83 Washington St Unit 3C · Norwalk, CT 06854

$264,900

1 bd · 1.0 ba · 550 sqft · Condo public records · 145 Days on market

Built 1986 $482/sqft · 15% below area Est $311k · 15% under $305/mo HOA · 14% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +14.2/15.0
• Cash flow +7.9/30.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Schools +3.4/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Smart Buy in South Norwalk. 5550 sq. ft. bedroom condo in a prime walkable location with strong rental appeal. Exposed brick, efficient layout, and low-maintenance ownership make this an excellent option for investors or first-time buyers. Close to Metro-North, restaurants, and the waterfront. Aggressively priced to move.

Key facts

• Exposed brick walls
• Easy train access
• Central air

Tags

• EXPOSED BRICK WALLS
• IN-UNIT WASHER AND DRYER
• CENTRAL AIR
• EASY TRAIN ACCESS
• WALKABLE NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (16.2% below list).
• Recommended offer: $215k (18.7% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.4% in Norwalk — 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 77/100 on livability (#41 in CT, #2,966 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities C-, cost of living F.
• Norwalk School District (urban): math 29% / reading 44% proficiency, ranked #104 of 153 in CT (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 74 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• This rent runs 31% of the median local income ($87k/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 $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y ago; this cycle's ask has dropped $57k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $265k implies a 201% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; major wind risk, 75% 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 $215,412 (18.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.84% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.53%
• DSCR: 0.80
• GRM: 9.9

CMA / ARV

• ARV (median comp): $311,447
• List price: $264,900
• Delta: -14.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.32% rent growth · sell at horizon

5-year hold

• IRR: -27.3%
• Equity multiple: 0.10×
• Total profit: $-66,439
• Equity at exit: $39,497

10-year hold

• IRR: -41.0%
• Equity multiple: -0.39×
• Total profit: $-102,858
• Equity at exit: $22,904

Cash invested: $74,172 (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 06854

• Rents YoY: 0.3%
• Active inventory: 74
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,220 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$229 /mo · $2,751/yr
• Insurance: −$110
• HOA: −$305
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $-280

