99 Ward St · Norwalk, CT 06851

$499,000

4 bd · 3.0 ba · 1,410 sqft · SingleFamily public records · 24 Days on market

Built 1760 7,840 sqft lot Est $596k · 16% under

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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).

• ARV discount +14.9/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Schools +3.4/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BUILDERS/INVESTORS - UNCOVER THE POTENTIAL OF THIS UNIQUE 3-STORY HOME! 2 bedrooms and a bath and attic storage on third floor. 2 Bedrooms and a bath on main floor. Lower level has a bonus bedroom and bath with a separate entrance + garage and basement area. This Fixer-Upper has historical features including a colonial walk-in fireplace in the dining room, antique wide-plank hardwood floors and an additional fireplace in the living room, and exposed hand-hewn beams. This one of a kind property offers the opportunity to bring your tools and imagination to transform this home into something truly special. Great location and close to public transportation, Shops, & Restaurants. Close access to Route 7, I-95, & Merritt Parkway. Home is being sold "As Is". Cash or rehab loans only. Don't Miss this great opportunity!

Key facts

• Terraced stonework
• Bee-hive oven
• Deep-set windows

Tags

• GRANITE LEDGE
• TERRACED STONEWORK
• MATURE TREES
• OVERSIZED HEARTH
• BEE-HIVE OVEN
• DEEP-SET WINDOWS

Property features AI

Exterior

• Parking: Under-house garage (1-car); Driveway with paved and gravel surfaces; Off-street parking; Total of 5 parking spaces
• Utilities: Public water connected; Public sewer connected; Domestic hot water
• Home design: Single-family home
• Construction: Frame construction; Vinyl siding; Stone foundation; Asphalt shingle roof; Painted robin egg blue exterior color
• Exterior features: Beach rights; Dry lot

Interior

• Kitchen: Gas range; Refrigerator; Dishwasher
• Bedrooms: Four bedrooms
• Bathrooms: Three full bathrooms
• Heating & cooling: Hot water heating; Natural gas fuel
• Interior features: Eight total rooms; Two fireplaces; Possible in-law apartment with first-floor access; Full basement, partially finished, with interior and garage access
• Laundry & utility: Washer and dryer; Laundry on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $499k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $430k (13.9% below list).
• Recommended offer: $430k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Tracey Magnet School (math 24% / reading 29%, grade F, #413 of 553 statewide, top 75%, 465 students, 61% FRL); West Rocks Middle School (math 24% / reading 44%, grade F, #128 of 175 statewide, top 74%, 700 students, 50% FRL); P-Tech Norwalk (math 32% / reading 62%, grade D-, #92 of 194 statewide, top 47%, 408 students, 50% FRL).
• Market conditions: Rents rising (+2.1%/yr); 94 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $4,299/mo this rent would consume 46% of the median local household income ($111k/yr) (locally 995% 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 $15k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.
• Current owner paid $300k; list at $499k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1760 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $429,870 (13.9% below list)

Questions for the listing agent

1. Built in 1760 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.86% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.93%
• DSCR: 1.04
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $596,430
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 Camp St	0.16mi	3/1.0 (-1)	1,411 (+0%)	14mo	$600,000	$425	68
10 Delaware Ave	0.36mi	3/1.5 (-1)	1,420 (+1%)	7mo	$480,000	$338	65
15 Delaware Ave	0.35mi	3/2.0 (-1)	1,540 (+9%)	6mo	$630,000	$409	54
6 Plumley Cir	0.35mi	3/2.0 (-1)	1,277 (-9%)	7mo	$670,000	$525	54
4 Harvard St	0.72mi	4/2.0	1,365 (-3%)	10mo	$660,000	$484	49
30 Highbrook Rd	0.63mi	3/2.5 (-1)	1,476 (+5%)	13mo	$635,000	$430	45
2 Aiken St	0.41mi	3/1.5 (-1)	1,551 (+10%)	17mo	$595,000	$384	39
126 W Rocks Rd	0.69mi	3/2.0 (-1)	1,249 (-11%)	2mo	$675,000	$540	39
4 Dry Hill Ct	0.67mi	3/2.0 (-1)	1,331 (-6%)	15mo	$520,000	$391	38
10 Dry Hill Ct	0.69mi	3/2.0 (-1)	1,540 (+9%)	11mo	$651,000	$423	34
2 Dry Hill Ct	0.66mi	3/2.0 (-1)	1,540 (+9%)	16mo	$549,000	$356	32
20 Pulaski St	0.74mi	3/2.0 (-1)	1,590 (+13%)	6mo	$589,000	$370	30

