15 Spring Hill Ave · Norwalk, CT 06850

$839,000

4 bd · 2.0 ba · 3,027 sqft · MultiFamily public records · 10 Days on market

Built 1929 10,454 sqft lot $277/sqft · 21% above area Est $1004k · 16% 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 +14.9/30.0
• ARV discount +14.9/15.0
• DSCR +4.6/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Rent growth +3.4/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• 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

Very Large Multifamily with 4 Story. This 2 Family 17 Room House with 6 Baths And 2 Decks Overlooking A Deep Backyard is a Great Potential For Multipurpose Use. Located in the Spring Hill Section of Norwalk, this house is close to all. Bring Your Imagination. Priced To Sell In As Is Condition. Very Large Multifamily with 4 Story. This 2 Family 17 Room House with 6 Baths And 2 Decks Overlooking A Deep Backyard is a Great Potential For Multipurpose Use. Located in the Spring Hill Section of Norwalk, this house is close to all. Bring Your Imagination. Priced To Sell In As Is Condition.

Key facts

• 4 story
• Multifamily
• Deep backyard

Tags

• MULTIFAMILY
• 4 STORY
• 2 DECKS
• DEEP BACKYARD

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $839k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive. Per door: $124/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $740k (11.8% below list).
• Recommended offer: $740k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Market conditions: Rents rising (+3.5%/yr); 71 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $7,397/mo this rent would consume 72% of the median local household income ($124k/yr) (locally 979% 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 $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y 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 $261k; list at $839k implies a 221% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $739,700 (11.8% 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 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.88% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.27%
• DSCR: 1.06
• GRM: 9.5

CMA / ARV

• ARV (median comp): $1,004,457
• List price: $839,000
• Delta: -15.48%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
47 Riverside Ave	0.15mi	5/3.5 (+1)	2,864 (-5%)	20mo	$655,000	$229	56
14 Ohio Ave	0.64mi	5/3.0 (+1)	2,836 (-6%)	7mo	$800,000	$282	45
37 Clinton Ave	0.72mi	4/2.0	2,695 (-11%)	11mo	$665,000	$247	39

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 · 3.5% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.50×
• Total profit: $-116,448
• Equity at exit: $125,098

10-year hold

• IRR: -4.1%
• Equity multiple: 0.72×
• Total profit: $-65,633
• Equity at exit: $72,541

Cash invested: $234,920 (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 06850

• Rents YoY: 3.5%
• Active inventory: 71
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $7,397 high
• Mortgage (P&I): −$4,400
• Tax from tax record: −$846 /mo · $10,158/yr
• Insurance: −$350
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,553
• Net cashflow: $248

Break-even live

Break-even rent $7,083

Max offer price $839,000

Occupancy floor 92%

Sensitivity live

Price	-10% $723	-5% $485	+0% $248	+5% $10	+10% $-227
Rent	-10% $-337	-5% $-44	+0% $248	+5% $540	+10% $832
Rate	-1.0pp $670	-0.5pp $461	base $248	+0.5pp $30	+1.0pp $-191

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,396
Total (2 units)			$7,397

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: $209,750
• Closing costs: $25,170
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 West Ave Norwalk, CT	1.0–3.0	1.0–2.0	1532	$4,853	$3.17	19d	48	0.63mi
53 1/2 Glenwood Ave Unit A Norwalk, CT	3.0	1.5	2650	$2,600	$0.98	44d	1	0.74mi
40 Marlin Dr Norwalk, CT	4.0	2.5	2240	$4,800	$2.14	44d	1	0.76mi
10 Harvann Rd Norwalk, CT	4.0	3.5	2242	$4,995	$2.23	22d	1	0.76mi
32 Southwind Dr Norwalk, CT	4.0	3.0	2800	$4,800	$1.71	44d	1	0.77mi
4 Morgan Ave Norwalk, CT	5.0	4.5	3193	$7,950	$2.49	14d	1	0.85mi
13 Birch St Norwalk, CT	3.0	2.5	2230	$9,500	$4.26	44d	1	1.09mi
11 Cornwall Rd Norwalk, CT	3.0	2.0	2128	$4,500	$2.11	4d	1	1.20mi
41 N Main St Norwalk, CT	3.0	2.0	2500	$5,000	$2.00	44d	1	1.32mi

