11 Division St · Norwich, CT 06360

$54,300

4 bd · 2.0 ba · 2,130 sqft · MultiFamily public records · 102 Days on market

Built 1870 7,405 sqft lot ↓ 58% since listing

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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

Investor Alert! Property is in Auction Status - Discover the potential at 11 Division Street in Norwich-a classic two-family home offering a total of 2,130 sq ft of living space. Each spacious unit features 4 rooms, including 2 bedrooms and 1 full bath, spread across 1,065 sq ft per floor. This property is a full renovation project, ideal for contractors or buyers looking to customize and create value. With a convenient location close to downtown amenities, schools, and transportation, this is a prime opportunity to transform a diamond in the rough into a profitable investment or multi-generational home. Bring your vision and tools-Condemned by City of Norwich - No entry - Sold As Is. Find the property information on the auction site at: https://www.hubzu.com/bank-owned-home/94517601745-11-DIVISION-STREET-Norwich-CT-06360

Key facts

• Two-family home
• Convenient location
• 7,405 sq ft lot

Tags

• TWO-FAMILY HOME
• FULL RENOVATION PROJECT
• CONVENIENT LOCATION
• CLOSE TO DOWNTOWN AMENITIES
• SCHOOLS AND TRANSPORTATION
• PROFITABLE INVESTMENT

🔨 Auction listing. The $54,300 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $285,391 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $54k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $54k).
• Recommended offer: $49k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.1% 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-.
• 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.
• Zoned schools: Moriarty Magnet School (math 26% / reading 31%, grade F, #396 of 553 statewide, top 72%, 368 students, 62% FRL); Kelly Steam Magnet Middle School (math 15% / reading 32%, grade F, #156 of 175 statewide, top 90%, 556 students, 72% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 243 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $3,337/mo this rent would consume 61% 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 $80k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $30k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 7.9% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $49,413 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% 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 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.17% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.97%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $285,391
• List price: $54,300
• Delta: -80.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Boswell Ave	0.11mi	4/2.0	2,180 (+2%)	7mo	$155,000	$71	85
16 Oak St	0.04mi	4/2.0	1,980 (-7%)	7mo	$303,000	$153	80
57 Division St	0.10mi	5/2.0 (+1)	2,134 (+0%)	15mo	$280,000	$131	78
490 E Main St	0.49mi	4/2.0	2,145 (+1%)	6mo	$57,000	$27	71
49 Union St	0.25mi	4/2.0	1,932 (-9%)	7mo	$170,000	$88	67
38 Summer St	0.45mi	5/3.0 (+1)	2,137 (+0%)	8mo	$105,000	$49	63
57 Boswell Ave	0.13mi	5/2.0 (+1)	1,841 (-14%)	8mo	$335,000	$182	60
43 Union St	0.25mi	5/4.0 (+1)	2,238 (+5%)	9mo	$365,000	$163	59
125 McKinley Ave	0.49mi	5/3.0 (+1)	2,224 (+4%)	11mo	$299,000	$134	52
17 Winchester St	0.55mi	4/2.0	2,057 (-3%)	20mo	$260,000	$126	52
31 Happy St	0.44mi	5/2.0 (+1)	2,340 (+10%)	11mo	$275,000	$118	49
116 Laurel Hill Ave	0.60mi	4/4.0	2,317 (+9%)	17mo	$300,000	$129	35

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: 2.7%
• Equity multiple: 1.11×
• Total profit: $8,688
• Equity at exit: $42,553

10-year hold

• IRR: 15.5%
• Equity multiple: 2.48×
• Total profit: $117,910
• Equity at exit: $24,675

Cash invested: $79,910 (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: 243
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $3,337 high
• Mortgage (P&I): −$1,497
• Tax est. 1.5%: −$357 /mo · $4,281/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $664

Break-even live

Break-even rent $2,497

Max offer price $285,391

Occupancy floor 75%

Sensitivity live

Price	-10% $861	-5% $763	+0% $664	+5% $565	+10% $467
Rent	-10% $400	-5% $532	+0% $664	+5% $796	+10% $928
Rate	-1.0pp $808	-0.5pp $737	base $664	+0.5pp $590	+1.0pp $515

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,336
Total (2 units)			$3,337

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: $71,348
• Closing costs: $8,562
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51-53 Cliff St Norwich, CT	4.0	1.0	1598	$2,100	$1.31	22d	1	0.21mi
10 Hillcrest St Unit B Norwich, CT	3.0	3.0	1507	$2,300	$1.53	45d	1	0.36mi
130 Platt Ave Norwich, CT	3.0	1.0	2010	$1,800	$0.90	45d	1	0.52mi
229 Boswell Ave Unit 6 Norwich, CT	3.0	2.5	1547	$2,350	$1.52	14d	1	0.54mi

