47 8th St · Norwich, CT 06360

$220,000

3 bd · 2.0 ba · 1,308 sqft · SingleFamily public records · 157 Days on market

Built 1840 2,613 sqft lot $168/sqft · 14% below area Est $255k · 14% under

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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 +15.8/30.0
• ARV discount +13.7/15.0
• DSCR +4.9/10.0
• 1% rule +4.5/10.0
• 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

Welcome to 47 8th Street, where classic New England character meets modern comfort. The moment you step inside, you're greeted by wideboard and hardwood floors, plaster walls, and period woodwork with built-ins that whisper of yesteryear. A welcoming parlor with a fireplace sets the scene for cozy fall and winter evenings, while the updated kitchen blends modern function with vintage appeal-perfect for everyday cooking or weekend baking. Two flexible rooms off the spacious eat-in kitchen invite endless possibilities: sunroom, laundry, craft room, home office, workshop, or game room. A clawfoot soaking tub and standalone shower elevate the bath experience, and central air keeps you comfortable year-round. Practical features include a partially finished basement, generous closets including a cedar closet, plus newer roof shingles, updated electrical, and a newer furnace and hot water heater. Unwind on the inviting front porch and savor the simple joy of a quiet street in Norwich.

Key facts

• Plaster walls
• Welcoming parlor
• Period woodwork

Tags

• WIDEBOARD AND HARDWOOD FLOORS
• PLASTER WALLS
• PERIOD WOODWORK
• BUILT-INS
• WELCOMING PARLOR
• FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (5.5% below list).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 38% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 9y 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 $180k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1840 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.95% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• GRM: 8.8

CMA / ARV

• ARV (median comp): $255,058
• List price: $220,000
• Delta: -13.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
81 5th St	0.15mi	3/1.5	1,296 (-1%)	9mo	$128,300	$99	82
10 Gilmour St	0.23mi	3/2.0	1,291 (-1%)	12mo	$260,000	$201	77
30 Ruth St	0.37mi	3/1.5	1,328 (+2%)	4mo	$255,000	$192	75
304 Central Ave	0.03mi	4/2.0 (+1)	1,418 (+8%)	12mo	$320,000	$226	70
62 Mowry Ave	0.41mi	3/1.0	1,326 (+1%)	10mo	$200,000	$151	66
128 Smith Ave	0.53mi	3/1.0	1,357 (+4%)	0mo	$275,000	$203	65
93 5th St	0.17mi	3/1.5	1,163 (-11%)	9mo	$220,000	$189	64
290 Boswell Ave	0.42mi	3/1.5	1,416 (+8%)	1mo	$335,500	$237	64
17 Daniel St	0.57mi	3/1.0	1,381 (+6%)	6mo	$160,000	$116	55
85 Mohegan Park Rd	0.60mi	3/2.5	1,216 (-7%)	10mo	$330,000	$271	50
44 Convent Ave	0.52mi	4/1.5 (+1)	1,435 (+10%)	9mo	$190,000	$132	45
6 Lois St	0.69mi	2/1.0 (-1)	1,267 (-3%)	11mo	$254,500	$201	44

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: -9.2%
• Equity multiple: 0.65×
• Total profit: $-21,415
• Equity at exit: $32,803

10-year hold

• IRR: 4.6%
• Equity multiple: 1.40×
• Total profit: $24,411
• Equity at exit: $19,022

Cash invested: $61,600 (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: 8.8×

Monthly cashflow live

• Estimated rent: $2,080 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$298 /mo · $3,580/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $100

Break-even live

Break-even rent $1,954

Max offer price $220,000

Occupancy floor 90%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
229 Boswell Ave Unit 6 Norwich, CT	3.0	2.5	1547	$2,350	$1.52	13d	1	0.45mi
70 Sandy Ln Norwich, CT	1.0–3.0	1.0–1.5	900	$1,425	$1.58	2d	6	0.61mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	44d	1	0.64mi
25 Boswell Ave Unit 2 Norwich, CT	3.0	1.0	900	$1,900	$2.11	13d	1	0.98mi
51-53 Cliff St Norwich, CT	4.0	1.0	1598	$2,100	$1.31	21d	1	1.10mi
51 Broad St Norwich, CT	3.0	1.0	1200	$1,850	$1.54	21d	1	1.17mi
102 Stonington Rd Norwich, CT	2.0	1.0	950	$1,850	$1.95	2d	1	1.21mi
14-16 Slater Ave Unit 14 Norwich, CT	3.0	1.0	1200	$2,000	$1.67	44d	1	1.28mi
154 Washington St Unit 11 Norwich, CT	2.0	1.0	1100	$1,750	$1.59	44d	1	1.44mi