Break-even live

Break-even rent $2,574

Max offer price $215,412

Occupancy floor —

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Washington St Norwalk, CT	1.0	1.0–1.5	715	$2,675	$3.74	3d	5	0.02mi
118 Washington St Unit U205 Norwalk, CT	—	1.0	407	$2,000	$4.91	24d	1	0.05mi
131 Washington St #301 Norwalk, CT	1.0	1.0	703	$2,300	$3.27	3d	1	0.07mi
107 N Main St Unit D Norwalk, CT	1.0	1.0	500	$1,925	$3.85	14d	1	0.21mi
107 N Main St Unit C Norwalk, CT	1.0	1.0	525	$1,799	$3.43	44d	1	0.21mi
107 N Main St Unit 7 Norwalk, CT	1.0	1.0	550	$1,984	$3.61	44d	1	0.21mi
19 Day St Norwalk, CT	2.0	1.0–2.0	901	$2,800	$3.11	3d	2	0.25mi
123 Water St Norwalk, CT	1.0–2.0	1.0–2.0	821	$2,688	$3.27	3d	12	0.26mi
55 N Water St Norwalk, CT	1.0–2.0	1.0–2.0	924	$2,381	$2.58	3d	9	0.27mi
2 Fairfield Ave Apt 4 Norwalk, CT	1.0	1.0	750	$2,000	$2.67	44d	1	0.30mi
49 Day St Norwalk, CT	1.0	1.0	550	$2,100	$3.82	44d	1	0.33mi
4 Van Zant St Unit B12 Norwalk, CT	1.0	1.0	550	$2,150	$3.91	19d	1	0.43mi
149 Water St #27 Norwalk, CT	1.0	1.5	747	$2,300	$3.08	44d	1	0.43mi
218 Flax Hill Rd Unit 3 Norwalk, CT	1.0	1.0	700	$2,400	$3.43	24d	1	0.44mi
218 Flax Hill Rd Unit 2 Norwalk, CT	1.0	1.0	750	$2,100	$2.80	44d	1	0.44mi
37 Seaview Ave Unit 2 Norwalk, CT	1.0	1.0	650	$2,300	$3.54	21d	1	0.48mi
12 Rowan St Unit 1R Norwalk, CT	1.0	1.0	750	$1,850	$2.47	44d	1	0.66mi
1 Saint John St Unit 2 Norwalk, CT	2.0	1.0	600	$2,000	$3.33	14d	1	0.71mi
91 Lexington Ave #3 Norwalk, CT	1.0	1.0	504	$2,200	$4.37	44d	1	0.81mi
1 Cemetery St Norwalk, CT	1.0–3.0	1.0–2.0	1035	$2,800	$2.71	3d	25	0.81mi
370 West Ave Norwalk, CT	3.0	1.0–2.0	925	$3,185	$3.44	3d	81	0.83mi
467 West Ave Norwalk, CT	3.0	1.0–2.0	1334	$3,895	$2.92	10d	190	0.84mi
30 Ferris Ave Unit B7 Norwalk, CT	1.0	1.0	750	$2,195	$2.93	44d	1	0.86mi
20 Magnolia Ave Unit 2 Norwalk, CT	2.0	1.0	700	$2,650	$3.79	3d	1	0.93mi
155 W Cedar St Apt 5 Norwalk, CT	1.0	1.0	700	$1,900	$2.71	44d	1	0.95mi
31 Fitch St Unit 2 Norwalk, CT	2.0	1.0	700	$2,750	$3.93	44d	1	0.99mi
41 Prospect St Norwalk, CT	1.0	1.0	575	$1,925	$3.35	44d	1	1.02mi
50 Fairview Ave Unit 3A Norwalk, CT	1.0	1.0	720	$2,100	$2.92	44d	1	1.02mi
34 Prospect St Unit 6T Norwalk, CT	1.0	1.0	700	$1,995	$2.85	24d	1	1.07mi
34 Prospect St Unit 4M Norwalk, CT	1.0	1.0	625	$1,773	$2.84	44d	1	1.07mi
4 Berkeley St Unit 2 Norwalk, CT	1.0	1.0	600	$1,795	$2.99	12d	1	1.14mi
18 Prospect Ave Unit C8 Norwalk, CT	1.0	1.0	572	$2,100	$3.67	24d	1	1.18mi
18 Prospect Ave Unit C10 Norwalk, CT	1.0	1.0	572	$2,100	$3.67	44d	1	1.18mi
31 Isaacs St Unit 1A Norwalk, CT	1.0	1.0	600	$1,695	$2.83	3d	1	1.21mi
61 Wall St Norwalk, CT	1.0–2.0	1.0	925	$2,210	$2.39	24d	1	1.27mi
99 East Ave Rm 600 Norwalk, CT	1.0	1.0	750	$5,500	$7.33	44d	1	1.36mi
99 East Ave Norwalk, CT	1.0	1.0	500	$5,000	$10.00	44d	1	1.36mi
99 East Ave Unit 1 Norwalk, CT	1.0	1.0	600	$5,100	$8.50	44d	1	1.36mi
10 Norden Pl Unit 136 Norwalk, CT	—	1.0	500	$1,860	$3.72	3d	1	1.48mi

HOA detail condo

• Monthly dues: $305 · $3,660/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $264,900 Active 145 DOM
2. 2026-06-17
   days on market $264,900 Active 144 DOM
3. 2026-06-16
   days on market $264,900 Active 143 DOM
4. 2026-06-15
   days on market $264,900 Active 142 DOM
5. 2026-06-13
   days on market $264,900 Active 140 DOM
6. 2026-06-13
   days on market $264,900 Active 139 DOM
7. 2026-06-10
   days on market $264,900 Active 137 DOM
8. 2026-06-09
   days on market $264,900 Active 136 DOM
9. 2026-06-08
   days on market $264,900 Active 135 DOM
10. 2026-06-07
    days on market $264,900 Active 134 DOM
11. 2026-06-05
    days on market $264,900 Active 131 DOM
12. 2026-06-03
    days on market $264,900 Active 130 DOM
13. 2026-06-03
    days on market $264,900 Active 129 DOM
14. 2026-06-02
    price $264,900 Active 128 DOM
15. 2026-06-01
    days on market $274,900 Active 128 DOM
16. 2026-05-31
    days on market $274,900 Active 127 DOM
17. 2026-04-19
    price $274,900 326-char remark

    Show marketing remark (326 chars)

    Smart Buy in South Norwalk. 5550 sq. ft. bedroom condo in a prime walkable location with strong rental appeal. Exposed brick, efficient layout, and low-maintenance ownership make this an excellent option for investors or first-time buyers. Close to Metro-North, restaurants, and the waterfront. Aggressively priced to move.

