303 Mohegan Park Rd Lot 122 · Norwich, CT 06360

$114,900

2 bd · 1.0 ba · 954 sqft · Manufactured public records · 91 Days on market

Built 1980 $120/sqft · at area comps Est $112k · at est. $570/mo HOA · 37% of rent ↓ 4% since listing

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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).

• Cash flow +11.6/30.0
• 1% rule +8.6/10.0
• ARV discount +6.2/15.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully remodeled home located in a quiet, established neighborhood near Mohegan Park. This property features a brandnew roof, updated interior finishes, modern flooring, refreshed kitchen and baths, and a bright, open layout. The renovation provides a moveinready feel with quality updates throughout. Enjoy close proximity to Mohegan Park's walking trails, playgrounds, and recreational areas, along with convenient access to local schools, shopping, and amenities. A great opportunity to own a fully updated home in Norwich. Park application link in agent comments.

Key facts

• Modern flooring
• Refreshed baths
• Refreshed kitchen

Tags

• REMODELED HOME
• BRANDNEW ROOF
• UPDATED INTERIOR FINISHES
• MODERN FLOORING
• REFRESHED KITCHEN
• REFRESHED BATHS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $-36 ($-430/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (5.5% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $104,559 (9.0% 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 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. 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?
8. 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.
9. 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.
10. 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: 1.36% ✓
• Cap rate: 5.92%
• Cash-on-cash: -1.34%
• DSCR: 0.94
• GRM: 6.1

CMA / ARV

• ARV (median comp): $111,557
• List price: $114,900
• Delta: 3.00%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.0%
• Equity multiple: 0.54×
• Total profit: $-14,709
• Equity at exit: $17,132

10-year hold

• IRR: 3.9%
• Equity multiple: 1.36×
• Total profit: $11,521
• Equity at exit: $9,934

Cash invested: $32,172 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$603
• Tax from tax record: −$46 /mo · $552/yr
• Insurance: −$48
• HOA: −$570
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-36

Break-even live

Break-even rent $1,603

Max offer price $108,566

Occupancy floor 97%

Sensitivity live

Price	-10% $29	-5% $-3	+0% $-36	+5% $-68	+10% $-101
Rent	-10% $-159	-5% $-97	+0% $-36	+5% $26	+10% $87
Rate	-1.0pp $22	-0.5pp $-7	base $-36	+0.5pp $-66	+1.0pp $-96

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
70 Sandy Ln Norwich, CT	1.0–3.0	1.0–1.5	900	$1,225	$1.36	3d	6	0.68mi
9 Hunters Rd Apt 1 Norwich, CT	2.0	1.0	720	$1,850	$2.57	15d	1	0.76mi
17 Sylvester St Norwich, CT	1.0	1.0	592	$1,350	$2.28	15d	1	0.89mi
79 S B St Unit B Taftville, CT	2.0	1.0	1100	$1,600	$1.45	15d	1	1.13mi
196 Central Ave Unit 3 Norwich, CT	1.0	1.0	650	$1,450	$2.23	15d	1	1.44mi
16 Spaulding St Unit 2A Norwich, CT	1.0	1.0	800	$1,400	$1.75	45d	1	1.49mi

HOA detail

• Monthly dues: $570 · $6,840/yr
• Likely covers: landscaping

Listing history 20 events

1. 2026-06-19
   days on market $114,900 Active 91 DOM
2. 2026-06-18
   days on market $114,900 Active 90 DOM
3. 2026-06-17
   days on market $114,900 Active 89 DOM
4. 2026-06-16
   days on market $114,900 Active 88 DOM
5. 2026-06-15
   price $114,900 Active 87 DOM
6. 2026-06-15
   days on market $119,900 Active 87 DOM
7. 2026-06-14
   days on market $119,900 Active 85 DOM
8. 2026-06-13
   days on market $119,900 Active 84 DOM
9. 2026-06-10
   statusdays on market $119,900 Active 82 DOM
10. 2026-06-09
    days on market $119,900 Under Contract - Continue to Show 81 DOM
11. 2026-06-08
    days on market $119,900 Under Contract - Continue to Show 80 DOM
12. 2026-06-07
    statusdays on market $119,900 Under Contract - Continue to Show 79 DOM
13. 2026-06-02
    days on market $119,900 Active 74 DOM
14. 2026-06-01
    days on market $119,900 Active 73 DOM
15. 2026-05-31
    days on market $119,900 Active 72 DOM
16. 2026-05-30
    days on market $119,900 Active 71 DOM
17. 2026-04-27
    status Active 572-char remark

    Show marketing remark (572 chars)

    Beautifully remodeled home located in a quiet, established neighborhood near Mohegan Park. This property features a brandnew roof, updated interior finishes, modern flooring, refreshed kitchen and baths, and a bright, open layout. The renovation provides a moveinready feel with quality updates throughout. Enjoy close proximity to Mohegan Park's walking trails, playgrounds, and recreational areas, along with convenient access to local schools, shopping, and amenities. A great opportunity to own a fully updated home in Norwich. Park application link in agent comments.

18. 2026-04-14
    historical Under Contract - Continue to Show 572-char remark

    Show marketing remark (572 chars)

    Beautifully remodeled home located in a quiet, established neighborhood near Mohegan Park. This property features a brandnew roof, updated interior finishes, modern flooring, refreshed kitchen and baths, and a bright, open layout. The renovation provides a moveinready feel with quality updates throughout. Enjoy close proximity to Mohegan Park's walking trails, playgrounds, and recreational areas, along with convenient access to local schools, shopping, and amenities. A great opportunity to own a fully updated home in Norwich. Park application link in agent comments.

19. 2026-04-06
    price $125,000 572-char remark

    Show marketing remark (572 chars)

    Beautifully remodeled home located in a quiet, established neighborhood near Mohegan Park. This property features a brandnew roof, updated interior finishes, modern flooring, refreshed kitchen and baths, and a bright, open layout. The renovation provides a moveinready feel with quality updates throughout. Enjoy close proximity to Mohegan Park's walking trails, playgrounds, and recreational areas, along with convenient access to local schools, shopping, and amenities. A great opportunity to own a fully updated home in Norwich. Park application link in agent comments.

20. 2026-03-19
    listed $129,900 Active 572-char remark

    Show marketing remark (572 chars)

    Beautifully remodeled home located in a quiet, established neighborhood near Mohegan Park. This property features a brandnew roof, updated interior finishes, modern flooring, refreshed kitchen and baths, and a bright, open layout. The renovation provides a moveinready feel with quality updates throughout. Enjoy close proximity to Mohegan Park's walking trails, playgrounds, and recreational areas, along with convenient access to local schools, shopping, and amenities. A great opportunity to own a fully updated home in Norwich. Park application link in agent comments.

ⓘ 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: $552 · $46/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: +$953/yr (+$79/mo · 172.7%)

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

Taxation est. · year 1

• Rental income: $18,692
• − Mortgage interest: −$6,436
• − Property taxes: −$552
• − Insurance: −$574
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − HOA: −$6,840
• − Depreciation: −$3,343
• Taxable loss: −$2,044
• Est. tax savings @ 24.0%: +$491
• After-tax cash flow: $60/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

-3.8% since first listed

4 events — show timeline

• 2026-04-27 Relisted — Smart MLS
• 2026-04-14 Contingent — Smart MLS
• 2026-04-06 Price Changed $125,000 Smart MLS
• 2026-03-19 Listed $129,900 Smart MLS

Property tax history

+0.0%/yr

Latest (2023): $552 · -0.9% YoY. Source: county tax records.