104 Route 2A · Norwich, CT 06365

$250,000

3 bd · 1.0 ba · 1,690 sqft · SingleFamily public records · 178 Days on market

Built 1770 0.74 ac lot Est $375k · 33% under

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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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.1/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Older colonial....Outbuilding..Garage.. Nice rear grounds..Wrap-around porch.. Needs "your" talents...

Key facts

• Hardwood flooring
• Eat in kitchen
• French doorways

Tags

• ANTIQUE FARM HOUSE
• EAT IN KITCHEN
• FRENCH DOORWAYS
• HARDWOOD FLOORING
• VINTAGE STAIRCASE
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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-.
• Preston School District (rural): math 42% / reading 49% proficiency, ranked #88 of 153 in CT (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Preston Veterans' Memorial School (math 47% / reading 57%, grade C-, #213 of 553 statewide, top 41%, 311 students, 21% FRL); Preston Plains School (math 37% / reading 42%, grade F, #107 of 175 statewide, top 61%, 125 students, 30% FRL).
• Market conditions: 23 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 28y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $81k; list at $250k implies a 209% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1770 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% 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 $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 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 1770 — 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: 1.11% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.89%
• DSCR: 1.40
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $375,180
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
104 Route 2A	0.00mi	3/1.0	1,690 (0%)	0mo	$150,000	$89	100
13 Shingle Point Rd	0.15mi	3/1.5	1,658 (-2%)	21mo	$330,000	$199	70
6 Route 117	0.13mi	3/1.0	1,459 (-14%)	4mo	$300,000	$206	68
236 Avery Hill Rd	0.43mi	3/2.0	1,814 (+7%)	0mo	$440,000	$243	64
5 Schoolhouse Rd	0.16mi	3/1.5	1,464 (-13%)	7mo	$389,000	$266	63
6 Arrowhead Dr	0.27mi	3/1.0	1,488 (-12%)	7mo	$425,000	$286	62
9 Sunset Ave	0.60mi	3/2.0	1,696 (+0%)	8mo	$415,000	$245	61
3 Johnnie Ct	0.55mi	3/1.0	1,616 (-4%)	8mo	$260,000	$161	61
11 Willow Ln	0.67mi	3/1.5	1,620 (-4%)	3mo	$360,000	$222	58
7 Halls Mill Rd	0.63mi	3/2.5	1,826 (+8%)	1mo	$525,000	$288	50
5 Royal Oaks Dr	0.71mi	3/1.5	1,901 (+12%)	13mo	$395,000	$208	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-7,492
• Equity at exit: $37,276

10-year hold

• IRR: 6.9%
• Equity multiple: 1.51×
• Total profit: $36,001
• Equity at exit: $21,615

Cash invested: $70,000 (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 06365

• Home prices YoY: -14.0%
• Active inventory: 23
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,763 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$249 /mo · $2,991/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $518

Break-even live

Break-even rent $2,107

Max offer price $250,000

Occupancy floor 76%

Sensitivity live

Price	-10% $660	-5% $589	+0% $518	+5% $448	+10% $377
Rent	-10% $300	-5% $409	+0% $518	+5% $628	+10% $737
Rate	-1.0pp $644	-0.5pp $582	base $518	+0.5pp $454	+1.0pp $388

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-27
   status Under Contract
2. 2026-04-13
   status Active
3. 2026-03-30
   historical Under Contract - Continue to Show
4. 2025-12-15
   status Active
5. 2025-11-21
   status Under Contract
6. 2025-11-09
   status Active
7. 2025-09-08
   status Under Contract
8. 2025-08-28
   price $250,000
9. 2025-08-06
   listed $275,000 Active
10. 1999-04-08
    soldstatus $81,000 112-char remark

    Show marketing remark (112 chars)

    Older colonial....Outbuilding..Garage.. Nice rear grounds..Wrap-around porch.. Needs "your" talents...

11. 1998-09-14
    listed $86,500 112-char remark

    Show marketing remark (112 chars)

    Older colonial....Outbuilding..Garage.. Nice rear grounds..Wrap-around porch.. Needs "your" talents...

ⓘ 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: $2,991 · $249/mo
• Projected year-2 tax: $4,170 · $348/mo
• Expected delta: +$1,180/yr (+$98/mo · 39.4%)

ⓘ 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 ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $33,157
• − Mortgage interest: −$14,004
• − Property taxes: −$2,991
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,653
• − Management: −$2,653
• − Depreciation: −$7,273
• Taxable income: $2,334
• Est. tax owed @ 24.0%: −$560
• After-tax cash flow: $5,660/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: Preston School District
• NCES district ID: 0903420
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 49% ▼ -13.00%
• Median HH income: $71,322
• Composite: 41.07/100
• National rank: #3575
• State rank: #88 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

• City population: 37,216
• Population (ZIP): 4,781

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2% Asian 1% Black 1%
• Common ancestry: Lithuanian 14% Romanian 14% Slovak 2%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 1%

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: ▼ -31.95%
• Current HPI: 195.6282
• 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

+189.0% since first listed

11 events — show timeline

• 2026-04-27 Pending — Smart MLS
• 2026-04-13 Relisted — Smart MLS
• 2026-03-30 Contingent — Smart MLS
• 2025-12-15 Relisted — Smart MLS
• 2025-11-21 Pending — Smart MLS
• 2025-11-09 Relisted — Smart MLS
• 2025-09-08 Pending — Smart MLS
• 2025-08-28 Price Changed $250,000 Smart MLS
• 2025-08-06 Listed $275,000 Smart MLS
• 1999-04-08 Sold (MLS) $81,000 Smart MLS
• 1998-09-14 Listed $86,500 Smart MLS

Property tax history

+0.5%/yr

Latest (2023): $2,991 · +0.1% YoY. Source: county tax records.