37-39 S B St · Norwich, CT 06380

$270,000

6 bd · 3.0 ba · 2,318 sqft · MultiFamily · 12 Days on market

Built 1875 Poor condition 0.44 ac lot Est $338k · 20% under ↓ 16% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.1/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

CASH ONLY !! Add-value 3-family investment opportunity located in Norwich, Connecticut. This property offers investors the rare ability to unlock significant upside through renovation, lease-up, and rent stabilization in a market with strong workforce housing demand. The property consists of one spacious 4-bedroom unit and two additional 1-bedroom units, creating a desirable unit mix that appeals to a broad tenant base. Currently operating below its full income potential, the asset presents a clear path to increased cash flow through unit improvements and leasing strategy. Additional features include off-street parking, separate tenant-paid utilities, public water and sewer, and gas heat an

Key facts

• Generous lot
• Off street parking
• 0.44 acre lot

Tags

• OFF STREET PARKING
• SEPARATE TENANT PAID UTILITIES
• PUBLIC WATER AND SEWER
• GAS HEAT AND HOT WATER
• GENEROUS LOT
• CONVENIENT ACCESS TO DOWNTOWN

Property features AI

Finance

• Other: Living area approximately 2,318 (public record)

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Masonry foundation; Asphalt shingle roof
• Exterior features: Level lot; Vinyl siding

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot water heating; Electric heat fuel
• Interior features: 12 total rooms; Full basement

🏷️ Possibly a rental listed for sale. The $270,000 price doesn't fit this home's estimated sale value (~$338,428) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $270k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $674/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $270k).
• Cap rate 15.3% 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: 7 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,000

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 1875 — 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: 1.82% ✓
• Cap rate: 15.29%
• Cash-on-cash: 32.12%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $338,428
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 S C St	0.15mi	7/— (+1)	2,352 (+2%)	3mo	$210,000	$89	83
2-4 N A St	0.24mi	6/2.0	2,318 (0%)	3mo	$385,000	$166	82
10 N A St	0.23mi	6/3.0	2,318 (0%)	8mo	$390,000	$168	82
33 N A St	0.17mi	7/3.0 (+1)	2,331 (+1%)	6mo	$375,000	$161	81
44 Providence St	0.15mi	5/3.5 (-1)	2,290 (-1%)	7mo	$333,500	$146	78
42-44 S B St	0.02mi	7/3.0 (+1)	2,318 (0%)	24mo	$250,500	$108	74
207 Norwich Ave	0.71mi	6/2.0	2,116 (-9%)	6mo	$285,000	$135	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.8%
• Equity multiple: 4.65×
• Total profit: $275,986
• Equity at exit: $243,237

10-year hold

• IRR: 42.5%
• Equity multiple: 10.41×
• Total profit: $711,544
• Equity at exit: $524,551

Cash invested: $75,600 (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 06380

• Home prices YoY: 4.2%
• Active inventory: 7
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $4,923 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,034
• Net cashflow: $2,023

Break-even live

Break-even rent $2,362

Max offer price $270,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,923
Total (3 units)			$4,923

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-10
   status $270,000 Under Contract 12 DOM
2. 2026-06-09
   days on market $270,000 Active 12 DOM
3. 2026-06-08
   days on market $270,000 Active 11 DOM
4. 2026-06-07
   days on market $270,000 Active 10 DOM
5. 2026-06-02
   days on market $270,000 Active 5 DOM
6. 2026-06-01
   days on market $270,000 Active 4 DOM
7. 2026-05-31
   days on market $270,000 Active 3 DOM
8. 2026-05-30
   days on market $270,000 Active 2 DOM
9. 2026-05-28
   listed $270,000 Active
10. 2026-04-21
    historical
11. 2026-03-30
    status Under Contract
12. 2026-03-24
    listed $320,000 Active

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $59,076
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$4,726
• − Management: −$4,726
• − Depreciation: −$7,855
• Taxable income: $21,245
• Est. tax owed @ 24.0%: −$5,099
• After-tax cash flow: $19,180/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

Poor 20/100 Extensive rehab

This multi-family property requires extensive renovations to improve its condition and increase its value. The roof, siding, flooring, appliances, fixtures, and HVAC all need major repairs, while routine maintenance is also required. The property has significant potential for increased value through renovations.

Repairs flagged

• Major Roof — Significant damage and wear visible
• Major Siding — Worn and damaged siding needs replacement
• Major Flooring — Worn and damaged flooring needs replacement
• Major Appliances — Old and worn appliances need replacement
• Major Fixtures — Old and worn fixtures need replacement
• Major Paint — Worn and peeling paint needs repainting
• Major HVAC — Old and inefficient heating and cooling systems need replacement

Value-add opportunities

• Both New roof — New roof will improve the overall condition and appearance of the property
• Both New siding — New siding will improve the curb appeal and increase the property's value
• Both New flooring — New flooring will improve the living spaces and increase the property's value
• Both New appliances — New appliances will improve the functionality and increase the property's value
• Both New fixtures — New fixtures will improve the functionality and increase the property's value
• Both Repainting — Repainting will improve the appearance and increase the property's value
• Both HVAC replacement — New HVAC will improve the comfort and increase the property's value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Roof · Significant damage and wear visible	Major	$15,000–50,000
Siding · Worn and damaged siding needs replacement	Major	$15,000–50,000
Flooring · Worn and damaged flooring needs replacement	Major	$15,000–50,000
Appliances · Old and worn appliances need replacement	Major	$15,000–50,000
Fixtures · Old and worn fixtures need replacement	Major	$15,000–50,000
Paint · Worn and peeling paint needs repainting	Major	$15,000–50,000
HVAC · Old and inefficient heating and cooling systems need replacement	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both New roof — New roof will improve the overall condition and appearance of the property ↑
• Both New siding — New siding will improve the curb appeal and increase the property's value ↑
• Both New flooring — New flooring will improve the living spaces and increase the property's value ↑
• Both New appliances — New appliances will improve the functionality and increase the property's value ↑
• Both New fixtures — New fixtures will improve the functionality and increase the property's value ↑
• Both Repainting — Repainting will improve the appearance and increase the property's value ↑
• Both HVAC replacement — New HVAC will improve the comfort and increase the property's value ↑

ⓘ 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
• City population: 37,216
• Population (ZIP): 2,427

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 57% Hispanic / Latino 30% Black 8% Two or more races 7% Native American 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 15% Cuban 2%
• Common ancestry: Lithuanian 12% Romanian 6% American 2%
• Foreign-born: 9% · Canada
• Languages at home: 77% English-only · Spanish 18% French/Haitian/Cajun 5%

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: ▲ 10.21%
• Current HPI: 255.5889
• Rent YoY: —
• Metro: —
• 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

-15.6% since first listed

4 events — show timeline

• 2026-05-28 Listed $270,000 Smart MLS
• 2026-04-21 Listing Removed — Smart MLS
• 2026-03-30 Pending — Smart MLS
• 2026-03-24 Listed $320,000 Smart MLS