87 Hunters Ave · Norwich, CT 06360

$399,900

9 bd · 6.0 ba · 3,128 sqft · MultiFamily · 15 Days on market

Built 1900 Fair condition 1.28 ac lot Est $335k · 19% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0
• ARV discount +0.0/15.0
• 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

3 Unit Multi-family property with 1 2-3BR/2BA, and 2 1BR/1BA units on 1.28 acres sitting high on a rolling hill. Property includes an 1875 sq. ft. Workshop w/ 200 amp service currently being used as a specialty wood shop with many possibilities. The sellers unit is owned by a master carpenter and comes with custom flooring, ceilings, and shoji screens. The kitchen is equiped with an Imperial gas stove, granite counters, farm sink and ceramic tile floors. The rental units have washers & dryers that will remain, Plenty of parking and a garage that could be used for parking, storage or continue to be additional work shop space. One unit is occupied by a long term tenant and is on a lease

Key facts

• 1.28 acre lot
• 8 parking spots
• Built 1900

Property features AI

Finance

• Other: Property has 3 total units and 16 total rooms
• Financial info: Assessment value listed (amount withheld from feature grouping: assessed value present)

Exterior

• Parking: Driveway (private, circular, dirt); Unassigned parking and other parking; 8 total parking spaces
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (3-family); Multi-family for sale
• Construction: Frame construction with aluminum siding; Masonry and stone foundation; Asphalt shingle roof; Yellow exterior color
• Exterior features: Deck; Patio; Treed, sloping lot

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: 4 bedrooms total
• Bathrooms: 4 full bathrooms
• Heating & cooling: Heat pump, radiator heat, wood/coal stove, and other heat sources available; Heat fuel includes coal, electric, and gas available in the street
• Interior features: Heat pump and wall units for cooling; Full unfinished walk-out basement with dirt floor
• Laundry & utility: All units have laundry hook-ups; some units include washer/dryer; Hot water supplied by natural gas

What this means for you Summary

Snapshot

• This is a 3 × 3.0-bed/2.0-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $514/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 10.9% 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 $5,452/mo this rent would consume 100% 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 ~6 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.36% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.54%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $334,696
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 S 5th Ave	0.24mi	10/4.0 (+1)	3,120 (-0%)	7mo	$475,000	$152	70
384 Norwich Ave	0.35mi	8/4.0 (-1)	3,142 (+0%)	9mo	$315,000	$100	62
31-33 Merchants Ave	0.29mi	10/4.5 (+1)	3,120 (-0%)	20mo	$375,000	$120	58
324 Norwich Ave	0.36mi	9/2.0	2,970 (-5%)	10mo	$305,000	$103	50
404 Norwich Ave	0.37mi	8/3.0 (-1)	3,570 (+14%)	1mo	$345,000	$97	42
9 S 3rd Ave	0.34mi	8/4.0 (-1)	2,800 (-10%)	24mo	$299,900	$107	34
352 Norwich Ave	0.34mi	8/3.0 (-1)	2,856 (-9%)	23mo	$246,000	$86	34
412-414 NORWICH Ave	0.38mi	8/3.5 (-1)	2,856 (-9%)	23mo	$328,000	$115	33
2 N 3rd Ave	0.65mi	8/4.0 (-1)	2,840 (-9%)	19mo	$475,000	$167	25

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: 11.7%
• Equity multiple: 1.48×
• Total profit: $54,164
• Equity at exit: $59,626

10-year hold

• IRR: 23.4%
• Equity multiple: 3.37×
• Total profit: $265,065
• 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: 18.3×

Monthly cashflow live

• Estimated rent: $5,452 medium
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,145
• Net cashflow: $1,543

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3.0	2	$5,451
Total (3 units)			$5,452

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 13 events

1. 2026-06-19
   days on market $399,900 Active 15 DOM
2. 2026-06-18
   days on market $399,900 Active 14 DOM
3. 2026-06-17
   days on market $399,900 Active 13 DOM
4. 2026-06-16
   days on market $399,900 Active 12 DOM
5. 2026-06-15
   days on market $399,900 Active 11 DOM
6. 2026-06-14
   days on market $399,900 Active 9 DOM
7. 2026-06-13
   days on market $399,900 Active 8 DOM
8. 2026-06-10
   days on market $399,900 Active 6 DOM
9. 2026-06-09
   days on market $399,900 Active 5 DOM
10. 2026-06-08
    days on market $399,900 Active 4 DOM
11. 2026-06-07
    statusdays on market $399,900 Active 3 DOM
12. 2026-06-02
    remarks 695-char remark
13. 2026-06-02
    listed $399,900 Coming Soon 1 DOM

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

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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $65,424
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$5,234
• − Management: −$5,234
• − Depreciation: −$11,633
• Taxable income: $12,924
• Est. tax owed @ 24.0%: −$3,102
• After-tax cash flow: $15,420/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The home is in fair condition with some repairs and maintenance needed. Updating the kitchen and bathrooms, painting the exterior, and landscaping will significantly increase its value.

Repairs flagged

• Minor Kitchen countertops — The countertops appear to be in need of a fresh coat of paint or a new material.
• Minor Bathroom fixtures — The bathroom fixtures appear to be in need of a fresh coat of paint or a new material.
• Minor Exterior siding — The exterior siding appears to be in need of a fresh coat of paint or a new material.
• Minor Landscaping — The landscaping appears to be in need of some trimming and maintenance.

Value-add opportunities

• Resale Updating the kitchen countertops and backsplash — Updating the kitchen countertops and backsplash will make the kitchen more modern and appealing to potential buyers.
• Resale Updating the bathroom fixtures and paint — Updating the bathroom fixtures and paint will make the bathrooms more modern and appealing to potential buyers.
• Resale Painting the exterior siding — Painting the exterior siding will make the home more appealing to potential buyers and increase its curb appeal.
• Both Landscaping — Landscaping will improve the curb appeal and increase the home's value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · The countertops appear to be in need of a fresh coat of paint or a new material.	Minor	$500–3,000
Bathroom fixtures · The bathroom fixtures appear to be in need of a fresh coat of paint or a new material.	Minor	$500–3,000
Exterior siding · The exterior siding appears to be in need of a fresh coat of paint or a new material.	Minor	$500–3,000
Landscaping · The landscaping appears to be in need of some trimming and maintenance.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale Updating the kitchen countertops and backsplash — Updating the kitchen countertops and backsplash will make the kitchen more modern and appealing to potential buyers. ↑
• Resale Updating the bathroom fixtures and paint — Updating the bathroom fixtures and paint will make the bathrooms more modern and appealing to potential buyers. ↑
• Resale Painting the exterior siding — Painting the exterior siding will make the home more appealing to potential buyers and increase its curb appeal. ↑
• Both Landscaping — Landscaping will improve the curb appeal and increase the home's value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-01 Coming Soon $399,900 Smart MLS