118 Roosevelt Ave · Norwich, CT 06360

$185,000

2 bd · 1.0 ba · 1,440 sqft · SingleFamily · 1 Days on market

Built 1950 0.32 ac lot Est $285k · 35% 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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• 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

Nestled along the river and falls, this charming family-built cottage style home offers a peaceful country setting with the conveniences of city just minutes away. Surrounded by privacy and natural beauty, this well-loved home is currently configured as a 2-bedroom residence but features two additional heated, partially-finished bonus rooms that could potentially provide up to 4 bedroom (subject to buyer due diligence regarding town requirements). Inside, you'll find beautifully refinished hardwood floors, a newly renovated bathroom, and an original country kitchen complete with retro style range, preserving the home's timeless character and charm. The walk-out basement offers convenient ou

Key facts

• Renovated bathroom
• Retro style range
• Walk-out basement

Tags

• HEATED BONUS ROOMS
• RENOVATED BATHROOM
• ORIGINAL COUNTRY KITCHEN
• RETRO STYLE RANGE
• WALK-OUT BASEMENT
• OUTDOOR ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 7.5% 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 leasing fast (median 14d on market — plan ~1-2 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,000

Questions for the listing agent

1. Built in 1950 — 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 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: 1.00% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $285,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
79 Roosevelt Ave	0.11mi	3/2.0 (+1)	1,537 (+7%)	2mo	$355,800	$231	73
128 Smith Ave	0.42mi	3/1.0 (+1)	1,357 (-6%)	0mo	$275,000	$203	66
17 Daniel St	0.38mi	3/1.0 (+1)	1,381 (-4%)	6mo	$160,000	$116	65
62 Mowry Ave	0.30mi	3/1.0 (+1)	1,326 (-8%)	10mo	$200,000	$151	59
51 Tenth St	0.38mi	2/2.0	1,360 (-6%)	13mo	$187,200	$138	58
373 Hamilton Ave	0.54mi	3/1.0 (+1)	1,408 (-2%)	15mo	$355,000	$252	54
607B Boswell Ave	0.43mi	3/2.0 (+1)	1,404 (-2%)	17mo	$104,000	$74	53
81 5th St	0.55mi	3/1.5 (+1)	1,296 (-10%)	9mo	$128,300	$99	44
129 smith Ave	0.44mi	3/2.0 (+1)	1,560 (+8%)	16mo	$300,000	$192	43
6 Lois St	0.61mi	2/1.0	1,267 (-12%)	11mo	$254,500	$201	42
10 Russell Rd	0.73mi	3/1.5 (+1)	1,320 (-8%)	5mo	$261,000	$198	41
10 Gilmour St	0.63mi	3/2.0 (+1)	1,291 (-10%)	12mo	$260,000	$201	34

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: -5.4%
• Equity multiple: 0.79×
• Total profit: $-10,860
• Equity at exit: $27,584

10-year hold

• IRR: 8.1%
• Equity multiple: 1.72×
• Total profit: $37,220
• Equity at exit: $15,995

Cash invested: $51,800 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,858 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $190

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 85%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
70 Sandy Ln Norwich, CT	1.0–3.0	1.0–1.5	900	$1,225	$1.36	2d	6	0.69mi
229 Boswell Ave Unit 6 Norwich, CT	3.0	2.5	1547	$2,350	$1.52	13d	1	0.89mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	44d	1	1.07mi
102 Stonington Rd Norwich, CT	2.0	1.0	950	$1,850	$1.95	2d	1	1.35mi
25 Boswell Ave Unit 2 Norwich, CT	3.0	1.0	900	$1,900	$2.11	13d	1	1.41mi
252 Franklin St Norwich, CT	1.0	1.0	1000	$1,500	$1.50	21d	1	1.46mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $185,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,300
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − Depreciation: −$5,382
• Taxable loss: −$713
• Est. tax savings @ 24.0%: +$171
• After-tax cash flow: $2,446/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