14 Boxwood Ln · Norwich, CT 06360

$359,900

3 bd · 3.0 ba · 1,396 sqft · MultiFamily public records · 4 Days on market

Built 1965 0.63 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

You don't want to miss out on this completely remodeled ranch home with a full basement walkout in-law apartment. You will love the home’s location in the quiet wooded Cherry Hill neighborhood, conveniently located close to town for commuting and shopping. This deceivingly large home’s main level consists of a bright and spacious living/dining area with a fireplace, brand new vinyl plank flooring, and sliders out to the large deck and terrace overlooking the backyard. The kitchen will WOW you with brand new quartz countertops, stainless steel appliances, new flooring, and powder-coated metal cabinets! There are also 3 bedrooms along with 2 remodeled full bathrooms on the first floor. You will find so much space on the lower level - options for a possible in-law suite, home office, or just additional living space. There is a remodeled full bath, substantial extra kitchen area complete with a kitchen counter, cabinets, sink, stove hookup, and door to the backyard; a large living area, and 2 bonus rooms. Also on the lower level is the laundry room, storage spaces, and a small workshop. The home boasts a new furnace and hot water heater. Schedule your private showing today!

Key facts

• Private deck
• Spacious backyard
• Remodeled ranch

Tags

• REMODELED RANCH
• FULLY FINISHED LOWER LEVEL
• IN-LAW SETUP
• NEWER ROOF
• PRIVATE DECK
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Cap rate 11.7% 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; 1 comparable units currently listed for rent nearby; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $5,389/mo this rent would consume 99% 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 $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $101k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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 $309k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% 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 $359,900

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.50% ✓
• Cap rate: 11.73%
• Cash-on-cash: 19.40%
• DSCR: 1.86
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 1.65×
• Total profit: $65,957
• Equity at exit: $53,662

10-year hold

• IRR: 26.9%
• Equity multiple: 3.80×
• Total profit: $281,666
• Equity at exit: $31,118

Cash invested: $100,772 (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: 16.7×

Monthly cashflow live

• Estimated rent: $5,389 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$591 /mo · $7,089/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,132
• Net cashflow: $1,629

Break-even live

Break-even rent $3,327

Max offer price $359,900

Occupancy floor 65%

Sensitivity live

Price	-10% $1,833	-5% $1,731	+0% $1,629	+5% $1,527	+10% $1,426
Rent	-10% $1,204	-5% $1,416	+0% $1,629	+5% $1,842	+10% $2,055
Rate	-1.0pp $1,810	-0.5pp $1,721	base $1,629	+0.5pp $1,536	+1.0pp $1,441

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$5,388
Total (3 units)			$5,389

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73 Peck St Unit 2 Norwich, CT	2.0	1.5	900	$1,475	$1.64	22d	1	1.19mi

Listing history 11 events

1. 2026-03-31
   status Under Contract
2. 2026-03-27
   listed $359,900 Active
3. 2021-04-19
   soldstatus $309,000 Closed 1200-char remark

   Show marketing remark (1200 chars)

   You don't want to miss out on this completely remodeled ranch home with a full basement walkout in-law apartment. You will love the home’s location in the quiet wooded Cherry Hill neighborhood, conveniently located close to town for commuting and shopping. This deceivingly large home’s main level consists of a bright and spacious living/dining area with a fireplace, brand new vinyl plank flooring, and sliders out to the large deck and terrace overlooking the backyard. The kitchen will WOW you with brand new quartz countertops, stainless steel appliances, new flooring, and powder-coated metal cabinets! There are also 3 bedrooms along with 2 remodeled full bathrooms on the first floor. You will find so much space on the lower level - options for a possible in-law suite, home office, or just additional living space. There is a remodeled full bath, substantial extra kitchen area complete with a kitchen counter, cabinets, sink, stove hookup, and door to the backyard; a large living area, and 2 bonus rooms. Also on the lower level is the laundry room, storage spaces, and a small workshop. The home boasts a new furnace and hot water heater. Schedule your private showing today!

