2 Broadway Ter · Norwich, CT 06360

$299,000

6 bd · 2.0 ba · 2,808 sqft · MultiFamily public records · 24 Days on market

Built 1930 9,147 sqft lot $106/sqft · at area comps Est $286k · 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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +5.5/15.0
• 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

Multi-family units

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

Listing remarks MLS

Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

Key facts

• Finished unit
• Fairly new roof
• 9,147 sq ft lot

Tags

• PRIME NORWICH LOCATION
• WELL-MAINTAINED 2-FAMILY
• STRONG INCOME POTENTIAL
• FINISHED UNIT
• FAIRLY NEW ROOF
• MINUTES TO DOWNTOWN NORWICH

Property features AI

Exterior

• Parking: 2 total parking spaces; Driveway and on-street parking
• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family (2-family) property
• Construction: Built with frame construction; Vinyl siding; Asphalt shingle roof; Concrete foundation; White exterior color
• Exterior features: Secluded, rolling lot; Private driveway; On-street parking available

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heat; Heat fuel: natural gas and electric; Window unit cooling
• Interior features: 10 total rooms; Full, fully finished basement; Has a partially finished walk-up attic; Window unit cooling
• Laundry & utility: Laundry room in basement with basement hook-ups; Hot water: natural gas and electric with 40 gallon tank

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $508/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% 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: Rents rising fast (+6.6%/yr); 241 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $3,975/mo this rent would consume 73% of the median local household income ($66k/yr) (locally 1643% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $294,515 (1.5% below list)

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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.33% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.56%
• DSCR: 1.65
• GRM: 6.3

CMA / ARV

• ARV (median comp): $286,275
• List price: $299,000
• Delta: 4.44%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41-43 Otis St	0.17mi	6/2.0	3,141 (+12%)	0mo	$410,000	$131	72
93 Broad St	0.28mi	6/3.5	2,834 (+1%)	11mo	$362,500	$128	70
48 Otis St	0.18mi	5/2.0 (-1)	2,544 (-9%)	6mo	$265,000	$104	67
18 Division St	0.38mi	6/4.0	3,040 (+8%)	1mo	$367,500	$121	60
54 Roath St	0.60mi	7/3.0 (+1)	2,788 (-1%)	3mo	$500,000	$179	60
5 Grove St	0.31mi	7/3.0 (+1)	2,632 (-6%)	10mo	$347,500	$132	58
29 Division St	0.41mi	7/2.5 (+1)	3,007 (+7%)	10mo	$120,000	$40	53
127 Roath St	0.50mi	6/2.5	3,116 (+11%)	6mo	$310,000	$99	51
1 Tyler Ave	0.32mi	6/2.5	2,428 (-14%)	13mo	$402,000	$166	49
57-59 Cliff St	0.55mi	6/2.0	2,562 (-9%)	13mo	$269,900	$105	49
128 Broadway	0.26mi	5/4.0 (-1)	3,083 (+10%)	13mo	$385,000	$125	48
117 Broad St	0.31mi	6/4.0	3,223 (+15%)	9mo	$615,000	$191	46

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: 9.1%
• Equity multiple: 1.37×
• Total profit: $31,359
• Equity at exit: $44,582

10-year hold

• IRR: 21.2%
• Equity multiple: 3.12×
• Total profit: $177,355
• Equity at exit: $25,852

Cash invested: $83,720 (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: 12.5×

Monthly cashflow live

• Estimated rent: $3,975 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$432 /mo · $5,180/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$835
• Net cashflow: $1,016

Break-even live

Break-even rent $2,689

Max offer price $299,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,185	-5% $1,101	+0% $1,016	+5% $931	+10% $847
Rent	-10% $702	-5% $859	+0% $1,016	+5% $1,173	+10% $1,330
Rate	-1.0pp $1,167	-0.5pp $1,092	base $1,016	+0.5pp $939	+1.0pp $860

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,976
Total (2 units)			$3,975

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-31
   status $299,000 Under Contract 24 DOM
2. 2026-05-30
   days on market $299,000 Active 24 DOM
3. 2026-05-06
   listed $299,000 Active 413-char remark
4. 2023-12-11
   status Under Contract 351-char remark

   Show marketing remark (351 chars)

   Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

5. 2023-12-11
   soldstatus $286,000 Closed 351-char remark

   Show marketing remark (351 chars)

   Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

6. 2023-11-16
   price $285,000 351-char remark

   Show marketing remark (351 chars)

   Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

7. 2023-11-16
   historical Under Contract - Continue to Show 351-char remark

   Show marketing remark (351 chars)

   Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

8. 2023-10-14
   status Under Contract 351-char remark

   Show marketing remark (351 chars)

   Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

9. 2023-10-10
   status Active 351-char remark

   Show marketing remark (351 chars)

   Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

10. 2023-08-24
    status Under Contract 351-char remark

    Show marketing remark (351 chars)

    Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

11. 2023-08-14
    listed $259,000 Active 351-char remark

    Show marketing remark (351 chars)

    Back on the market as buyer's financing was denied! Spacious 2 family home located in a quiet cut de sac. Home has separate utilities, gas heat, updated roof and vinyl windows. Outside you will find a private yard, a deck that serves the first floor unit. House is vinyl sided. Perfect for investor or owner occupant. Recent FHA appraisal of $285,000!

12. 2019-09-01
    historical
13. 2019-08-07
    price $165,000
14. 2019-08-07
    status Active
15. 2019-06-21
    historical
16. 2019-02-16
    listed $385,000 Active
17. 2014-05-30
    soldstatus $80,500
18. 2011-04-13
    soldstatus $97,000
19. 2010-07-19
    listed $125,000

ⓘ 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: $5,180 · $432/mo
• Projected year-2 tax: $5,789 · $482/mo
• Expected delta: +$609/yr (+$51/mo · 11.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $47,700
• − Mortgage interest: −$16,749
• − Property taxes: −$5,180
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,816
• − Management: −$3,816
• − Depreciation: −$8,698
• Taxable income: $7,946
• Est. tax owed @ 24.0%: −$1,907
• After-tax cash flow: $10,285/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

+139.2% since first listed

18 events — show timeline

• 2026-05-30 Pending — Smart MLS
• 2026-05-06 Listed $299,000 Smart MLS
• 2023-12-11 Pending — Smart MLS
• 2023-12-11 Sold (MLS) $286,000 Smart MLS
• 2023-11-16 Price Changed $285,000 Smart MLS
• 2023-11-16 Contingent — Smart MLS
• 2023-10-14 Pending — Smart MLS
• 2023-10-10 Relisted — Smart MLS
• 2023-08-24 Pending — Smart MLS
• 2023-08-14 Listed $259,000 Smart MLS
• 2019-09-01 Listing Removed — Smart MLS
• 2019-08-07 Price Changed $165,000 Smart MLS
• 2019-08-07 Relisted — Smart MLS
• 2019-06-21 Listing Removed — Smart MLS
• 2019-02-16 Listed $385,000 Smart MLS
• 2014-05-30 Sold (Public Records) $80,500 Public Records
• 2011-04-13 Sold (MLS) $97,000 Smart MLS
• 2010-07-19 Listed $125,000 Smart MLS

Property tax history

+1.7%/yr

Latest (2023): $5,180 · +0.3% YoY. Source: county tax records.