18 Division St · Norwich, CT 06360

$315,000

4 bd · 3.0 ba · 2,240 sqft · MultiFamily public records · 8 Days on market

Built 2006 0.28 ac lot Est $289k · 9% over

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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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.8/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• ARV discount +3.4/15.0
• 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: 2 units. confirmed

Listing remarks

Welcome to 18 Division Street, a versatile and attractive investment opportunity. Well-maintained, side by side, two-family property for sale near downtown Norwich. Recently renovated for move-in ready opportunity, for both owner occupants and tenants for immediate income potential. Each unit features modern kitchens and bathrooms, stainless steel appliances, refreshed flooring, and functional layouts designed for comfortable living. Kitchen and dining areas open to sliding glass doors to the deck. Large living room and bedrooms upstairs. Finished space in both unit basements for additional living space, office, or rec room, with walk-out through sliders to the backyard. Vinyl siding. Off-s

Key facts

• Modern kitchens
• Sliding glass doors
• Refreshed flooring

Tags

• TWO-FAMILY PROPERTY
• MODERN KITCHENS
• STAINLESS STEEL APPLIANCES
• REFRESHED FLOORING
• FUNCTIONAL LAYOUTS
• SLIDING GLASS DOORS

Property features AI

Finance

• Financial info: Assessed value listed

Exterior

• Parking: Private paved driveway; Paved off-street parking and driveway; 6 parking spaces
• Utilities: Public water connected; Public sewer connected; Hot water: oil, propane, domestic
• Home design: Multi-family (2-family); Multi-family for sale
• Construction: Frame construction; Vinyl siding in tan; Asphalt shingle roof; Concrete foundation; Living area recorded as 2240
• Exterior features: Deck; City views

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms; 2 half bathrooms
• Heating & cooling: Hot water heating; Heat fuel: oil and propane; Above-ground fuel tank
• Interior features: 19 total rooms; Full, heated basement with interior access, partially finished and liveable space, full with walk-out
• Laundry & utility: Laundry in basement; All units have washer/dryer hook-ups

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $775 ($9k/yr) — positive. Per door: $387/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Cap rate 9.2% vs local median 4.1% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d 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).
• At $3,713/mo this rent would consume 68% 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 $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $88k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y 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 $120k; list at $315k implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $315,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $288,960
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Boswell Ave	0.08mi	4/2.0	2,180 (-3%)	7mo	$155,000	$71	82
43 Union St	0.23mi	5/4.0 (+1)	2,238 (-0%)	9mo	$365,000	$163	72
16 Oak St	0.02mi	4/2.0	1,980 (-12%)	7mo	$303,000	$153	70
57 Division St	0.10mi	5/2.0 (+1)	2,134 (-5%)	15mo	$280,000	$131	66
125 McKinley Ave	0.46mi	5/3.0 (+1)	2,224 (-1%)	11mo	$299,000	$134	63
490 E Main St	0.52mi	4/2.0	2,145 (-4%)	6mo	$57,000	$27	59
38 Summer St	0.46mi	5/3.0 (+1)	2,137 (-5%)	8mo	$105,000	$49	59
49 Union St	0.23mi	4/2.0	1,932 (-14%)	6mo	$170,000	$88	57
31 Happy St	0.42mi	5/2.0 (+1)	2,340 (+4%)	10mo	$275,000	$118	55
48 Otis St	0.30mi	5/2.0 (+1)	2,544 (+14%)	6mo	$265,000	$104	50
39 Greene Ave	0.46mi	3/2.0 (-1)	2,458 (+10%)	4mo	$340,000	$138	50
116 Laurel Hill Ave	0.62mi	4/4.0	2,317 (+3%)	17mo	$300,000	$129	48

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: 3.5%
• Equity multiple: 1.14×
• Total profit: $12,363
• Equity at exit: $46,968

10-year hold

• IRR: 16.2%
• Equity multiple: 2.55×
• Total profit: $136,452
• Equity at exit: $27,235

Cash invested: $88,200 (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: 14.1×

Monthly cashflow live

• Estimated rent: $3,713 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$375 /mo · $4,504/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $775

Break-even live

Break-even rent $2,732

Max offer price $315,000

Occupancy floor 74%

Sensitivity live

Price	-10% $953	-5% $864	+0% $775	+5% $686	+10% $596
Rent	-10% $481	-5% $628	+0% $775	+5% $921	+10% $1,068
Rate	-1.0pp $933	-0.5pp $855	base $775	+0.5pp $693	+1.0pp $610

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,714
Total (2 units)			$3,713

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51-53 Cliff St Norwich, CT	4.0	1.0	1598	$2,100	$1.31	22d	1	0.21mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	45d	1	0.36mi
130 Platt Ave Norwich, CT	3.0	1.0	2010	$1,800	$0.90	45d	1	0.52mi
229 Boswell Ave Unit 6 Norwich, CT	3.0	2.5	1547	$2,350	$1.52	14d	1	0.54mi

Listing history 12 events

1. 2026-04-08
   status Under Contract
2. 2026-03-31
   listed $315,000 Active
3. 2017-12-11
   soldstatus $120,000
4. 2007-10-31
   historical
5. 2007-07-05
   listed $319,900
6. 2007-07-01
   historical
7. 2007-04-20
   listed $329,000
8. 2006-06-05
   soldstatus $309,900
9. 2006-06-02
   soldstatus $309,900
10. 2006-02-03
    listed $309,900
11. 2001-06-26
    soldstatus $39,500
12. 1987-08-04
    soldstatus $94,200

ⓘ 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: $4,504 · $375/mo
• Projected year-2 tax: $5,622 · $469/mo
• Expected delta: +$1,118/yr (+$93/mo · 24.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°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: $44,556
• − Mortgage interest: −$17,645
• − Property taxes: −$4,504
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,564
• − Management: −$3,564
• − Depreciation: −$9,164
• Taxable income: $4,540
• Est. tax owed @ 24.0%: −$1,089
• After-tax cash flow: $8,208/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

+234.4% since first listed

12 events — show timeline

• 2026-04-08 Pending — Smart MLS
• 2026-03-31 Listed $315,000 Smart MLS
• 2017-12-11 Sold (Public Records) $120,000 Public Records
• 2007-10-31 Listing Removed — Smart MLS
• 2007-07-05 Listed $319,900 Smart MLS
• 2007-07-01 Listing Removed — Smart MLS
• 2007-04-20 Listed $329,000 Smart MLS
• 2006-06-05 Sold (Public Records) $309,900 Public Records
• 2006-06-02 Sold (MLS) $309,900 Smart MLS
• 2006-02-03 Listed $309,900 Smart MLS
• 2001-06-26 Sold (Public Records) $39,500 Public Records
• 1987-08-04 Sold (Public Records) $94,200 Public Records

Property tax history

-2.0%/yr

Latest (2023): $4,504 · +8.8% YoY. Source: county tax records.