Listing history 27 events

1. 2025-12-23
   listed $220,000 Active 992-char remark

   Show marketing remark (992 chars)

   Welcome to 47 8th Street, where classic New England character meets modern comfort. The moment you step inside, you're greeted by wideboard and hardwood floors, plaster walls, and period woodwork with built-ins that whisper of yesteryear. A welcoming parlor with a fireplace sets the scene for cozy fall and winter evenings, while the updated kitchen blends modern function with vintage appeal-perfect for everyday cooking or weekend baking. Two flexible rooms off the spacious eat-in kitchen invite endless possibilities: sunroom, laundry, craft room, home office, workshop, or game room. A clawfoot soaking tub and standalone shower elevate the bath experience, and central air keeps you comfortable year-round. Practical features include a partially finished basement, generous closets including a cedar closet, plus newer roof shingles, updated electrical, and a newer furnace and hot water heater. Unwind on the inviting front porch and savor the simple joy of a quiet street in Norwich.

2. 2025-09-12
   historical
3. 2025-09-01
   status Active
4. 2025-08-31
   historical
5. 2025-08-29
   listed $219,900 Active
6. 2025-08-25
   historical
7. 2025-05-31
   historical
8. 2025-05-29
   listed $220,000 Active
9. 2025-05-22
   historical
10. 2025-03-04
    listed $229,900 Active
11. 2024-04-15
    historical
12. 2024-02-13
    listed $220,000 Active
13. 2023-11-03
    historical
14. 2023-08-15
    listed $230,000 Active
15. 2022-11-03
    soldstatus $180,000 Closed
16. 2022-11-03
    soldstatus $180,000
17. 2022-09-21
    status Under Contract
18. 2022-08-29
    status Active
19. 2022-08-29
    status Under Contract
20. 2022-08-17
    listed $175,000 Active
21. 2022-08-16
    historical
22. 2022-07-21
    listed $194,900 Active
23. 2022-07-18
    historical
24. 2018-01-02
    status Under Contract
25. 2017-12-29
    soldstatus $75,000 Closed
26. 2017-12-20
    listed Under Contract - Continue to Show
27. 2017-09-26
    listed $79,900

ⓘ 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: $3,580 · $298/mo
• Projected year-2 tax: $4,144 · $345/mo
• Expected delta: +$564/yr (+$47/mo · 15.8%)

ⓘ 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 5/10 Major 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $24,960
• − Mortgage interest: −$12,323
• − Property taxes: −$3,580
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,997
• − Management: −$1,997
• − Depreciation: −$6,400
• Taxable loss: −$2,437
• Est. tax savings @ 24.0%: +$585
• After-tax cash flow: $1,779/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

+175.3% since first listed

27 events — show timeline

• 2025-12-23 Listed $220,000 Smart MLS
• 2025-09-12 Listing Removed — Smart MLS
• 2025-09-01 Relisted — Smart MLS
• 2025-08-31 Listing Removed — Smart MLS
• 2025-08-29 Listed $219,900 Smart MLS
• 2025-08-25 Coming Soon — Smart MLS
• 2025-05-31 Listing Removed — Smart MLS
• 2025-05-29 Listed $220,000 Smart MLS
• 2025-05-22 Listing Removed — Smart MLS
• 2025-03-04 Listed $229,900 Smart MLS
• 2024-04-15 Listing Removed — Smart MLS
• 2024-02-13 Listed $220,000 Smart MLS
• 2023-11-03 Listing Removed — Smart MLS
• 2023-08-15 Listed $230,000 Smart MLS
• 2022-11-03 Sold (Public Records) $180,000 Public Records
• 2022-11-03 Sold (MLS) $180,000 Smart MLS
• 2022-09-21 Pending — Smart MLS
• 2022-08-29 Relisted — Smart MLS
• 2022-08-29 Pending — Smart MLS
• 2022-08-17 Listed $175,000 Smart MLS
• 2022-08-16 Listing Removed — Smart MLS
• 2022-07-21 Listed $194,900 Smart MLS
• 2022-07-18 Coming Soon — Smart MLS
• 2018-01-02 Pending — Smart MLS
• 2017-12-29 Sold (MLS) $75,000 Smart MLS
• 2017-12-20 Listed — Smart MLS
• 2017-09-26 Listed $79,900 Smart MLS

Property tax history

+1.0%/yr

Latest (2023): $3,580 · +0.2% YoY. Source: county tax records.