32 North St · Madison, CT 06443

$164,900

2 bd · 1.0 ba · 592 sqft · SingleFamily · 51 Days on market

Built 1960 Average condition 2,178 sqft lot $279/sqft · 15% below area Est $194k · 15% under ↓ 6% since listing

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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 +30.0/30.0
• ARV discount +14.2/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Schools +6.6/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

32 North Street is calling you home! Set on one of the largest lots in Dud's Village, this lovely cottage is the idyllic seasonal abode. Equipped with 2 bedrooms, 1 full bath, and an outdoor shower, you will surely enjoy your summers along the Madison shoreline here. The recently refreshed kitchen and fresh coat of paint throughout will undoubtedly delight. And let's not forget the new floors in the kitchen and living room. The enclosed front porch is simply charming offering additional living space and featuring daybeds for cool summer sleepovers. Outside is an entertainer's paradise - a desirable corner lot with the oversized deck and enough yard space to host all your family and friends.

Key facts

• 2,178 sq ft lot
• Built 1960
• Listed 50 days

Property features AI

Exterior

• Parking: Stone driveway parking available
• Utilities: Public water connected; Cesspool sewage; Electric hot water
• Home design: Single family seasonal property on leased land; Walk-to-water, water community (seasonal)
• Construction: Prefab construction; Piling foundation; Asphalt shingle roof; Shingle and wood siding
• Exterior features: Breezeway; Shed; Porch; Deck; Covered deck

Interior

• Kitchen: Oven/Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Window unit cooling; No heat
• Interior features: Total of 4 rooms; No basement
• Laundry & utility: Electric domestic hot water

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Madison School District (suburban): math 69% / reading 75% proficiency, ranked #10 of 153 in CT (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Daniel Hand High School (math 69% / reading 86%, grade A-, #8 of 194 statewide, top 4%, 828 students, 5% FRL) — zoned schools at 5% FRL track the district average.
• Market conditions: 107 active listings in the ZIP; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.43% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.64%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $193,602
• List price: $164,900
• Delta: -14.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 First St	0.08mi	2/1.0	612 (+3%)	1mo	$255,000	$417	90
45 East St	0.10mi	2/1.0	604 (+2%)	11mo	$210,000	$348	83
63 South St	0.05mi	2/1.0	571 (-4%)	15mo	$150,000	$263	79
33 North St	0.08mi	2/1.0	630 (+6%)	8mo	$144,000	$229	79
18 First St	0.07mi	2/1.0	576 (-3%)	19mo	$225,000	$391	77
23 North St	0.06mi	2/1.0	630 (+6%)	21mo	$132,000	$210	69
73 South St	0.07mi	1/1.0 (-1)	523 (-12%)	7mo	$135,000	$258	66
12 North St	0.08mi	2/1.0	680 (+15%)	12mo	$120,000	$176	61
1 4th St	0.12mi	1/1.0 (-1)	664 (+12%)	11mo	$220,000	$331	60
9 Third St	0.10mi	1/1.0 (-1)	520 (-12%)	22mo	$185,400	$357	52
133 W Main St Trlr C6	0.69mi	1/1.0 (-1)	520 (-12%)	6mo	$13,000	$25	38

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: 10.4%
• Equity multiple: 1.41×
• Total profit: $18,990
• Equity at exit: $24,587

10-year hold

• IRR: 19.5%
• Equity multiple: 2.64×
• Total profit: $75,494
• Equity at exit: $14,258

Cash invested: $46,172 (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 06443

• Active inventory: 107
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,350 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $717

Break-even live

Break-even rent $1,443

Max offer price $164,900

Occupancy floor 64%

Sensitivity live

Price	-10% $831	-5% $774	+0% $717	+5% $660	+10% $603
Rent	-10% $531	-5% $624	+0% $717	+5% $810	+10% $903
Rate	-1.0pp $800	-0.5pp $759	base $717	+0.5pp $674	+1.0pp $631

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $164,900 Active 51 DOM
2. 2026-06-18
   days on market $164,900 Active 49 DOM
3. 2026-06-17
   days on market $164,900 Active 48 DOM
4. 2026-06-16
   days on market $164,900 Active 47 DOM
5. 2026-06-15
   days on market $164,900 Active 46 DOM
6. 2026-06-13
   days on market $164,900 Active 44 DOM
7. 2026-06-12
   days on market $164,900 Active 43 DOM
8. 2026-06-09
   days on market $164,900 Active 40 DOM
9. 2026-06-08
   days on market $164,900 Active 39 DOM
10. 2026-06-07
    pricedays on market $164,900 Active 38 DOM
11. 2026-06-04
    days on market $174,900 Active 34 DOM
12. 2026-06-02
    days on market $174,900 Active 33 DOM
13. 2026-06-01
    days on market $174,900 Active 32 DOM
14. 2026-05-31
    days on market $174,900 Active 31 DOM
15. 2026-05-31
    days on market $174,900 Active 30 DOM
16. 2026-05-01
    listed $174,900 Active 1113-char remark
17. 2026-04-28
    historical $174,900 1113-char remark

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,203
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$4,797
• Taxable income: $6,359
• Est. tax owed @ 24.0%: −$1,526
• After-tax cash flow: $7,080/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

Average 55/100 Cosmetic rehab

This single-family home is in average condition with cosmetic repairs needed. It offers a spacious lot and a charming enclosed front porch, making it a great investment opportunity.

Repairs flagged

• Minor kitchen cabinets — existing cabinets
• Minor bathroom fixtures — existing fixtures
• Minor roof shingles — existing shingles
• Minor exterior siding — existing siding
• Minor interior walls — existing paint
• Minor HVAC system — existing system

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace kitchen cabinets — modernizes kitchen and adds value
• Both replace bathroom fixtures — modernizes bathroom and adds value
• Both repair roof shingles — improves home's appearance and value
• Both repair exterior siding — improves home's appearance and value
• Both repair interior walls — improves home's appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets	Minor	$500–3,000
bathroom fixtures · existing fixtures	Minor	$500–3,000
roof shingles · existing shingles	Minor	$500–3,000
exterior siding · existing siding	Minor	$500–3,000
interior walls · existing paint	Minor	$500–3,000
HVAC system · existing system	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace kitchen cabinets — modernizes kitchen and adds value ↑
• Both replace bathroom fixtures — modernizes bathroom and adds value ↑
• Both repair roof shingles — improves home's appearance and value ↑
• Both repair exterior siding — improves home's appearance and value ↑
• Both repair interior walls — improves home's appearance and 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: Madison School District
• NCES district ID: 0902280
• Math proficiency: 69% ▲ 1.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $103,788
• Composite: 66.15/100
• National rank: #435
• State rank: #10 of 153 in CT

Livability — Madison

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

Census & demographics

• Population (ZIP): 17,577

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -375.58%
• Current HPI: 242.8467
• 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

-5.7% since first listed

3 events — show timeline

• 2026-06-05 Price Changed $164,900 Smart MLS
• 2026-05-01 Listed $174,900 Smart MLS
• 2026-04-28 Coming Soon $174,900 Smart MLS