184 South St

Springfield, VT 05156

$179,900F

2 bd · 2.0 ba · 944 sqft · Built 1988 · Manufactured · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,096/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $-225/mo
• Annual: $-2,703/yr
• Cap rate: 4.79%
• Cash-on-cash: -5.37%
• DSCR: 0.76
• 1% rule: 0.61%
• Cash to close: $50,372

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $-225 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (39.1% below list).
• It's been on market 93 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (39.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#21 in VT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Zoned schools: Elm Hill School (390 students, 47% FRL); Riverside Middle School (math 12% / reading 32%, grade F, #24 of 26 statewide, top 92%, 254 students, 57% FRL); Springfield High School (math 22% / reading 37%, grade F, #35 of 48 statewide, top 79%, 325 students, 46% FRL).
• Market conditions: 53 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 339 units permitted in Windsor County in 2024 (240 in 5+ unit buildings).
• Windsor County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 24y 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 $8k; list at $180k implies a 2177% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.