41 Stuart Ave · New London, CT 06320

$564,000

4 bd · 4.0 ba · 2,834 sqft · MultiFamily public records · 41 Days on market

Built 1908 4,791 sqft lot

---

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 +26.0/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Rare opportunity to own a multi family right at the foot of Ocean Beach. This property has active solar, several updates to the interior and a 2 car garage with additional ample parking space. Bring your tool belt and imiganation, with some sweat equity this can be a great earner during spring, summer and fall seasons when the beach open. This home has a combined nine bedrooms and five bathrooms plus a deck on the second floor overlooking the Beach. 41 Stuart Avenue is ready for a makeover to transform it into shoreline haven. There is easy access to Electric Boat, Yale-New Haven (Lawrence + Memorial) Hospital, and Mitchell College. The New London ferry terminal and Amtrak station are withi

Key facts

• Ample parking space
• Interior updates
• Active solar

Tags

• ACTIVE SOLAR
• INTERIOR UPDATES
• AMPLE PARKING SPACE
• DECK OVERLOOKING THE BEACH
• EASY ACCESS TO ELECTRIC BOAT

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $564k.

Deal economics

• At list price, monthly cash flow is $983 ($12k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $564k).
• Recommended offer: $547k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.3% in New London — 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 74/100 on livability (#66 in CT, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-, crime B+; Watch: employment D+, schools F, amenities F.
• New London School District (urban): math 11% / reading 21% proficiency, ranked #149 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 69 active listings in the ZIP; 3 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).
• At $6,374/mo this rent would consume 129% of the median local household income ($59k/yr) (locally 2014% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($547k) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 12y 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 $365k; list at $564k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% 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 $547,080 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.13% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.71%
• DSCR: 1.48
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.7% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.73×
• Total profit: $-43,035
• Equity at exit: $84,094

10-year hold

• IRR: -1.3%
• Equity multiple: 0.92×
• Total profit: $-12,612
• Equity at exit: $48,764

Cash invested: $157,920 (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 06320

• Home prices YoY: -20.7%
• Rents YoY: 0.7%
• Active inventory: 69
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $6,374 medium
• Mortgage (P&I): −$2,958
• Tax from tax record: −$434 /mo · $5,203/yr
• Insurance: −$235
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,339
• Net cashflow: $983

Break-even live

Break-even rent $5,130

Max offer price $564,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$6,375
Total (3 units)			$6,374

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: $141,000
• Closing costs: $16,920
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
94 Neptune Ave New London, CT	4.0	2.0	2817	$3,500	$1.24	21d	1	0.04mi
10 Elliott Ave New London, CT	3.0	2.5	1963	$3,200	$1.63	13d	1	0.15mi
899 Ocean Ave New London, CT	3.0	2.0	2198	$4,000	$1.82	21d	1	0.64mi

Listing history 48 events

1. 2026-04-08
   status Under Contract
2. 2026-04-02
   status Active
3. 2026-03-02
   historical Under Contract - Continue to Show
4. 2026-02-26
   listed $564,000 Active
5. 2026-02-06
   historical
6. 2025-11-21
   listed $570,000 Active
7. 2025-11-14
   historical
8. 2025-09-15
   price $585,000
9. 2025-08-14
   listed $625,000 Active
10. 2024-06-07
    status Under Contract
11. 2024-06-03
    soldstatus $365,000 Closed
12. 2024-03-11
    historical Under Contract - Continue to Show
13. 2024-03-06
    status Active
14. 2024-02-28
    status Under Contract
15. 2024-02-19
    listed $375,000 Active
16. 2023-10-19
    historical
17. 2023-07-11
    status Under Contract
18. 2023-07-01
    listed $375,000 Active
19. 2023-04-25
    historical
20. 2023-04-18
    historical Under Contract - Continue to Show
21. 2023-04-13
    listed $325,000 Active
22. 2020-05-12
    soldstatus $195,000
23. 2020-05-08
    soldstatus $195,000 Closed
24. 2020-03-25
    status Under Contract
25. 2020-01-24
    historical Under Contract - Continue to Show
26. 2019-12-20
    listed $199,500 Active
27. 2019-12-16
    historical
28. 2019-12-16
    status Active
29. 2019-12-09
    historical Under Contract - Continue to Show
30. 2019-07-20
    listed $204,500 Active
31. 2019-07-01
    historical
32. 2019-05-23
    price $205,000
33. 2019-05-23
    status Active
34. 2019-05-02
    historical
35. 2019-02-06
    price $199,900
36. 2018-12-05
    listed $209,900 Active
37. 2018-09-18
    historical
38. 2018-03-17
    listed $219,900 Active
39. 2017-09-30
    historical
40. 2017-01-06
    listed $220,000
41. 2016-05-01
    historical
42. 2016-04-30
    historical
43. 2016-01-22
    listed $250,000
44. 2016-01-14
    listed $250,000
45. 2015-11-19
    historical
46. 2015-05-19
    listed $250,000
47. 2014-12-09
    historical
48. 2014-06-09
    listed $320,000