Listing history 26 events

1. 2026-06-18
   days on market $839,000 Active 10 DOM
2. 2026-06-17
   days on market $839,000 Active 9 DOM
3. 2026-06-16
   days on market $839,000 Active 8 DOM
4. 2026-06-15
   days on market $839,000 Active 7 DOM
5. 2026-06-13
   days on market $839,000 Active 5 DOM
6. 2026-06-13
   days on market $839,000 Active 4 DOM
7. 2026-06-10
   days on market $839,000 Active 2 DOM
8. 2026-06-09
   remarks 589-char remark
9. 2026-06-09
   pricestatusdays on marketlisting id $839,000 Active 1 DOM
10. 2026-05-11
    historical
11. 2026-01-30
    listed $849,000 Active
12. 2026-01-25
    historical
13. 2024-01-10
    historical
14. 2023-09-15
    price $695,000
15. 2023-08-11
    price $739,000
16. 2023-07-29
    listed $749,000 Active
17. 2016-08-31
    soldstatus $261,000
18. 2016-07-20
    historical
19. 2016-07-14
    listed $242,000
20. 2004-08-12
    soldstatus $20,000
21. 2003-02-27
    soldstatus $385,000
22. 2003-02-25
    soldstatus $385,000
23. 2002-12-03
    listed $375,000
24. 2002-03-02
    historical
25. 2002-01-02
    listed $450,000
26. 1989-11-15
    soldstatus $210,000

ⓘ 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: $10,158 · $846/mo
• Projected year-2 tax: $14,056 · $1,171/mo
• Expected delta: +$3,898/yr (+$325/mo · 38.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $88,764
• − Mortgage interest: −$46,997
• − Property taxes: −$10,158
• − Insurance: −$4,195
• − Repairs & maintenance: −$7,101
• − Management: −$7,101
• − Depreciation: −$24,407
• Taxable loss: −$11,196
• Est. tax savings @ 24.0%: +$2,687
• After-tax cash flow: $5,660/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): 19,692
• Household income: $123,633
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 979.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Hispanic / Latino 27% Black 19% Two or more races 14% Asian 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 27% · Canada, Jamaica, China
• Languages at home: 69% English-only · Spanish 22% Other Indo-European 3% Chinese 2%

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: ▼ -232.79%
• Current HPI: 184.7489
• Rent YoY: ▲ 3.50%
• 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

+304.3% since first listed

17 events — show timeline

• 2026-05-11 Listing Removed — Smart MLS
• 2026-01-30 Listed $849,000 Smart MLS
• 2026-01-25 Coming Soon — Smart MLS
• 2024-01-10 Listing Removed — Smart MLS
• 2023-09-15 Price Changed $695,000 Smart MLS
• 2023-08-11 Price Changed $739,000 Smart MLS
• 2023-07-29 Listed $749,000 Smart MLS
• 2016-08-31 Sold (MLS) $261,000 Smart MLS
• 2016-07-20 Listing Removed — Smart MLS
• 2016-07-14 Listed $242,000 Smart MLS
• 2004-08-12 Sold (Public Records) $20,000 Public Records
• 2003-02-27 Sold (Public Records) $385,000 Public Records
• 2003-02-25 Sold (MLS) $385,000 Smart MLS
• 2002-12-03 Listed $375,000 Smart MLS
• 2002-03-02 Listing Removed — Smart MLS
• 2002-01-02 Listed $450,000 Smart MLS
• 1989-11-15 Sold (Public Records) $210,000 Public Records

Property tax history

+4.3%/yr

Latest (2023): $10,158 · +2.2% YoY. Source: county tax records.