4. 2021-03-07
   historical Under Contract - Continue to Show 1200-char remark

   Show marketing remark (1200 chars)

   You don't want to miss out on this completely remodeled ranch home with a full basement walkout in-law apartment. You will love the home’s location in the quiet wooded Cherry Hill neighborhood, conveniently located close to town for commuting and shopping. This deceivingly large home’s main level consists of a bright and spacious living/dining area with a fireplace, brand new vinyl plank flooring, and sliders out to the large deck and terrace overlooking the backyard. The kitchen will WOW you with brand new quartz countertops, stainless steel appliances, new flooring, and powder-coated metal cabinets! There are also 3 bedrooms along with 2 remodeled full bathrooms on the first floor. You will find so much space on the lower level - options for a possible in-law suite, home office, or just additional living space. There is a remodeled full bath, substantial extra kitchen area complete with a kitchen counter, cabinets, sink, stove hookup, and door to the backyard; a large living area, and 2 bonus rooms. Also on the lower level is the laundry room, storage spaces, and a small workshop. The home boasts a new furnace and hot water heater. Schedule your private showing today!

5. 2021-03-04
   status Active 1200-char remark

   Show marketing remark (1200 chars)

   You don't want to miss out on this completely remodeled ranch home with a full basement walkout in-law apartment. You will love the home’s location in the quiet wooded Cherry Hill neighborhood, conveniently located close to town for commuting and shopping. This deceivingly large home’s main level consists of a bright and spacious living/dining area with a fireplace, brand new vinyl plank flooring, and sliders out to the large deck and terrace overlooking the backyard. The kitchen will WOW you with brand new quartz countertops, stainless steel appliances, new flooring, and powder-coated metal cabinets! There are also 3 bedrooms along with 2 remodeled full bathrooms on the first floor. You will find so much space on the lower level - options for a possible in-law suite, home office, or just additional living space. There is a remodeled full bath, substantial extra kitchen area complete with a kitchen counter, cabinets, sink, stove hookup, and door to the backyard; a large living area, and 2 bonus rooms. Also on the lower level is the laundry room, storage spaces, and a small workshop. The home boasts a new furnace and hot water heater. Schedule your private showing today!

6. 2021-01-25
   historical Under Contract - Continue to Show 1200-char remark

   Show marketing remark (1200 chars)

   You don't want to miss out on this completely remodeled ranch home with a full basement walkout in-law apartment. You will love the home’s location in the quiet wooded Cherry Hill neighborhood, conveniently located close to town for commuting and shopping. This deceivingly large home’s main level consists of a bright and spacious living/dining area with a fireplace, brand new vinyl plank flooring, and sliders out to the large deck and terrace overlooking the backyard. The kitchen will WOW you with brand new quartz countertops, stainless steel appliances, new flooring, and powder-coated metal cabinets! There are also 3 bedrooms along with 2 remodeled full bathrooms on the first floor. You will find so much space on the lower level - options for a possible in-law suite, home office, or just additional living space. There is a remodeled full bath, substantial extra kitchen area complete with a kitchen counter, cabinets, sink, stove hookup, and door to the backyard; a large living area, and 2 bonus rooms. Also on the lower level is the laundry room, storage spaces, and a small workshop. The home boasts a new furnace and hot water heater. Schedule your private showing today!

7. 2021-01-22
   listed $309,000 Active 1200-char remark

   Show marketing remark (1200 chars)

   You don't want to miss out on this completely remodeled ranch home with a full basement walkout in-law apartment. You will love the home’s location in the quiet wooded Cherry Hill neighborhood, conveniently located close to town for commuting and shopping. This deceivingly large home’s main level consists of a bright and spacious living/dining area with a fireplace, brand new vinyl plank flooring, and sliders out to the large deck and terrace overlooking the backyard. The kitchen will WOW you with brand new quartz countertops, stainless steel appliances, new flooring, and powder-coated metal cabinets! There are also 3 bedrooms along with 2 remodeled full bathrooms on the first floor. You will find so much space on the lower level - options for a possible in-law suite, home office, or just additional living space. There is a remodeled full bath, substantial extra kitchen area complete with a kitchen counter, cabinets, sink, stove hookup, and door to the backyard; a large living area, and 2 bonus rooms. Also on the lower level is the laundry room, storage spaces, and a small workshop. The home boasts a new furnace and hot water heater. Schedule your private showing today!

