 2-full bath colonial style home. The home was remodeled from studs up and offers all new electrical, plumbing, insulation and mechanicals. Contemporary features include stainless steel appliances, recessed lights, butcher-block counter tops, luxury-laminate flooring, barn-yard doors, soothing paint colors, new light fixtures and ceiling fans, sinks, vanities, faucets and so much more. Specious backyard.

14. 2023-07-25
    soldstatus $257,000 Closed 433-char remark

    Show marketing remark (433 chars)

    Fully remodeled 5-bedroom, 2-full bath colonial style home. The home was remodeled from studs up and offers all new electrical, plumbing, insulation and mechanicals. Contemporary features include stainless steel appliances, recessed lights, butcher-block counter tops, luxury-laminate flooring, barn-yard doors, soothing paint colors, new light fixtures and ceiling fans, sinks, vanities, faucets and so much more. Specious backyard.

15. 2023-06-26
    historical Under Contract - Continue to Show 433-char remark

    Show marketing remark (433 chars)

    Fully remodeled 5-bedroom, 2-full bath colonial style home. The home was remodeled from studs up and offers all new electrical, plumbing, insulation and mechanicals. Contemporary features include stainless steel appliances, recessed lights, butcher-block counter tops, luxury-laminate flooring, barn-yard doors, soothing paint colors, new light fixtures and ceiling fans, sinks, vanities, faucets and so much more. Specious backyard.

16. 2023-06-07
    listed $240,000 Active 433-char remark

    Show marketing remark (433 chars)

    Fully remodeled 5-bedroom, 2-full bath colonial style home. The home was remodeled from studs up and offers all new electrical, plumbing, insulation and mechanicals. Contemporary features include stainless steel appliances, recessed lights, butcher-block counter tops, luxury-laminate flooring, barn-yard doors, soothing paint colors, new light fixtures and ceiling fans, sinks, vanities, faucets and so much more. Specious backyard.

17. 2022-06-02
    soldstatus $69,000
18. 2022-06-01
    soldstatus $69,000 Closed
19. 2022-05-03
    historical Under Contract - Continue to Show
20. 2022-04-18
    price $79,000
21. 2022-04-18
    price $79,000
22. 2022-03-22
    listed $87,000 Active
23. 2021-12-10
    price $89,000
24. 2021-04-23
    soldstatus $68,400
25. 2021-04-22
    soldstatus $68,000 Closed
26. 2021-03-22
    listed $79,900 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: $5,005 · $417/mo
• Projected year-2 tax: $5,005 · $417/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 17 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: $27,654
• − Mortgage interest: −$11,198
• − Property taxes: −$5,005
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$5,815
• Taxable income: $212
• Est. tax owed @ 24.0%: −$51
• After-tax cash flow: $3,212/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

+150.2% since first listed

26 events — show timeline

• 2026-05-06 Pending — Smart MLS
• 2026-04-23 Contingent — Smart MLS
• 2026-04-16 Relisted — Smart MLS
• 2026-03-02 Pending — Smart MLS
• 2026-02-20 Contingent — Smart MLS
• 2026-02-16 Relisted — Smart MLS
• 2026-02-12 Contingent — Smart MLS
• 2026-01-24 Price Changed $199,900 Smart MLS
• 2025-12-24 Price Changed $224,900 Smart MLS
• 2025-11-06 Listed $259,900 Smart MLS
• 2025-06-25 Listing Removed — Smart MLS
• 2025-04-09 Listed $300,000 Smart MLS
• 2023-07-29 Pending — Smart MLS
• 2023-07-25 Sold (MLS) $257,000 Smart MLS
• 2023-06-26 Contingent — Smart MLS
• 2023-06-07 Listed $240,000 Smart MLS
• 2022-06-02 Sold (Public Records) $69,000 Public Records
• 2022-06-01 Sold (MLS) $69,000 Smart MLS
• 2022-05-03 Contingent — Smart MLS
• 2022-04-18 Price Changed $79,000 Smart MLS
• 2022-04-18 Price Changed $79,000 Smart MLS
• 2022-03-22 Listed $87,000 Smart MLS
• 2021-12-10 Price Changed $89,000 Smart MLS
• 2021-04-23 Sold (Public Records) $68,400 Public Records
• 2021-04-22 Sold (MLS) $68,000 Smart MLS
• 2021-03-22 Listed $79,900 Smart MLS

Property tax history

+3.5%/yr

Latest (2023): $5,005 · +54.1% YoY. Source: county tax records.