119 Williams St · Norwich, CT 06360

$424,925

7 bd · 4.0 ba · 2,964 sqft · MultiFamily public records · 66 Days on market

Built 1870 10,018 sqft lot $143/sqft · 24% above area Est $342k · 24% over

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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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• ARV discount +0.0/15.0
• 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

Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1870

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $399k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 $4,826/mo this rent would consume 88% 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 $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $119k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($399k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y 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 $170k; list at $425k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $399,429 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.14% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.23%
• DSCR: 1.46
• GRM: 7.3

CMA / ARV

• ARV (median comp): $342,360
• List price: $424,925
• Delta: 24.12%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
93 Broad St	0.73mi	6/3.5 (-1)	2,834 (-4%)	11mo	$362,500	$128	42

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: 2.9%
• Equity multiple: 1.12×
• Total profit: $13,928
• Equity at exit: $63,358

10-year hold

• IRR: 15.6%
• Equity multiple: 2.48×
• Total profit: $175,774
• Equity at exit: $36,740

Cash invested: $118,979 (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: 22.0×

Monthly cashflow live

• Estimated rent: $4,826 high
• Mortgage (P&I): −$2,228
• Tax from tax record: −$393 /mo · $4,718/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,013
• Net cashflow: $1,014

Break-even live

Break-even rent $3,542

Max offer price $424,925

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$4,827
Total (3 units)			$4,826

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: $106,231
• Closing costs: $12,748
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $424,925 Active 66 DOM
2. 2026-06-18
   days on market $424,925 Active 65 DOM
3. 2026-06-17
   days on market $424,925 Active 64 DOM
4. 2026-06-16
   days on market $424,925 Active 63 DOM
5. 2026-06-15
   days on market $424,925 Active 62 DOM
6. 2026-06-14
   days on market $424,925 Active 60 DOM
7. 2026-06-13
   days on market $424,925 Active 59 DOM
8. 2026-06-10
   days on market $424,925 Active 57 DOM
9. 2026-06-09
   days on market $424,925 Active 56 DOM
10. 2026-06-08
    days on market $424,925 Active 55 DOM
11. 2026-06-07
    days on market $424,925 Active 54 DOM
12. 2026-06-02
    days on market $424,925 Active 49 DOM
13. 2026-06-01
    days on market $424,925 Active 48 DOM
14. 2026-05-31
    days on market $424,925 Active 47 DOM
15. 2026-05-30
    days on market $424,925 Active 46 DOM
16. 2026-05-14
    status Active 932-char remark

    Show marketing remark (932 chars)

    Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

17. 2026-04-29
    historical Under Contract - Continue to Show 932-char remark

    Show marketing remark (932 chars)

    Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

18. 2026-04-19
    status Active 932-char remark

    Show marketing remark (932 chars)

    Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

19. 2026-04-01
    historical 932-char remark

    Show marketing remark (932 chars)

    Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

20. 2026-03-28
    listed $424,925 Active 932-char remark

    Show marketing remark (932 chars)

    Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

21. 2026-03-26
    historical $424,925 932-char remark

    Show marketing remark (932 chars)

    Charming and full of character, this well-maintained three-family property blends timeless old-world charm with strong investment potential in a desirable neighborhood. Each unit offers comfortable living space with spacious layouts, functional kitchens and bathrooms, and classic details that add warmth and appeal throughout. The property has been thoughtfully maintained while preserving much of its original character and charm. The 2nd and 3rd floor units share a newer heating and hot water system, adding efficiency and value, while separate utilities provide added convenience. Conveniently located near shopping, dining, public transportation, and major highways, this property presents an excellent opportunity for both investors and owner-occupants seeking steady rental income and long-term potential. A rare chance to own a multi-family property that combines character, functionality, and income-producing opportunity.

22. 2021-03-09
    soldstatus $170,000
23. 2021-03-05
    soldstatus $170,000 Closed 394-char remark

    Show marketing remark (394 chars)

    Investors and Owner Occupants take notice, this property is a money maker. With a little work here and there this property could make even more profit! Conveniently located near major highways, shopping and dining, this is one you don't want to miss. All units are large in size, and the 2 bedroom unit has been updated! Come see for yourself!! Schedule your showing now! More pictures to come!

24. 2021-01-15
    listed $185,000 Active 394-char remark

    Show marketing remark (394 chars)

    Investors and Owner Occupants take notice, this property is a money maker. With a little work here and there this property could make even more profit! Conveniently located near major highways, shopping and dining, this is one you don't want to miss. All units are large in size, and the 2 bedroom unit has been updated! Come see for yourself!! Schedule your showing now! More pictures to come!

25. 2021-01-14
    historical
26. 2020-12-16
    listed $185,000 Active
27. 2020-05-10
    historical
28. 2020-05-01
    status Active
29. 2020-04-30
    historical Under Contract - Continue to Show
30. 2020-03-31
    listed $180,000 Active
31. 2014-05-30
    soldstatus $80,500
32. 2014-04-15
    listed $79,900

ⓘ 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: $4,718 · $393/mo
• Projected year-2 tax: $6,906 · $575/mo
• Expected delta: +$2,188/yr (+$182/mo · 46.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $57,912
• − Mortgage interest: −$23,802
• − Property taxes: −$4,718
• − Insurance: −$2,125
• − Repairs & maintenance: −$4,633
• − Management: −$4,633
• − Depreciation: −$12,361
• Taxable income: $5,640
• Est. tax owed @ 24.0%: −$1,354
• After-tax cash flow: $10,814/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

+431.8% since first listed

17 events — show timeline

• 2026-05-14 Relisted — Smart MLS
• 2026-04-29 Contingent — Smart MLS
• 2026-04-19 Relisted — Smart MLS
• 2026-04-01 Listing Removed — Smart MLS
• 2026-03-28 Listed $424,925 Smart MLS
• 2026-03-26 Coming Soon $424,925 Smart MLS
• 2021-03-09 Sold (Public Records) $170,000 Public Records
• 2021-03-05 Sold (MLS) $170,000 Smart MLS
• 2021-01-15 Listed $185,000 Smart MLS
• 2021-01-14 Listing Removed — Smart MLS
• 2020-12-16 Listed $185,000 Smart MLS
• 2020-05-10 Listing Removed — Smart MLS
• 2020-05-01 Relisted — Smart MLS
• 2020-04-30 Contingent — Smart MLS
• 2020-03-31 Listed $180,000 Smart MLS
• 2014-05-30 Sold (MLS) $80,500 Smart MLS
• 2014-04-15 Listed $79,900 Smart MLS

Property tax history

-1.1%/yr

Latest (2023): $4,718 · +0.3% YoY. Source: county tax records.