44 Norwich Ave Lot 40 · Norwich, CT 06360

$52,000

2 bd · 1.0 ba · 720 sqft · Manufactured public records · 89 Days on market

Built 1971 $550/mo HOA · 32% of rent ↓ 5% since listing

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Mostly newly renovated mobile home located in Connecticut. This home features a brand-new electric heating system, updated windows, and newly installed flooring throughout. The hard work has already been done - bring your finishing touches to make it your own! The bathroom awaits completion to your taste and style. All plumbing is newly installed and ready to be connected. This property offers a great opportunity for affordability, comfort, and customization. Perfect for those seeking a move-in ready home with some final details left to finish. Read agent remarks.

Key facts

• Updated windows
• Built 1971
• Listed 89 days

Tags

• ELECTRIC HEATING SYSTEM
• UPDATED WINDOWS
• NEWLY INSTALLED FLOORING
• NEWLY INSTALLED PLUMBING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $52k.

Deal economics

• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $52k).
• Recommended offer: $49k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 4.1% 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-.
• 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.
• Zoned schools: Moriarty Magnet School (math 26% / reading 31%, grade F, #396 of 553 statewide, top 72%, 368 students, 62% FRL); Kelly Steam Magnet Middle School (math 15% / reading 32%, grade F, #156 of 175 statewide, top 90%, 556 students, 72% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 243 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 31% of the median local income ($66k/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 $360 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,880 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.31% ✓
• Cap rate: 17.42%
• Cash-on-cash: 39.72%
• DSCR: 2.77
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: 42.7%
• Equity multiple: 3.00×
• Total profit: $29,104
• Equity at exit: $7,753

10-year hold

• IRR: 51.4%
• Equity multiple: 7.52×
• Total profit: $94,961
• Equity at exit: $4,496

Cash invested: $14,560 (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: 243
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$273
• Tax from tax record: −$32 /mo · $385/yr
• Insurance: −$22
• HOA: −$550
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $482

Break-even live

Break-even rent $1,109

Max offer price $52,000

Occupancy floor 67%

Sensitivity live

Price	-10% $511	-5% $497	+0% $482	+5% $467	+10% $453
Rent	-10% $346	-5% $414	+0% $482	+5% $550	+10% $618
Rate	-1.0pp $508	-0.5pp $495	base $482	+0.5pp $468	+1.0pp $455

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: $13,000
• Closing costs: $1,560
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 Hunters Rd Apt 1 Norwich, CT	2.0	1.0	720	$1,850	$2.57	14d	1	0.23mi
17 Sylvester St Norwich, CT	1.0	1.0	592	$1,350	$2.28	14d	1	0.62mi
196 Central Ave Unit 3 Norwich, CT	1.0	1.0	650	$1,450	$2.23	14d	1	1.40mi

HOA detail

• Monthly dues: $550 · $6,600/yr
• Likely covers: electric

Listing history 2 events

1. 2026-04-06
   price $52,000 571-char remark

   Show marketing remark (571 chars)

   Mostly newly renovated mobile home located in Connecticut. This home features a brand-new electric heating system, updated windows, and newly installed flooring throughout. The hard work has already been done - bring your finishing touches to make it your own! The bathroom awaits completion to your taste and style. All plumbing is newly installed and ready to be connected. This property offers a great opportunity for affordability, comfort, and customization. Perfect for those seeking a move-in ready home with some final details left to finish. Read agent remarks.

2. 2026-02-24
   listed $55,000 Active 571-char remark

   Show marketing remark (571 chars)

   Mostly newly renovated mobile home located in Connecticut. This home features a brand-new electric heating system, updated windows, and newly installed flooring throughout. The hard work has already been done - bring your finishing touches to make it your own! The bathroom awaits completion to your taste and style. All plumbing is newly installed and ready to be connected. This property offers a great opportunity for affordability, comfort, and customization. Perfect for those seeking a move-in ready home with some final details left to finish. Read agent remarks.

ⓘ 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: $385 · $32/mo
• Projected year-2 tax: $749 · $62/mo
• Expected delta: +$364/yr (+$30/mo · 94.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $20,634
• − Mortgage interest: −$2,913
• − Property taxes: −$385
• − Insurance: −$260
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − HOA: −$6,600
• − Depreciation: −$1,513
• Taxable income: $5,662
• Est. tax owed @ 24.0%: −$1,359
• After-tax cash flow: $4,425/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

-5.5% since first listed

2 events — show timeline

• 2026-04-06 Price Changed $52,000 Smart MLS
• 2026-02-24 Listed $55,000 Smart MLS

Property tax history

+1.3%/yr

Latest (2023): $385 · -0.8% YoY. Source: county tax records.