55 New Norwalk Rd · New Canaan, CT 06840

$1,200,000

5 bd · 3.0 ba · 1,900 sqft · MultiFamily public records · 61 Days on market

Built 1984 8,276 sqft lot $632/sqft · 24% below area Est $1588k · 24% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Schools +8.1/10.0
• Cash flow +7.5/30.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• 1% rule +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Also known as 161 Forest St. which is the front entrance. Official address is 55 New Norwalk Rd which is the back entrance. Side by side townhome style units. Two bedroom unit has 1.5 baths, attached garage and storage area. Three bedroom unit has 1.5 baths, attached garage and storage area. Three Bedroom rent is under market value and both tenants have been in place long term. This is a great investment opportunity to own close to downtown New Canaan and Metro North RR. Each unit also has side patio space.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1984

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $934k (22.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $752k (37.3% below list).
• Recommended offer: $752k (37.3% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 1.5% in New Canaan — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• New Canaan School District (suburban): math 81% / reading 86% proficiency, ranked #1 of 153 in CT (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: 165 active listings in the ZIP; high-income renter base; 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 ($250k/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 $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $650k; list at $1.20M implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 63% 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 $751,895 (37.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.63% ✗
• Cap rate: 4.79%
• Cash-on-cash: -5.38%
• DSCR: 0.76
• GRM: 13.3

CMA / ARV

• ARV (median comp): $1,588,102
• List price: $1,200,000
• Delta: -24.44%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -25.5%
• Equity multiple: 0.13×
• Total profit: $-290,800
• Equity at exit: $178,924

10-year hold

• IRR: -22.0%
• Equity multiple: -0.13×
• Total profit: $-378,417
• Equity at exit: $103,754

Cash invested: $336,000 (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 06840

• Active inventory: 165
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $7,519 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$653 /mo · $7,841/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,579
• Net cashflow: $-1,506

Break-even live

Break-even rent $9,426

Max offer price $933,892

Occupancy floor —

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-07
   statusdays on market $1,200,000 Under Contract 61 DOM
2. 2026-06-05
   days on market $1,200,000 Active 60 DOM
3. 2026-06-03
   days on market $1,200,000 Active 59 DOM
4. 2026-06-03
   days on market $1,200,000 Active 58 DOM
5. 2026-06-01
   days on market $1,200,000 Active 57 DOM
6. 2026-05-31
   days on market $1,200,000 Active 56 DOM
7. 2026-05-18
   price $1,200,000 512-char remark

   Show marketing remark (512 chars)

   Also known as 161 Forest St. which is the front entrance. Official address is 55 New Norwalk Rd which is the back entrance. Side by side townhome style units. Two bedroom unit has 1.5 baths, attached garage and storage area. Three bedroom unit has 1.5 baths, attached garage and storage area. Three Bedroom rent is under market value and both tenants have been in place long term. This is a great investment opportunity to own close to downtown New Canaan and Metro North RR. Each unit also has side patio space.

8. 2026-04-06
   listed $1,250,000 Active 512-char remark

   Show marketing remark (512 chars)

   Also known as 161 Forest St. which is the front entrance. Official address is 55 New Norwalk Rd which is the back entrance. Side by side townhome style units. Two bedroom unit has 1.5 baths, attached garage and storage area. Three bedroom unit has 1.5 baths, attached garage and storage area. Three Bedroom rent is under market value and both tenants have been in place long term. This is a great investment opportunity to own close to downtown New Canaan and Metro North RR. Each unit also has side patio space.

9. 2026-04-02
   historical $1,250,000 512-char remark

   Show marketing remark (512 chars)

   Also known as 161 Forest St. which is the front entrance. Official address is 55 New Norwalk Rd which is the back entrance. Side by side townhome style units. Two bedroom unit has 1.5 baths, attached garage and storage area. Three bedroom unit has 1.5 baths, attached garage and storage area. Three Bedroom rent is under market value and both tenants have been in place long term. This is a great investment opportunity to own close to downtown New Canaan and Metro North RR. Each unit also has side patio space.

