80 Murray Hill south Rd #13

Manchester, VT 05255

$325,000C

2 bd · 2.5 ba · 1,199 sqft · Built 1980 · Condo · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,345/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$542
• HOA: −$735
• Vac / Maint / Mgmt: −$3,432
• Net cashflow: $9,932/mo
• Annual: $119,179/yr
• Cap rate: 42.96%
• Cash-on-cash: 130.97%
• DSCR: 6.83
• 1% rule: 5.03%
• Cash to close: $91,000

Investor read

• This is a 2-bed/2.5-bath condo listed at $325k. Condition is rated good.
• At list price, monthly cash flow is $10k ($119k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $325k).
• It's been on market 17 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (1.5% below list) — sets the bar for market timing.
• In year one you build about $35k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#80 in VT) — a middle-class / working-renter tenant base. Strengths: crime B; Watch: health & safety D, amenities F, commute F.
• Zoned schools: Manchester Elementary/Middle School (math 30% / reading 45%, grade F, #112 of 192 statewide, top 58%, 392 students, 41% FRL).
• Market conditions: 32 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 59 units permitted in Bennington County in 2024 (0 in 5+ unit buildings).
• Bennington County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 43.0% vs local median 5.0% in Manchester — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.