18-20 N A St · Norwich, CT 06380

$280,000

8 bd · 4.0 ba · 2,254 sqft · MultiFamily · 12 Days on market

Built 1875 Good condition 6,969 sqft lot Est $243k · 15% 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
• Appreciation +10.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.1/10.0
• ARV discount +0.7/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

CASH ONLY !! Fully vacant 4-family value-add opportunity located in Norwich, Connecticut. This property presents a rare chance for investors to renovate and lease from a clean slate without the challenges of existing tenants or phased turnover. The building consists of four 2-bedroom residential units with separate tenant-paid utilities, public water/sewer, and off-street parking. With strong rental demand in the Norwich market and projected stabilized rents averaging approximately $1,500 per unit, the property offers significant upside potential through renovation and lease-up strategy. Ideal for investors seeking a repositioning opportunity, the asset is well-suited for both long-term hol

Key facts

• Public water/sewer
• Strong rental demand
• Off-street parking

Tags

• SEPARATE TENANT-PAID UTILITIES
• PUBLIC WATER/SEWER
• OFF-STREET PARKING
• STRONG RENTAL DEMAND
• CONVENIENTLY LOCATED
• LOCAL EMPLOYERS

Property features AI

Finance

• Financial info: Assessed value listed

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (4-family)
• Construction: Frame construction; Stone foundation
• Exterior features: Level lot; Clapboard siding; Asphalt shingle roof

Interior

• Bedrooms: 8 total bedrooms
• Bathrooms: 4 full bathrooms
• Heating & cooling: Baseboard heating (electric); 40-gallon hot water tank
• Interior features: Full basement; 16 total rooms; Multi-family building with 4 total units

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $978/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $280k).
• Cap rate 23.1% 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: 7 active listings in the ZIP; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts; this cycle's ask has dropped $270k (49%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $280,000

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 1875 — 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: 2.64% ✓
• Cap rate: 23.05%
• Cash-on-cash: 59.86%
• DSCR: 3.66
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $243,432
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 N A St	0.07mi	7/3.0 (-1)	2,331 (+3%)	6mo	$375,000	$161	77
1 S C St	0.23mi	7/— (-1)	2,352 (+4%)	3mo	$210,000	$89	74
42-44 S B St	0.18mi	7/3.0 (-1)	2,318 (+3%)	24mo	$250,500	$108	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 72.1%
• Equity multiple: 6.12×
• Total profit: $401,700
• Equity at exit: $252,246

10-year hold

• IRR: 65.9%
• Equity multiple: 13.59×
• Total profit: $987,277
• Equity at exit: $543,978

Cash invested: $78,400 (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 06380

• Home prices YoY: 4.2%
• Active inventory: 7
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $7,400 medium
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,200/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,554
• Net cashflow: $3,911

Break-even live

Break-even rent $2,449

Max offer price $280,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$7,400
Total (4 units)			$7,400

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-10
   status $280,000 Under Contract 12 DOM
2. 2026-06-09
   days on market $280,000 Active 12 DOM
3. 2026-06-08
   days on market $280,000 Active 11 DOM
4. 2026-06-07
   days on market $280,000 Active 10 DOM
5. 2026-06-02
   days on market $280,000 Active 5 DOM
6. 2026-06-01
   days on market $280,000 Active 4 DOM
7. 2026-05-31
   days on market $280,000 Active 3 DOM
8. 2026-05-30
   days on market $280,000 Active 2 DOM
9. 2026-05-20
   listed $550,000 Active
10. 2026-01-20
    historical
11. 2025-11-04
    listed $450,000 Active
12. 2025-06-25
    historical
13. 2025-05-03
    status Active
14. 2025-04-09
    status Under Contract
15. 2025-03-10
    listed $425,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°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: $88,800
• − Mortgage interest: −$15,684
• − Property taxes: −$4,200
• − Insurance: −$1,400
• − Repairs & maintenance: −$7,104
• − Management: −$7,104
• − Depreciation: −$8,145
• Taxable income: $45,162
• Est. tax owed @ 24.0%: −$10,839
• After-tax cash flow: $36,093/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 · 12 photos

Good 75/100 Cosmetic rehab

This 4-unit property in Norwich, CT is in good condition with cosmetic updates needed. It presents a solid investment opportunity with strong rental demand and significant upside potential.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace flooring — Hardwood floors are in good condition but could be refreshed
• Both Update kitchen appliances — Modernize the kitchen and improve rental appeal
• Both Update bathrooms — Modernize bathrooms and improve rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace flooring — Hardwood floors are in good condition but could be refreshed ↑
• Both Update kitchen appliances — Modernize the kitchen and improve rental appeal ↑
• Both Update bathrooms — Modernize bathrooms and improve rental appeal ↑

ⓘ 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
• City population: 37,216
• Population (ZIP): 2,427

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 57% Hispanic / Latino 30% Black 8% Two or more races 7% Native American 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 15% Cuban 2%
• Common ancestry: Lithuanian 12% Romanian 6% American 2%
• Foreign-born: 9% · Canada
• Languages at home: 77% English-only · Spanish 18% French/Haitian/Cajun 5%

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: ▲ 10.21%
• Current HPI: 255.5889
• Rent YoY: —
• Metro: —
• 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

+29.4% since first listed

7 events — show timeline

• 2026-05-20 Listed $550,000 Smart MLS
• 2026-01-20 Listing Removed — Smart MLS
• 2025-11-04 Listed $450,000 Smart MLS
• 2025-06-25 Listing Removed — Smart MLS
• 2025-05-03 Relisted — Smart MLS
• 2025-04-09 Pending — Smart MLS
• 2025-03-10 Listed $425,000 Smart MLS