404 Norwich Ave · Norwich, CT 06380

$330,000

7 bd · 3.0 ba · 3,570 sqft · MultiFamily public records · 8 Days on market

Built 1900 6,098 sqft lot $92/sqft · at area comps Est $336k · at est.

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +8.3/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Multi-family units

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

Listing remarks MLS

Great opportunity for owner occupied or investment. Property is in great condition. Each unit has its own deck & parking. All units are updated w/sep utililites. There are two 2 bdrms & one 3 bdrm. This is a must see and you will not be disappointed

Key facts

• Flexible layout
• Convenient location
• Basement storage

Tags

• FENCED-IN OUTDOOR AREA
• BASEMENT STORAGE
• FLEXIBLE LAYOUT
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Total of 3 units; Appears to be marketed as multi-family for sale
• Financial info: Assessed value listed

Exterior

• Utilities: Public water connected; Public sewer connected; Hot water system (other)
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Stone foundation; Built as multi-family (living area approximately 3570 sq ft)
• Exterior features: Shake siding; Shingle roof

Interior

• Bedrooms: 8 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot water heating; Natural gas fuel
• Interior features: 15 total rooms; Full, unfinished basement; Has an attic with access via hatch

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 2×3bd/1ba units multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $330k).
• Cap rate 12.4% 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 $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $330,000

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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.49% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.86%
• DSCR: 1.97
• GRM: 5.6

CMA / ARV

• ARV (median comp): $335,981
• List price: $330,000
• Delta: -1.78%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 Norwich Ave	0.00mi	8/3.0 (+1)	3,570 (0%)	1mo	$345,000	$97	94
384 Norwich Ave	0.05mi	8/4.0 (+1)	3,142 (-12%)	9mo	$315,000	$100	61
205 Norwich Ave	0.48mi	8/3.0 (+1)	3,633 (+2%)	21mo	$360,000	$99	52
29 Sheas Ln	0.68mi	6/3.0 (-1)	3,327 (-7%)	6mo	$430,000	$129	47

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: 40.1%
• Equity multiple: 4.07×
• Total profit: $283,439
• Equity at exit: $297,290

10-year hold

• IRR: 34.6%
• Equity multiple: 9.15×
• Total profit: $753,274
• Equity at exit: $641,117

Cash invested: $92,400 (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: 17.0×

Monthly cashflow live

• Estimated rent: $4,907 medium
• Mortgage (P&I): −$1,731
• Tax from tax record: −$325 /mo · $3,905/yr
• Insurance: −$138
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $1,628

Break-even live

Break-even rent $2,847

Max offer price $330,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,617
▸ 2× units	3	1	$3,290
Total (3 units)			$4,907

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-07
   status Under Contract 527-char remark
2. 2026-04-29
   listed $330,000 Active 527-char remark
3. 2012-05-25
   soldstatus $80,000 257-char remark

   Show marketing remark (257 chars)

   Great opportunity for owner occupied or investment. Property is in great condition. Each unit has its own deck & parking. All units are updated w/sep utililites. There are two 2 bdrms & one 3 bdrm. This is a must see and you will not be disappointed

4. 2012-01-18
   listed $90,000 257-char remark

   Show marketing remark (257 chars)

   Great opportunity for owner occupied or investment. Property is in great condition. Each unit has its own deck & parking. All units are updated w/sep utililites. There are two 2 bdrms & one 3 bdrm. This is a must see and you will not be disappointed

ⓘ 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: $3,905 · $325/mo
• Projected year-2 tax: $5,484 · $457/mo
• Expected delta: +$1,578/yr (+$132/mo · 40.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 16 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: $58,884
• − Mortgage interest: −$18,485
• − Property taxes: −$3,905
• − Insurance: −$2,316
• − Repairs & maintenance: −$4,711
• − Management: −$4,711
• − Depreciation: −$9,600
• Taxable income: $15,156
• Est. tax owed @ 24.0%: −$3,637
• After-tax cash flow: $15,893/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
• 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

+283.3% since first listed

5 events — show timeline

• 2026-06-02 Sold (MLS) $345,000 Smart MLS
• 2026-05-07 Pending — Smart MLS
• 2026-04-29 Listed $330,000 Smart MLS
• 2012-05-25 Sold (MLS) $80,000 Smart MLS
• 2012-01-18 Listed $90,000 Smart MLS

Property tax history

-0.6%/yr

Latest (2023): $3,905 · -0.8% YoY. Source: county tax records.