376 W Highland Dr

Johnson, VT 05656

$132,500C+

3 bd · 2.0 ba · 1,064 sqft · Built 2017 · Manufactured · Active · 300 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,400/mo
• Mortgage (P&I): −$695
• Tax + insurance: −$218
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $193/mo
• Annual: $2,315/yr
• Cap rate: 8.54%
• Cash-on-cash: 8.04%
• DSCR: 1.36
• 1% rule: 1.06%
• Cash to close: $37,100

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $132k.
• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $132k).
• It's been on market 300 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $916 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#114 in VT) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A; Watch: amenities F, commute F, employment F.
• Zoned schools: Lamoille Union Middle School (math 22% / reading 45%, grade F, #19 of 26 statewide, top 72%, 262 students, 35% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 133 units permitted in Lamoille County in 2024 (15 in 5+ unit buildings).
• Lamoille County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.