18. 2026-02-26
    price $287,000 326-char remark

    Show marketing remark (326 chars)

    Smart Buy in South Norwalk. 5550 sq. ft. bedroom condo in a prime walkable location with strong rental appeal. Exposed brick, efficient layout, and low-maintenance ownership make this an excellent option for investors or first-time buyers. Close to Metro-North, restaurants, and the waterfront. Aggressively priced to move.

19. 2026-02-19
    price $297,000 326-char remark

    Show marketing remark (326 chars)

    Smart Buy in South Norwalk. 5550 sq. ft. bedroom condo in a prime walkable location with strong rental appeal. Exposed brick, efficient layout, and low-maintenance ownership make this an excellent option for investors or first-time buyers. Close to Metro-North, restaurants, and the waterfront. Aggressively priced to move.

20. 2026-01-23
    listed $322,000 Active 326-char remark

    Show marketing remark (326 chars)

    Smart Buy in South Norwalk. 5550 sq. ft. bedroom condo in a prime walkable location with strong rental appeal. Exposed brick, efficient layout, and low-maintenance ownership make this an excellent option for investors or first-time buyers. Close to Metro-North, restaurants, and the waterfront. Aggressively priced to move.

21. 2000-05-18
    soldstatus $88,000
22. 2000-05-17
    soldstatus $88,000 1-char remark

    Show marketing remark (1 chars)

    .

23. 2000-02-29
    listed $89,900 1-char remark

    Show marketing remark (1 chars)

    .

24. 1987-06-02
    soldstatus $133,666

ⓘ 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: $2,751 · $229/mo
• Projected year-2 tax: $4,210 · $351/mo
• Expected delta: +$1,459/yr (+$122/mo · 53.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 14% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,638
• − Mortgage interest: −$14,839
• − Property taxes: −$2,751
• − Insurance: −$1,324
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − HOA: −$3,660
• − Depreciation: −$7,706
• Taxable loss: −$7,905
• Est. tax savings @ 24.0%: +$1,897
• After-tax cash flow: $-1,465/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: Norwalk School District
• NCES district ID: 0903090
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 44% ▼ -6.00%
• Median HH income: $76,540
• Composite: 34.07/100
• National rank: #5297
• State rank: #104 of 153 in CT

Livability — Norwalk

• Score: 77/100
• State rank: #41
• US rank: #2966

Category grades

Amenities C- Commute A- Cost of living F Crime A Employment A+ Housing A- Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwalk, CT
• County: Fairfield County · 765,532 people
• City population: 89,026
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 32,118
• Household income: $86,679
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1720.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 26% Black 22% Two or more races 19% Asian 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 6% Dominican 2%
• Common ancestry: Hispanic 3% Romanian 2% Subsaharan African 1%
• Foreign-born: 38% · Canada, Jamaica, Guatemala
• Languages at home: 50% English-only · Spanish 38% French/Haitian/Cajun 5% Other Indo-European 4%

Political lean MEDSL · Western Connecticut

• 2024 margin: D (+19.1) · D 58.8% · R 39.7% · Other 1.6%
• All cycles: 2024: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -286.00%
• Current HPI: 209.0301
• Rent YoY: ▲ 0.32%
• Metro: Bridgeport-Stamford-Norwalk, 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

+105.7% since first listed

8 events — show timeline

• 2026-04-19 Price Changed $274,900 Smart MLS
• 2026-02-26 Price Changed $287,000 Smart MLS
• 2026-02-19 Price Changed $297,000 Smart MLS
• 2026-01-23 Listed $322,000 Smart MLS
• 2000-05-18 Sold (Public Records) $88,000 Public Records
• 2000-05-17 Sold (MLS) $88,000 Smart MLS
• 2000-02-29 Listed $89,900 Smart MLS
• 1987-06-02 Sold (Public Records) $133,666 Public Records

Property tax history

+0.2%/yr

Latest (2023): $2,751 · +1.9% YoY. Source: county tax records.