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 · 2.11% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-77,794
• Equity at exit: $74,403

10-year hold

• IRR: -8.9%
• Equity multiple: 0.47×
• Total profit: $-74,355
• Equity at exit: $43,144

Cash invested: $139,720 (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 06851

• Rents YoY: 2.1%
• Active inventory: 94
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $4,299 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$463 /mo · $5,552/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$903
• Net cashflow: $109

Break-even live

Break-even rent $4,161

Max offer price $499,000

Occupancy floor 92%

Sensitivity live

Price	-10% $391	-5% $250	+0% $109	+5% $-33	+10% $-174
Rent	-10% $-231	-5% $-61	+0% $109	+5% $278	+10% $448
Rate	-1.0pp $360	-0.5pp $235	base $109	+0.5pp $-21	+1.0pp $-152

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Summer St Norwalk, CT	3.0	2.5	1600	$3,995	$2.50	25d	1	0.35mi
45 Wilton Ave Unit 1 Norwalk, CT	3.0	1.0	1220	$2,950	$2.42	25d	1	0.45mi
24 Highbrook Rd Norwalk, CT	3.0	2.0	1815	$5,050	$2.78	25d	1	0.57mi
26 Belden Ave Norwalk, CT	1.0–3.0	1.0–2.0	1135	$4,330	$3.81	5d	20	0.63mi
20 Spring Hill Ave Norwalk, CT	3.0	1.5	1602	$3,500	$2.18	45d	1	0.76mi
17 Reservoir Ave Norwalk, CT	4.0	2.0	1600	$4,400	$2.75	25d	1	0.90mi
10 Silver St Unit 1 Norwalk, CT	3.0	1.5	1000	$3,100	$3.10	5d	1	0.93mi
515 West Ave Norwalk, CT	1.0–3.0	1.0–2.0	1335	$4,853	$3.63	4d	24	1.01mi
515 West Ave Norwalk, CT	1.0–3.0	1.0–2.0	1532	$4,853	$3.17	20d	48	1.01mi
7 Bartlett Mnr Norwalk, CT	3.0	1.5	1242	$3,800	$3.06	23d	1	1.03mi
60 Walter Ave Norwalk, CT	3.0	1.5	1320	$4,000	$3.03	45d	1	1.05mi
56 Linden St Norwalk, CT	3.0	2.0	1763	$8,000	$4.54	4d	1	1.07mi
467 West Ave Norwalk, CT	3.0	1.0–2.0	1334	$6,368	$4.77	12d	190	1.10mi
370 West Ave Norwalk, CT	3.0	1.0–2.0	925	$4,475	$4.84	5d	81	1.12mi
33 Macintosh Rd Norwalk, CT	3.0	1.0	1044	$3,500	$3.35	5d	1	1.16mi
2 Lakewood Dr Norwalk, CT	3.0	1.5	1175	$4,300	$3.66	20d	1	1.25mi
9 Cobblers Ln Norwalk, CT	3.0	1.0	1232	$5,000	$4.06	4d	1	1.46mi
36 Marlin Dr Norwalk, CT	3.0	1.5	1076	$4,800	$4.46	25d	1	1.47mi

Listing history 20 events

1. 2026-06-21
   days on market $499,000 Active 24 DOM
2. 2026-06-18
   days on market $499,000 Active 21 DOM
3. 2026-06-17
   days on market $499,000 Active 20 DOM
4. 2026-06-16
   days on market $499,000 Active 19 DOM
5. 2026-06-15
   days on market $499,000 Active 18 DOM
6. 2026-06-13
   days on market $499,000 Active 16 DOM
7. 2026-06-13
   days on market $499,000 Active 15 DOM
8. 2026-06-10
   days on market $499,000 Active 13 DOM
9. 2026-06-09
   days on market $499,000 Active 12 DOM
10. 2026-06-08
    days on market $499,000 Active 11 DOM
11. 2026-06-07
    days on market $499,000 Active 10 DOM
12. 2026-06-05
    days on market $499,000 Active 7 DOM
13. 2026-06-03
    days on market $499,000 Active 6 DOM
14. 2026-06-03
    days on market $499,000 Active 5 DOM
15. 2026-06-01
    days on market $499,000 Active 4 DOM
16. 2026-05-31
    days on market $499,000 Active 3 DOM
17. 2026-05-28
    listed $499,000 Active
18. 2023-12-26
    soldstatus $299,900 Closed 840-char remark