ⓘ 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: $5,203 · $434/mo
• Projected year-2 tax: $8,636 · $720/mo
• Expected delta: +$3,433/yr (+$286/mo · 66.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,488
• − Mortgage interest: −$31,593
• − Property taxes: −$5,203
• − Insurance: −$7,939
• − Repairs & maintenance: −$6,119
• − Management: −$6,119
• − Depreciation: −$16,407
• Taxable income: $3,108
• Est. tax owed @ 24.0%: −$746
• After-tax cash flow: $11,046/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: New London School District
• NCES district ID: 0902820
• Math proficiency: 11% ▼ -11.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $40,640
• Composite: 13.66/100
• National rank: #9502
• State rank: #149 of 153 in CT

Livability — New London

• Score: 74/100
• State rank: #66
• US rank: #4772

Category grades

Amenities F Commute F Cost of living B+ Crime B+ Employment D+ Housing A- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, CT
• County: New London County · 147,197 people
• City population: 27,703
• Metro: Norwich-New London, CT
• Population (ZIP): 27,703
• Household income: $59,170
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 2014.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 45% Hispanic / Latino 34% Black 13% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 17% Dominican 7%
• Common ancestry: Romanian 3% Hispanic 3% Lithuanian 1%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -71.39%
• Current HPI: 273.3024
• Rent YoY: ▲ 0.70%
• 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

+76.2% since first listed

48 events — show timeline

• 2026-04-08 Pending — Smart MLS
• 2026-04-02 Relisted — Smart MLS
• 2026-03-02 Contingent — Smart MLS
• 2026-02-26 Listed $564,000 Smart MLS
• 2026-02-06 Listing Removed — Smart MLS
• 2025-11-21 Listed $570,000 Smart MLS
• 2025-11-14 Listing Removed — Smart MLS
• 2025-09-15 Price Changed $585,000 Smart MLS
• 2025-08-14 Listed $625,000 Smart MLS
• 2024-06-07 Pending — Smart MLS
• 2024-06-03 Sold (MLS) $365,000 Smart MLS
• 2024-03-11 Contingent — Smart MLS
• 2024-03-06 Relisted — Smart MLS
• 2024-02-28 Pending — Smart MLS
• 2024-02-19 Listed $375,000 Smart MLS
• 2023-10-19 Listing Removed — Smart MLS
• 2023-07-11 Pending — Smart MLS
• 2023-07-01 Listed $375,000 Smart MLS
• 2023-04-25 Listing Removed — Smart MLS
• 2023-04-18 Contingent — Smart MLS
• 2023-04-13 Listed $325,000 Smart MLS
• 2020-05-12 Sold (Public Records) $195,000 Public Records
• 2020-05-08 Sold (MLS) $195,000 Smart MLS
• 2020-03-25 Pending — Smart MLS
• 2020-01-24 Contingent — Smart MLS
• 2019-12-20 Listed $199,500 Smart MLS
• 2019-12-16 Listing Removed — Smart MLS
• 2019-12-16 Relisted — Smart MLS
• 2019-12-09 Contingent — Smart MLS
• 2019-07-20 Listed $204,500 Smart MLS
• 2019-07-01 Listing Removed — Smart MLS
• 2019-05-23 Price Changed $205,000 Smart MLS
• 2019-05-23 Relisted — Smart MLS
• 2019-05-02 Listing Removed — Smart MLS
• 2019-02-06 Price Changed $199,900 Smart MLS
• 2018-12-05 Listed $209,900 Smart MLS
• 2018-09-18 Listing Removed — Smart MLS
• 2018-03-17 Listed $219,900 Smart MLS
• 2017-09-30 Listing Removed — Smart MLS
• 2017-01-06 Listed $220,000 Smart MLS
• 2016-05-01 Delisted — GMLS
• 2016-04-30 Listing Removed — Smart MLS
• 2016-01-22 Listed $250,000 GMLS
• 2016-01-14 Listed $250,000 Smart MLS
• 2015-11-19 Listing Removed — Smart MLS
• 2015-05-19 Listed $250,000 Smart MLS
• 2014-12-09 Listing Removed — Smart MLS
• 2014-06-09 Listed $320,000 Smart MLS

Property tax history

+1.3%/yr

Latest (2023): $5,203 · -0.2% YoY. Source: county tax records.