8. 2020-08-21
   soldstatus $160,000 Closed 580-char remark

   Show marketing remark (580 chars)

   Great home to acquire sweat equity. This solidly built home will require work on your part, but what a steal in this beautiful Cherry Hill neighborhood. This ranch style home features three bedrooms and two baths on the main level. Additionally, there is a large living room/dining room combination with a wood burning fireplace. The lower level is believed to once feature an in-law apartment-- there's kitchen space, a family room, possibly two bedrooms and a full bathroom. Bring your tool box, paint brush, elbow grease and a few friends to help...it will be worth your while.

9. 2020-08-21
   soldstatus $160,000

   Show marketing remark (580 chars)

   Great home to acquire sweat equity. This solidly built home will require work on your part, but what a steal in this beautiful Cherry Hill neighborhood. This ranch style home features three bedrooms and two baths on the main level. Additionally, there is a large living room/dining room combination with a wood burning fireplace. The lower level is believed to once feature an in-law apartment-- there's kitchen space, a family room, possibly two bedrooms and a full bathroom. Bring your tool box, paint brush, elbow grease and a few friends to help...it will be worth your while.

10. 2020-07-24
    historical Under Contract - Continue to Show 580-char remark

    Show marketing remark (580 chars)

    Great home to acquire sweat equity. This solidly built home will require work on your part, but what a steal in this beautiful Cherry Hill neighborhood. This ranch style home features three bedrooms and two baths on the main level. Additionally, there is a large living room/dining room combination with a wood burning fireplace. The lower level is believed to once feature an in-law apartment-- there's kitchen space, a family room, possibly two bedrooms and a full bathroom. Bring your tool box, paint brush, elbow grease and a few friends to help...it will be worth your while.

11. 2020-07-22
    listed $167,900 Active 580-char remark

    Show marketing remark (580 chars)

    Great home to acquire sweat equity. This solidly built home will require work on your part, but what a steal in this beautiful Cherry Hill neighborhood. This ranch style home features three bedrooms and two baths on the main level. Additionally, there is a large living room/dining room combination with a wood burning fireplace. The lower level is believed to once feature an in-law apartment-- there's kitchen space, a family room, possibly two bedrooms and a full bathroom. Bring your tool box, paint brush, elbow grease and a few friends to help...it will be worth your while.

ⓘ 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: $7,089 · $591/mo
• Projected year-2 tax: $7,395 · $616/mo
• Expected delta: +$306/yr (+$26/mo · 4.3%)

ⓘ 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 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $64,668
• − Mortgage interest: −$20,160
• − Property taxes: −$7,089
• − Insurance: −$1,800
• − Repairs & maintenance: −$5,173
• − Management: −$5,173
• − Depreciation: −$10,470
• Taxable income: $14,803
• Est. tax owed @ 24.0%: −$3,553
• After-tax cash flow: $15,998/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

+114.4% since first listed

11 events — show timeline

• 2026-03-31 Pending — Smart MLS
• 2026-03-27 Listed $359,900 Smart MLS
• 2021-04-19 Sold (MLS) $309,000 Smart MLS
• 2021-03-07 Contingent — Smart MLS
• 2021-03-04 Relisted — Smart MLS
• 2021-01-25 Contingent — Smart MLS
• 2021-01-22 Listed $309,000 Smart MLS
• 2020-08-21 Sold (Public Records) $160,000 Public Records
• 2020-08-21 Sold (MLS) $160,000 Smart MLS
• 2020-07-24 Contingent — Smart MLS
• 2020-07-22 Listed $167,900 Smart MLS

Property tax history

+3.1%/yr

Latest (2023): $7,089 · -0.8% YoY. Source: county tax records.