10. 2020-12-11
    soldstatus $650,000 Closed 278-char remark

    Show marketing remark (278 chars)

    Great Investment Opportunity! Bright townhouse units. walking distance to downtown, train and parks with attached garage. Both unit A and B have tenants in place. Unit A has 2 bedroom and 3 bedroom for Unit B. Both are adjacent to each other. with an access to New Norwalk Road.

11. 2020-12-11
    soldstatus $650,000

    Show marketing remark (278 chars)

    Great Investment Opportunity! Bright townhouse units. walking distance to downtown, train and parks with attached garage. Both unit A and B have tenants in place. Unit A has 2 bedroom and 3 bedroom for Unit B. Both are adjacent to each other. with an access to New Norwalk Road.

12. 2020-10-23
    historical Under Contract - Continue to Show 278-char remark

    Show marketing remark (278 chars)

    Great Investment Opportunity! Bright townhouse units. walking distance to downtown, train and parks with attached garage. Both unit A and B have tenants in place. Unit A has 2 bedroom and 3 bedroom for Unit B. Both are adjacent to each other. with an access to New Norwalk Road.

13. 2020-06-23
    price $675,000 278-char remark

    Show marketing remark (278 chars)

    Great Investment Opportunity! Bright townhouse units. walking distance to downtown, train and parks with attached garage. Both unit A and B have tenants in place. Unit A has 2 bedroom and 3 bedroom for Unit B. Both are adjacent to each other. with an access to New Norwalk Road.

14. 2020-02-13
    listed $700,000 Active 278-char remark

    Show marketing remark (278 chars)

    Great Investment Opportunity! Bright townhouse units. walking distance to downtown, train and parks with attached garage. Both unit A and B have tenants in place. Unit A has 2 bedroom and 3 bedroom for Unit B. Both are adjacent to each other. with an access to New Norwalk Road.

15. 2015-05-27
    soldstatus $633,500
16. 2015-05-26
    soldstatus $633,000
17. 2015-05-01
    historical
18. 2014-11-03
    listed $650,000
19. 2014-10-30
    historical
20. 2008-11-24
    listed $650,000

ⓘ 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: $7,841 · $653/mo
• Projected year-2 tax: $16,760 · $1,397/mo
• Expected delta: +$8,920/yr (+$743/mo · 113.8%)

ⓘ 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) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,227
• − Mortgage interest: −$67,219
• − Property taxes: −$7,841
• − Insurance: −$6,000
• − Repairs & maintenance: −$7,218
• − Management: −$7,218
• − Depreciation: −$34,909
• Taxable loss: −$40,178
• Est. tax savings @ 24.0%: +$9,643
• After-tax cash flow: $-8,434/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: New Canaan School District
• NCES district ID: 0902700
• Math proficiency: 81% ▼ -6.00%
• Reading proficiency: 86% ▼ -4.00%
• Median HH income: $164,303
• Composite: 81.47/100
• National rank: #38
• State rank: #1 of 153 in CT

Livability — New Canaan

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: New Canaan, CT
• County: Fairfield County · 765,532 people
• City population: 20,870
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 20,870
• Household income: $250,001
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 261.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Asian 6% Hispanic / Latino 5% Black 2%
• Common ancestry: Romanian 5% Lithuanian 4% Italian 2%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 6% Chinese 2% Spanish 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: ▼ -480.93%
• Current HPI: 232.5667
• Rent YoY: —
• 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

+84.6% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $1,200,000 Smart MLS
• 2026-04-06 Listed $1,250,000 Smart MLS
• 2026-04-02 Coming Soon $1,250,000 Smart MLS
• 2020-12-11 Sold (Public Records) $650,000 Public Records
• 2020-12-11 Sold (MLS) $650,000 Smart MLS
• 2020-10-23 Contingent — Smart MLS
• 2020-06-23 Price Changed $675,000 Smart MLS
• 2020-02-13 Listed $700,000 Smart MLS
• 2015-05-27 Sold (Public Records) $633,500 Public Records
• 2015-05-26 Sold (MLS) $633,000 Smart MLS
• 2015-05-01 Listing Removed — Smart MLS
• 2014-11-03 Listed $650,000 Smart MLS
• 2014-10-30 Listing Removed — Smart MLS
• 2008-11-24 Listed $650,000 Smart MLS

Property tax history

+0.7%/yr

Latest (2023): $7,841 · +3.1% YoY. Source: county tax records.