Listing history 29 events

1. 2026-06-21
   days on market $54,300 Active 102 DOM
2. 2026-06-19
   days on market $54,300 Active 100 DOM
3. 2026-06-18
   days on market $54,300 Active 99 DOM
4. 2026-06-17
   days on market $54,300 Active 98 DOM
5. 2026-06-16
   days on market $54,300 Active 97 DOM
6. 2026-06-15
   days on market $54,300 Active 96 DOM
7. 2026-06-14
   days on market $54,300 Active 94 DOM
8. 2026-06-13
   days on market $54,300 Active 93 DOM
9. 2026-06-10
   days on market $54,300 Active 91 DOM
10. 2026-06-09
    days on market $54,300 Active 90 DOM
11. 2026-06-08
    days on market $54,300 Active 89 DOM
12. 2026-06-07
    days on market $54,300 Active 88 DOM
13. 2026-06-02
    days on market $54,300 Active 83 DOM
14. 2026-06-01
    days on market $54,300 Active 82 DOM
15. 2026-05-31
    days on market $54,300 Active 81 DOM
16. 2026-05-30
    days on market $54,300 Active 80 DOM
17. 2026-05-05
    price $54,300 833-char remark

    Show marketing remark (833 chars)

    Investor Alert! Property is in Auction Status - Discover the potential at 11 Division Street in Norwich-a classic two-family home offering a total of 2,130 sq ft of living space. Each spacious unit features 4 rooms, including 2 bedrooms and 1 full bath, spread across 1,065 sq ft per floor. This property is a full renovation project, ideal for contractors or buyers looking to customize and create value. With a convenient location close to downtown amenities, schools, and transportation, this is a prime opportunity to transform a diamond in the rough into a profitable investment or multi-generational home. Bring your vision and tools-Condemned by City of Norwich - No entry - Sold As Is. Find the property information on the auction site at: https://www.hubzu.com/bank-owned-home/94517601745-11-DIVISION-STREET-Norwich-CT-06360

18. 2026-03-19
    price $59,000 833-char remark

    Show marketing remark (833 chars)

    Investor Alert! Property is in Auction Status - Discover the potential at 11 Division Street in Norwich-a classic two-family home offering a total of 2,130 sq ft of living space. Each spacious unit features 4 rooms, including 2 bedrooms and 1 full bath, spread across 1,065 sq ft per floor. This property is a full renovation project, ideal for contractors or buyers looking to customize and create value. With a convenient location close to downtown amenities, schools, and transportation, this is a prime opportunity to transform a diamond in the rough into a profitable investment or multi-generational home. Bring your vision and tools-Condemned by City of Norwich - No entry - Sold As Is. Find the property information on the auction site at: https://www.hubzu.com/bank-owned-home/94517601745-11-DIVISION-STREET-Norwich-CT-06360

19. 2026-03-11
    listed $84,500 Active 833-char remark

    Show marketing remark (833 chars)

    Investor Alert! Property is in Auction Status - Discover the potential at 11 Division Street in Norwich-a classic two-family home offering a total of 2,130 sq ft of living space. Each spacious unit features 4 rooms, including 2 bedrooms and 1 full bath, spread across 1,065 sq ft per floor. This property is a full renovation project, ideal for contractors or buyers looking to customize and create value. With a convenient location close to downtown amenities, schools, and transportation, this is a prime opportunity to transform a diamond in the rough into a profitable investment or multi-generational home. Bring your vision and tools-Condemned by City of Norwich - No entry - Sold As Is. Find the property information on the auction site at: https://www.hubzu.com/bank-owned-home/94517601745-11-DIVISION-STREET-Norwich-CT-06360

20. 2026-02-28
    historical
21. 2026-02-03
    status Active
22. 2025-12-16
    status Under Contract
23. 2025-11-19
    price $84,500
24. 2025-10-22
    price $94,500
25. 2025-09-21
    listed $105,000 Active
26. 2006-12-28
    soldstatus $242,000
27. 2006-10-02
    listed $234,900
28. 1994-02-07
    soldstatus $47,500
29. 1988-03-11
    soldstatus $130,000

ⓘ 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 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 · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $40,044
• − Mortgage interest: −$15,986
• − Property taxes: −$4,281
• − Insurance: −$1,427
• − Repairs & maintenance: −$3,204
• − Management: −$3,204
• − Depreciation: −$8,302
• Taxable income: $3,640
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $7,094/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

-58.2% since first listed

13 events — show timeline

• 2026-05-05 Price Changed $54,300 Smart MLS
• 2026-03-19 Price Changed $59,000 Smart MLS
• 2026-03-11 Listed $84,500 Smart MLS
• 2026-02-28 Listing Removed — Smart MLS
• 2026-02-03 Relisted — Smart MLS
• 2025-12-16 Pending — Smart MLS
• 2025-11-19 Price Changed $84,500 Smart MLS
• 2025-10-22 Price Changed $94,500 Smart MLS
• 2025-09-21 Listed $105,000 Smart MLS
• 2006-12-28 Sold (MLS) $242,000 Smart MLS
• 2006-10-02 Listed $234,900 Smart MLS
• 1994-02-07 Sold (Public Records) $47,500 Public Records
• 1988-03-11 Sold (Public Records) $130,000 Public Records

Property tax history

-1.4%/yr

Latest (2023): $4,120 · +0.3% YoY. Source: county tax records.