681 N Main St · Norwich, CT 06360

$495,000

8 bd · 4.0 ba · 2,800 sqft · MultiFamily public records · 60 Days on market

Built 1953 6,969 sqft lot $177/sqft · 50% above area Est $330k · 50% 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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

VC Property Group is proud to present a 4-unit multifamily asset located at 681 N Main Street. The property is fully occupied and generating $61,752 in current gross income, delivering an in-place cap rate of approximately 9.39%, with upside to an 11.46% cap rate at stabilization through modest rent increases. At stabilization, the asset achieves approximately $56,710 NOI and a 1.80x DSCR, offering strong yield with minimal execution risk. The property features tenant-paid utilities, public water/sewer, and a low operating expense profile. This is a stabilized asset with immediate cash flow and mark-to-market rent upside.

Key facts

• 6,969 sq ft lot
• Built 1953
• Listed 59 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $456/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $495k).
• Recommended offer: $480k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 $6,260/mo this rent would consume 115% 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 $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $139k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($480k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $282k; list at $495k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $480,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1953 — 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: 1.26% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.81%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (median comp): $330,061
• List price: $495,000
• Delta: 49.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
294 Central Ave	0.41mi	7/4.0 (-1)	3,005 (+7%)	2mo	$285,000	$95	62
740-742 N Main St	0.13mi	7/2.0 (-1)	2,496 (-11%)	11mo	$292,000	$117	54
67 7th St	0.47mi	9/3.0 (+1)	2,851 (+2%)	17mo	$150,000	$53	52
158 Prospect St	0.57mi	9/3.5 (+1)	2,507 (-10%)	17mo	$190,000	$76	35

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: 10.5%
• Equity multiple: 1.43×
• Total profit: $59,598
• Equity at exit: $73,806

10-year hold

• IRR: 22.2%
• Equity multiple: 3.21×
• Total profit: $305,715
• Equity at exit: $42,799

Cash invested: $138,600 (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: 26.4×

Monthly cashflow live

• Estimated rent: $6,260 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$318 /mo · $3,813/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,315
• Net cashflow: $1,826

Break-even live

Break-even rent $3,949

Max offer price $495,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,106	-5% $1,966	+0% $1,826	+5% $1,685	+10% $1,545
Rent	-10% $1,331	-5% $1,578	+0% $1,826	+5% $2,073	+10% $2,320
Rate	-1.0pp $2,075	-0.5pp $1,951	base $1,826	+0.5pp $1,697	+1.0pp $1,567

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,260
Total (4 units)			$6,260

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $495,000 Active 60 DOM
2. 2026-06-18
   days on market $495,000 Active 59 DOM
3. 2026-06-17
   days on market $495,000 Active 58 DOM
4. 2026-06-16
   days on market $495,000 Active 57 DOM
5. 2026-06-15
   days on market $495,000 Active 56 DOM
6. 2026-06-14
   days on market $495,000 Active 54 DOM
7. 2026-06-13
   days on market $495,000 Active 53 DOM
8. 2026-06-10
   days on market $495,000 Active 51 DOM
9. 2026-06-09
   days on market $495,000 Active 50 DOM
10. 2026-06-08
    days on market $495,000 Active 49 DOM
11. 2026-06-07
    days on market $495,000 Active 48 DOM
12. 2026-06-02
    days on market $495,000 Active 43 DOM
13. 2026-06-01
    days on market $495,000 Active 42 DOM
14. 2026-05-31
    days on market $495,000 Active 41 DOM
15. 2026-05-30
    days on market $495,000 Active 40 DOM
16. 2026-04-20
    listed $495,000 Active 629-char remark

    Show marketing remark (629 chars)

    VC Property Group is proud to present a 4-unit multifamily asset located at 681 N Main Street. The property is fully occupied and generating $61,752 in current gross income, delivering an in-place cap rate of approximately 9.39%, with upside to an 11.46% cap rate at stabilization through modest rent increases. At stabilization, the asset achieves approximately $56,710 NOI and a 1.80x DSCR, offering strong yield with minimal execution risk. The property features tenant-paid utilities, public water/sewer, and a low operating expense profile. This is a stabilized asset with immediate cash flow and mark-to-market rent upside.

17. 2025-05-03
    price $2,395,000
18. 2025-05-03
    historical
19. 2025-03-27
    listed $2,575,000 Active
20. 2025-03-14
    historical
21. 2025-02-23
    price $2,575,000
22. 2025-01-19
    listed $3,300,000 Active
23. 2023-03-28
    soldstatus $282,150
24. 2020-01-02
    soldstatus $115,000 Closed
25. 2020-01-02
    soldstatus $115,000
26. 2019-12-14
    status Under Contract
27. 2019-12-11
    listed $114,000 Active

ⓘ 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: $3,813 · $318/mo
• Projected year-2 tax: $7,203 · $600/mo
• Expected delta: +$3,390/yr (+$282/mo · 88.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 93% 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: $75,120
• − Mortgage interest: −$27,728
• − Property taxes: −$3,813
• − Insurance: −$2,475
• − Repairs & maintenance: −$6,010
• − Management: −$6,010
• − Depreciation: −$14,400
• Taxable income: $14,685
• Est. tax owed @ 24.0%: −$3,524
• After-tax cash flow: $18,382/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

+334.2% since first listed

12 events — show timeline

• 2026-04-20 Listed $495,000 Smart MLS
• 2025-05-03 Price Changed $2,395,000 Smart MLS
• 2025-05-03 Listing Removed — Smart MLS
• 2025-03-27 Listed $2,575,000 Smart MLS
• 2025-03-14 Listing Removed — Smart MLS
• 2025-02-23 Price Changed $2,575,000 Smart MLS
• 2025-01-19 Listed $3,300,000 Smart MLS
• 2023-03-28 Sold (Public Records) $282,150 Public Records
• 2020-01-02 Sold (Public Records) $115,000 Public Records
• 2020-01-02 Sold (MLS) $115,000 Smart MLS
• 2019-12-14 Pending — Smart MLS
• 2019-12-11 Listed $114,000 Smart MLS

Property tax history

-0.9%/yr

Latest (2023): $3,813 · +0.3% YoY. Source: county tax records.