7 McKinley Ave · Norwich, CT 06360

$399,900

4 bd · 3.0 ba · 3,653 sqft · MultiFamily public records · 15 Days on market

Built 1860 5,662 sqft lot Est $362k · 11% 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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +6.5/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• ARV discount +2.7/15.0
• 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: 3 units. confirmed

Listing remarks MLS

Welcome to this spacious and charming 2-family home! This lovely property features two separate units, Unit #1 with 3 bedrooms and 1 bathroom, and Unit #2 with 2 bedrooms and 1 bathroom. Both units offer ample space, ensuring that there's plenty of room for everyone. This property also has off street parking. Don't miss your chance to own this amazing property.

Key facts

• Functional layout
• Freshly renovated
• Conveniently located

Tags

• FRESHLY RENOVATED
• FUNCTIONAL LAYOUT
• SPACIOUS LIVING DINING AREAS
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $868 ($10k/yr) — positive. Per door: $289/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% 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; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $4,608/mo this rent would consume 84% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $112k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 4 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 $180k; list at $400k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $393,901 (1.5% below list)

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. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.15% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.90%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $361,647
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Franklin St	0.21mi	5/3.0 (+1)	3,135 (-14%)	20mo	$310,000	$99	45

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: 1.8%
• Equity multiple: 1.07×
• Total profit: $7,942
• Equity at exit: $59,626

10-year hold

• IRR: 14.7%
• Equity multiple: 2.39×
• Total profit: $155,294
• Equity at exit: $34,576

Cash invested: $111,972 (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: 21.7×

Monthly cashflow live

• Estimated rent: $4,608 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$453 /mo · $5,438/yr
• Insurance: −$167
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$968
• Net cashflow: $868

Break-even live

Break-even rent $3,509

Max offer price $399,900

Occupancy floor 76%

Sensitivity live

Price	-10% $1,094	-5% $981	+0% $868	+5% $755	+10% $641
Rent	-10% $504	-5% $686	+0% $868	+5% $1,050	+10% $1,232
Rate	-1.0pp $1,069	-0.5pp $970	base $868	+0.5pp $764	+1.0pp $659

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$4,608
Total (3 units)			$4,608

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-04-22
   status Under Contract
2. 2026-04-07
   listed $399,900 Active
3. 2025-11-20
   historical
4. 2025-10-16
   listed $449,900 Active
5. 2023-08-16
   soldstatus $180,000 Closed 363-char remark

   Show marketing remark (363 chars)

   Welcome to this spacious and charming 2-family home! This lovely property features two separate units, Unit #1 with 3 bedrooms and 1 bathroom, and Unit #2 with 2 bedrooms and 1 bathroom. Both units offer ample space, ensuring that there's plenty of room for everyone. This property also has off street parking. Don't miss your chance to own this amazing property.

6. 2023-06-24
   status Under Contract 363-char remark

   Show marketing remark (363 chars)

   Welcome to this spacious and charming 2-family home! This lovely property features two separate units, Unit #1 with 3 bedrooms and 1 bathroom, and Unit #2 with 2 bedrooms and 1 bathroom. Both units offer ample space, ensuring that there's plenty of room for everyone. This property also has off street parking. Don't miss your chance to own this amazing property.

7. 2023-06-13
   price $220,000 363-char remark

   Show marketing remark (363 chars)

   Welcome to this spacious and charming 2-family home! This lovely property features two separate units, Unit #1 with 3 bedrooms and 1 bathroom, and Unit #2 with 2 bedrooms and 1 bathroom. Both units offer ample space, ensuring that there's plenty of room for everyone. This property also has off street parking. Don't miss your chance to own this amazing property.

8. 2023-06-03
   price $240,000 363-char remark

   Show marketing remark (363 chars)

   Welcome to this spacious and charming 2-family home! This lovely property features two separate units, Unit #1 with 3 bedrooms and 1 bathroom, and Unit #2 with 2 bedrooms and 1 bathroom. Both units offer ample space, ensuring that there's plenty of room for everyone. This property also has off street parking. Don't miss your chance to own this amazing property.

9. 2023-06-02
   listed $160,000 Active 363-char remark

   Show marketing remark (363 chars)

   Welcome to this spacious and charming 2-family home! This lovely property features two separate units, Unit #1 with 3 bedrooms and 1 bathroom, and Unit #2 with 2 bedrooms and 1 bathroom. Both units offer ample space, ensuring that there's plenty of room for everyone. This property also has off street parking. Don't miss your chance to own this amazing property.

10. 2018-04-09
    soldstatus $49,421
11. 2014-05-09
    soldstatus $50,000
12. 2014-01-23
    listed $50,000

ⓘ 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: $5,438 · $453/mo
• Projected year-2 tax: $6,998 · $583/mo
• Expected delta: +$1,560/yr (+$130/mo · 28.7%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $55,296
• − Mortgage interest: −$22,401
• − Property taxes: −$5,438
• − Insurance: −$2,666
• − Repairs & maintenance: −$4,424
• − Management: −$4,424
• − Depreciation: −$11,633
• Taxable income: $4,311
• Est. tax owed @ 24.0%: −$1,035
• After-tax cash flow: $9,380/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

+699.8% since first listed

12 events — show timeline

• 2026-04-22 Pending — Smart MLS
• 2026-04-07 Listed $399,900 Smart MLS
• 2025-11-20 Listing Removed — Smart MLS
• 2025-10-16 Listed $449,900 Smart MLS
• 2023-08-16 Sold (MLS) $180,000 Smart MLS
• 2023-06-24 Pending — Smart MLS
• 2023-06-13 Price Changed $220,000 Smart MLS
• 2023-06-03 Price Changed $240,000 Smart MLS
• 2023-06-02 Listed $160,000 Smart MLS
• 2018-04-09 Sold (Public Records) $49,421 Public Records
• 2014-05-09 Sold (MLS) $50,000 Smart MLS
• 2014-01-23 Listed $50,000 Smart MLS

Property tax history

+0.3%/yr

Latest (2023): $5,438 · +0.3% YoY. Source: county tax records.