104 Norwich Ave · Norwich, CT 06360

$299,900

6 bd · 3.0 ba · 2,056 sqft · MultiFamily public records · 73 Days on market

Built 1890 10,454 sqft lot $146/sqft · 6% above area Est $282k · 6% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.6/15.0
• 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: 3 units. confirmed

Listing remarks MLS

Attention investors and contractors! 104 Norwich is a 3 family and has a NEW ROOF and NEW SIDING. Besides those updated items, this is a full rehab project. Ideal for buyers looking for an investment, flip, or long-term rental. Corner lot, off-street parking, and shed. Conveniently located near local amenities, shopping, dining, hospitals, casinos, and major highways. Property is being sold as-is.

Key facts

• New siding
• Shed
• Off-street parking

Tags

• NEW ROOF
• NEW SIDING
• CORNER LOT
• OFF-STREET PARKING
• SHED
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $711/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.1% 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 $5,243/mo this rent would consume 96% 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 ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $140k; list at $300k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 63% 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 $281,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.75% ✓
• Cap rate: 15.05%
• Cash-on-cash: 31.28%
• DSCR: 2.39
• GRM: 4.8

CMA / ARV

• ARV (median comp): $281,881
• List price: $299,900
• Delta: 6.39%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 Norwich Ave	0.26mi	6/2.0	2,116 (+3%)	6mo	$285,000	$135	74

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: 29.2%
• Equity multiple: 2.28×
• Total profit: $107,091
• Equity at exit: $44,716

10-year hold

• IRR: 38.5%
• Equity multiple: 5.24×
• Total profit: $355,850
• Equity at exit: $25,930

Cash invested: $83,972 (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: 14.3×

Monthly cashflow live

• Estimated rent: $5,243 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$256 /mo · $3,068/yr
• Insurance: −$125
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,101
• Net cashflow: $2,133

Break-even live

Break-even rent $2,543

Max offer price $299,900

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,244
Total (3 units)			$5,243

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $299,900 Active 73 DOM
2. 2026-06-18
   days on market $299,900 Active 72 DOM
3. 2026-06-17
   days on market $299,900 Active 71 DOM
4. 2026-06-16
   days on market $299,900 Active 70 DOM
5. 2026-06-15
   days on market $299,900 Active 69 DOM
6. 2026-06-14
   days on market $299,900 Active 67 DOM
7. 2026-06-13
   days on market $299,900 Active 66 DOM
8. 2026-06-10
   days on market $299,900 Active 64 DOM
9. 2026-06-09
   days on market $299,900 Active 63 DOM
10. 2026-06-08
    days on market $299,900 Active 62 DOM
11. 2026-06-07
    days on market $299,900 Active 61 DOM
12. 2026-06-02
    days on market $299,900 Active 56 DOM
13. 2026-06-01
    days on market $299,900 Active 55 DOM
14. 2026-05-31
    days on market $299,900 Active 54 DOM
15. 2026-05-30
    days on market $299,900 Active 53 DOM
16. 2026-04-07
    listed $299,900 Active 400-char remark

    Show marketing remark (400 chars)

    Attention investors and contractors! 104 Norwich is a 3 family and has a NEW ROOF and NEW SIDING. Besides those updated items, this is a full rehab project. Ideal for buyers looking for an investment, flip, or long-term rental. Corner lot, off-street parking, and shed. Conveniently located near local amenities, shopping, dining, hospitals, casinos, and major highways. Property is being sold as-is.

17. 2024-12-03
    historical
18. 2024-09-11
    listed $245,000 Active
19. 2024-08-29
    historical
20. 2024-06-20
    listed $249,900 Active
21. 2023-11-30
    soldstatus $140,000 Closed
22. 2023-10-31
    status Under Contract
23. 2023-10-25
    historical Under Contract - Continue to Show
24. 2023-10-17
    price $155,000
25. 2023-10-17
    status Active
26. 2023-09-13
    status Under Contract
27. 2023-08-16
    historical Under Contract - Continue to Show
28. 2023-07-24
    listed $153,900 Active
29. 2022-02-16
    soldstatus $80,000 Closed
30. 2021-12-13
    listed $109,900 Active
31. 2006-03-06
    soldstatus $22,900
32. 2005-09-30
    listed $22,900
33. 1988-05-26
    soldstatus $140,000

ⓘ 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: $3,068 · $256/mo
• Projected year-2 tax: $4,743 · $395/mo
• Expected delta: +$1,675/yr (+$140/mo · 54.6%)

ⓘ 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 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: $62,916
• − Mortgage interest: −$16,799
• − Property taxes: −$3,068
• − Insurance: −$2,166
• − Repairs & maintenance: −$5,033
• − Management: −$5,033
• − Depreciation: −$8,724
• Taxable income: $22,092
• Est. tax owed @ 24.0%: −$5,302
• After-tax cash flow: $20,295/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

+114.2% since first listed

18 events — show timeline

• 2026-04-07 Listed $299,900 Smart MLS
• 2024-12-03 Listing Removed — Smart MLS
• 2024-09-11 Listed $245,000 Smart MLS
• 2024-08-29 Listing Removed — Smart MLS
• 2024-06-20 Listed $249,900 Smart MLS
• 2023-11-30 Sold (MLS) $140,000 Smart MLS
• 2023-10-31 Pending — Smart MLS
• 2023-10-25 Contingent — Smart MLS
• 2023-10-17 Price Changed $155,000 Smart MLS
• 2023-10-17 Relisted — Smart MLS
• 2023-09-13 Pending — Smart MLS
• 2023-08-16 Contingent — Smart MLS
• 2023-07-24 Listed $153,900 Smart MLS
• 2022-02-16 Sold (MLS) $80,000 Smart MLS
• 2021-12-13 Listed $109,900 Smart MLS
• 2006-03-06 Sold (MLS) $22,900 Smart MLS
• 2005-09-30 Listed $22,900 Smart MLS
• 1988-05-26 Sold (Public Records) $140,000 Public Records

Property tax history

+1.1%/yr

Latest (2023): $3,068 · -0.8% YoY. Source: county tax records.