94 Washington St #14 · Norwalk, CT 06854

$215,000

1 bd · 1.0 ba · 429 sqft · Condo public records · 27 Days on market

Built 1982 $242/mo HOA · 9% of rent

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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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

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Key facts

• $242 HOA
• Built 1982
• Listed 27 days

Property features AI

Finance

• Other: Part of a 36-unit building
• HOA & community: Homeowners association with monthly fee; HOA fee includes grounds maintenance, trash pickup, snow removal, and property management; HOA fee: $242 monthly; Professional off-site property management; Pets not allowed

Exterior

• Parking: Detached garage (1-car)
• Utilities: Domestic hot water; Municipal power (standard utilities)
• Home design: Condominium; Condo/Co-Op for sale; Located in a complex (Haviland Arms)
• Construction: Brick construction
• Exterior features: Brick siding

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: One bedroom
• Bathrooms: One full bathroom
• Heating & cooling: Other heat type
• Interior features: Two total rooms; Three-level unit; No basement
• Laundry & utility: Washer; Dryer; Domestic hot water

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.4% in Norwalk — 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 77/100 on livability (#41 in CT, #2,966 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities C-, cost of living F.
• Norwalk School District (urban): math 29% / reading 44% proficiency, ranked #104 of 153 in CT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brookside Elementary School (math 28% / reading 41%, grade F, #340 of 553 statewide, top 63%, 433 students, 59% FRL); Brien Mcmahon High School (math 30% / reading 58%, grade F, #97 of 194 statewide, top 50%, 1,711 students, 49% FRL).
• Market conditions: Rents flat; 74 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• This rent runs 36% of the median local income ($87k/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

• It's been on market 27 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 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 $171k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 75% 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 $211,775 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.23% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.32% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.76×
• Total profit: $-14,435
• Equity at exit: $32,057

10-year hold

• IRR: -1.1%
• Equity multiple: 0.94×
• Total profit: $-3,905
• Equity at exit: $18,589

Cash invested: $60,200 (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 06854

• Rents YoY: 0.3%
• Active inventory: 74
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,636 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$196 /mo · $2,356/yr
• Insurance: −$90
• HOA: −$242
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $427

Break-even live

Break-even rent $2,095

Max offer price $215,000

Occupancy floor 79%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
99 East Ave Unit 2 Norwalk, CT	1.0	1.0	310	$3,100	$10.00	43d	1	1.36mi
99 East Ave Unit King Norwalk, CT	1.0	1.0	240	$3,000	$12.50	43d	1	1.36mi

HOA detail condo

• Monthly dues: $242 · $2,904/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-17
   status $215,000 Under Contract 27 DOM
2. 2026-06-17
   days on market $215,000 Active 27 DOM
3. 2026-06-16
   days on market $215,000 Active 26 DOM
4. 2026-06-15
   days on market $215,000 Active 25 DOM
5. 2026-06-13
   days on market $215,000 Active 23 DOM
6. 2026-06-13
   days on market $215,000 Active 22 DOM
7. 2026-06-10
   days on market $215,000 Active 20 DOM
8. 2026-06-09
   days on market $215,000 Active 19 DOM
9. 2026-06-08
   days on market $215,000 Active 18 DOM
10. 2026-06-07
    days on market $215,000 Active 17 DOM
11. 2026-06-05
    days on market $215,000 Active 14 DOM
12. 2026-06-03
    days on market $215,000 Active 13 DOM
13. 2026-06-03
    days on market $215,000 Active 12 DOM
14. 2026-06-01
    days on market $215,000 Active 11 DOM
15. 2026-05-31
    days on market $215,000 Active 10 DOM
16. 2026-05-22
    listed $215,000 Active
17. 2026-05-21
    historical $215,000
18. 2024-05-28
    historical $1,695
19. 2024-05-08
    price $1,695
20. 2024-05-03
    listed $1,750
21. 2011-03-11
    historical
22. 2010-10-02
    listed $155,000
23. 2006-07-03
    soldstatus $170,700
24. 2006-06-30
    soldstatus $170,700 1-char remark

    Show marketing remark (1 chars)

    .

25. 2006-01-06
    listed $179,200 1-char remark

    Show marketing remark (1 chars)

    .

26. 1996-12-20
    soldstatus $29,625

ⓘ 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: $2,356 · $196/mo
• Projected year-2 tax: $3,478 · $290/mo
• Expected delta: +$1,122/yr (+$94/mo · 47.6%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 3% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,628
• − Mortgage interest: −$12,043
• − Property taxes: −$2,356
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,530
• − Management: −$2,530
• − HOA: −$2,904
• − Depreciation: −$6,255
• Taxable income: $1,935
• Est. tax owed @ 24.0%: −$464
• After-tax cash flow: $4,657/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: Norwalk School District
• NCES district ID: 0903090
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 44% ▼ -6.00%
• Median HH income: $76,540
• Composite: 34.07/100
• National rank: #5297
• State rank: #104 of 153 in CT

Livability — Norwalk

• Score: 77/100
• State rank: #41
• US rank: #2966

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwalk, CT
• County: Fairfield County · 765,532 people
• City population: 89,026
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 32,118
• Household income: $86,679
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1720.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 26% Black 22% Two or more races 19% Asian 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 6% Dominican 2%
• Common ancestry: Hispanic 3% Romanian 2% Subsaharan African 1%
• Foreign-born: 38% · Canada, Jamaica, Guatemala
• Languages at home: 50% English-only · Spanish 38% French/Haitian/Cajun 5% Other Indo-European 4%

Political lean MEDSL · Western Connecticut

• 2024 margin: D (+19.1) · D 58.8% · R 39.7% · Other 1.6%
• All cycles: 2024: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -286.00%
• Current HPI: 209.0301
• Rent YoY: ▲ 0.32%
• Metro: Bridgeport-Stamford-Norwalk, 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

+625.7% since first listed

11 events — show timeline

• 2026-05-22 Listed $215,000 Smart MLS
• 2026-05-21 Coming Soon $215,000 Smart MLS
• 2024-05-28 Rental Removed $1,695 SMARTMLS
• 2024-05-08 Price Changed $1,695 SMARTMLS
• 2024-05-03 Listed for Rent $1,750 SMARTMLS
• 2011-03-11 Listing Removed — Smart MLS
• 2010-10-02 Listed $155,000 Smart MLS
• 2006-07-03 Sold (Public Records) $170,700 Public Records
• 2006-06-30 Sold (MLS) $170,700 Smart MLS
• 2006-01-06 Listed $179,200 Smart MLS
• 1996-12-20 Sold (Public Records) $29,625 Public Records

Property tax history

+1.0%/yr

Latest (2023): $2,356 · +1.9% YoY. Source: county tax records.