    Show marketing remark (840 chars)

    BUILDERS/INVESTORS - UNCOVER THE POTENTIAL OF THIS UNIQUE 3-STORY HOME! 2 bedrooms and a bath and attic storage on third floor. 2 Bedrooms and a bath on main floor. Lower level has a bonus bedroom and bath with a separate entrance + garage and basement area. This Fixer-Upper has historical features including a colonial walk-in fireplace in the dining room, antique wide-plank hardwood floors and an additional fireplace in the living room, and exposed hand-hewn beams. This one of a kind property offers the opportunity to bring your tools and imagination to transform this home into something truly special. Great location and close to public transportation, Shops, & Restaurants. Close access to Route 7, I-95, & Merritt Parkway. Home is being sold "As Is". Cash or rehab loans only. Don't Miss this great opportunity!

19. 2023-12-07
    status Under Contract 840-char remark

    Show marketing remark (840 chars)

    BUILDERS/INVESTORS - UNCOVER THE POTENTIAL OF THIS UNIQUE 3-STORY HOME! 2 bedrooms and a bath and attic storage on third floor. 2 Bedrooms and a bath on main floor. Lower level has a bonus bedroom and bath with a separate entrance + garage and basement area. This Fixer-Upper has historical features including a colonial walk-in fireplace in the dining room, antique wide-plank hardwood floors and an additional fireplace in the living room, and exposed hand-hewn beams. This one of a kind property offers the opportunity to bring your tools and imagination to transform this home into something truly special. Great location and close to public transportation, Shops, & Restaurants. Close access to Route 7, I-95, & Merritt Parkway. Home is being sold "As Is". Cash or rehab loans only. Don't Miss this great opportunity!

20. 2023-12-01
    listed $299,900 Active 840-char remark

    Show marketing remark (840 chars)

    BUILDERS/INVESTORS - UNCOVER THE POTENTIAL OF THIS UNIQUE 3-STORY HOME! 2 bedrooms and a bath and attic storage on third floor. 2 Bedrooms and a bath on main floor. Lower level has a bonus bedroom and bath with a separate entrance + garage and basement area. This Fixer-Upper has historical features including a colonial walk-in fireplace in the dining room, antique wide-plank hardwood floors and an additional fireplace in the living room, and exposed hand-hewn beams. This one of a kind property offers the opportunity to bring your tools and imagination to transform this home into something truly special. Great location and close to public transportation, Shops, & Restaurants. Close access to Route 7, I-95, & Merritt Parkway. Home is being sold "As Is". Cash or rehab loans only. Don't Miss this great opportunity!

ⓘ 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: $5,552 · $463/mo
• Projected year-2 tax: $8,115 · $676/mo
• Expected delta: +$2,563/yr (+$214/mo · 46.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $51,584
• − Mortgage interest: −$27,952
• − Property taxes: −$5,552
• − Insurance: −$2,495
• − Repairs & maintenance: −$4,127
• − Management: −$4,127
• − Depreciation: −$14,516
• Taxable loss: −$7,184
• Est. tax savings @ 24.0%: +$1,724
• After-tax cash flow: $3,027/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): 27,865
• Household income: $111,341
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 995.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Hispanic / Latino 25% Black 16% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 1% Slovak 1%
• Foreign-born: 27% · Canada, Jamaica, Guatemala
• Languages at home: 68% English-only · Spanish 22% Other Indo-European 5% Russian/Polish/Slavic 1%

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: ▼ -372.10%
• Current HPI: 190.9291
• Rent YoY: ▲ 2.11%
• 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

+66.4% since first listed

4 events — show timeline

• 2026-05-28 Listed $499,000 Smart MLS
• 2023-12-26 Sold (MLS) $299,900 Smart MLS
• 2023-12-07 Pending — Smart MLS
• 2023-12-01 Listed $299,900 Smart MLS

Property tax history

-0.7%/yr

Latest (2023): $5,552 · +2.2% YoY. Source: county tax records.