41-43 Otis St · Norwich, CT 06360

$379,500

6 bd · 2.0 ba · 3,141 sqft · MultiFamily · 6 Days on market

Built 1928 Good condition 6,534 sqft lot $121/sqft · at area comps Est $366k · at est.

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Why this score? — see what drove the C- 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 +21.7/30.0
• DSCR +6.9/10.0
• ARV discount +5.8/15.0
• 1% rule +5.7/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 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

Multiple offers best and final by Monday May 10 th at 11 am BEAUTIFULLY MAINTAINED CLASSY 2 FAMILY WITH CHARMING PERIOD CRAFTSMANSHIP COMBINED WITH UPDATED KITCHENS, BATHS AND MECHANICALS MAKES THIS A WONDERFUL OWNER OCCUPIED OR GREAT INVESTMENT HOME. EACH UNIT FEATURES 3 BEDROOMS WITH SPACIOUS FIREPLACED LIVING ROOMS, PRETTY DINING ROOMS WITH BUILT- IN HUTCHES AND CHEERFUL KITCHENS. LIGHT, BRIGHT IMMACULATE UNITS WITH A STYLISH FRONT PORCH, BACK PATIO AREA AND A 4 CAR DETACHED GARAGE. DOWN THE STREET FROM NFA NEAR ST. PATRICK'S CATHEDRAL MAKES THIS CONVENIENT LOCATION A REWARDING OPPORTUNITY!

Key facts

• Updated baths
• Built in hutches
• Stylish front porch

Tags

• UPDATED KITCHENS
• UPDATED BATHS
• PRETTY DINING ROOMS
• BUILT IN HUTCHES
• CHEERFUL KITCHENS
• STYLISH FRONT PORCH

Property features AI

Exterior

• Parking: Detached garage; 4 garage spaces
• Utilities: Public water connected; Public sewer connected; Natural gas hot water and heating
• Home design: Multi-family property (2-family); Multi-family for sale
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Vinyl siding; Built as two-unit building
• Exterior features: Balcony; Porch; Sidewalk; Gutters; Exterior lighting; Level lot

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Natural gas fuel
• Interior features: 12 total rooms; Full unfinished basement with storage, interior access and concrete floor; Attic with floored storage space and walk-up access; One fireplace
• Laundry & utility: Basement laundry hook-ups; 40-gallon natural gas hot water tank

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $380k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $380k).
• Cap rate 8.1% 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 $4,056/mo this rent would consume 74% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $106k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 63% 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 $379,500

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 1928 — 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: 1.07% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.57%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $365,690
• List price: $379,500
• Delta: 3.78%
• 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
127 Roath St	0.33mi	6/2.5	3,116 (-1%)	6mo	$310,000	$99	76
18 Division St	0.27mi	6/4.0	3,040 (-3%)	1mo	$367,500	$121	74
117 Broad St	0.21mi	6/4.0	3,223 (+3%)	9mo	$615,000	$191	70
29 Division St	0.28mi	7/2.5 (+1)	3,007 (-4%)	10mo	$120,000	$40	64
128 Broadway	0.25mi	5/4.0 (-1)	3,083 (-2%)	13mo	$385,000	$125	61
18 Hawthorne St	0.42mi	7/3.0 (+1)	3,138 (-0%)	14mo	$420,000	$134	60
49 Freeman Ave	0.10mi	7/3.0 (+1)	3,504 (+12%)	9mo	$255,000	$73	59
93 Broad St	0.21mi	6/3.5	2,834 (-10%)	11mo	$362,500	$128	59
136 Washington St	0.41mi	6/3.0	3,480 (+11%)	4mo	$432,000	$124	55
54 Roath St	0.45mi	7/3.0 (+1)	2,788 (-11%)	3mo	$500,000	$179	49
51-53 Cliff St	0.48mi	7/3.0 (+1)	3,516 (+12%)	2mo	$451,000	$128	47
433 E Main St	0.69mi	7/3.0 (+1)	2,873 (-8%)	13mo	$275,000	$96	34

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: -2.2%
• Equity multiple: 0.91×
• Total profit: $-9,082
• Equity at exit: $56,585

10-year hold

• IRR: 11.1%
• Equity multiple: 2.01×
• Total profit: $107,725
• Equity at exit: $32,812

Cash invested: $106,260 (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: 15.6×

Monthly cashflow live

• Estimated rent: $4,056 high
• Mortgage (P&I): −$1,990
• Tax est. 1.5%: −$474 /mo · $5,692/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $582

Break-even live

Break-even rent $3,320

Max offer price $379,500

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,056
Total (2 units)			$4,056

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: $94,875
• Closing costs: $11,385
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   status Under Contract 601-char remark
2. 2026-05-07
   listed $379,500 Active 601-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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $48,672
• − Mortgage interest: −$21,258
• − Property taxes: −$5,692
• − Insurance: −$1,898
• − Repairs & maintenance: −$3,894
• − Management: −$3,894
• − Depreciation: −$11,040
• Taxable income: $997
• Est. tax owed @ 24.0%: −$239
• After-tax cash flow: $6,740/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

Good 80/100 Cosmetic rehab

This multi-family home is in good condition with minimal repairs needed. It has a good condition score and is ready for a new owner or investor to move in.

Value-add opportunities

• Both Painting the exterior siding and trim — A fresh coat of paint can enhance the curb appeal and increase the home's value.
• Both Landscaping the front yard — A well-maintained front yard can improve the home's curb appeal and increase its value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding and trim — A fresh coat of paint can enhance the curb appeal and increase the home's value. ↑
• Both Landscaping the front yard — A well-maintained front yard can improve the home's curb appeal and increase its 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: 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

2 events — show timeline

• 2026-05-12 Pending — Smart MLS
• 2026-05-07 Listed $379,500 Smart MLS