31-33 Hickok Pl · Burlington, VT 05401

$849,000

28 bd · 16.0 ba · 4,243 sqft · MultiFamily · 64 Days on market

Built 1899 Fair condition 6,534 sqft lot $200/sqft · 23% below area Est $1102k · 23% under

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +7.0/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Well-maintained 4-unit investment property featuring three 2-bedroom apartments and one 1-bedroom unit. Turn-key multi-family property fully leased through May 2027. Located between UVM Campus and downtown, 31-33 Hickok Place is in an exceptional student rental property in an ideal location. Strong financials with separate heat and electricity paid by the tenants. Plenty of off-street parking, on-site coin-op laundry, and large rear decks all contribute to strong tenant appeal and retention. Expansion opportunity into an amazing attic space provides a rare opportunity for added value and reconfiguration. Strong opportunity for investors seeking consistent above market income with the potential to add value in an unparalleled student rental location!

Key facts

• Large rear decks
• Investment property
• Off-street parking

Tags

• INVESTMENT PROPERTY
• MULTI-FAMILY PROPERTY
• STUDENT RENTAL PROPERTY
• OFF-STREET PARKING
• ON-SITE COIN-OP LAUNDRY
• LARGE REAR DECKS

🏷️ Possibly a rental listed for sale. The $849,000 price doesn't fit this home's estimated sale value (~$1,102,140) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $849k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $538/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $849k).
• Recommended offer: $798k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.1% in Burlington — 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 74/100 on livability (#19 in VT, #4,619 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, schools B; Watch: cost of living D, crime F, amenities F.
• Market conditions: Rents flat; 137 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• At $10,149/mo this rent would consume 185% of the median local household income ($66k/yr) (locally 2757% 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 $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($798k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $798,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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.
11. 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.
12. 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: 1.20% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.86%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (median comp): $1,102,140
• List price: $849,000
• Delta: -22.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-25,171
• Equity at exit: $126,589

10-year hold

• IRR: 3.8%
• Equity multiple: 1.25×
• Total profit: $58,572
• Equity at exit: $73,406

Cash invested: $237,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 41 Moderately Tenant-Leaning
• State Vermont: 41 Moderately Tenant-Leaning · D+15
• County: — inherits STATE
• City: — inherits STATE

Just-cause in Burlington (2022); strong habitability.

Methodology + full state rankings →

ZIP-level market 05401

• Rents YoY: 0.5%
• Active inventory: 137
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $10,149 high
• Mortgage (P&I): −$4,452
• Tax est. 1.5%: −$1,061 /mo · $12,735/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,131
• Net cashflow: $2,150

Break-even live

Break-even rent $7,427

Max offer price $849,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,737	-5% $2,444	+0% $2,150	+5% $1,857	+10% $1,564
Rent	-10% $1,349	-5% $1,750	+0% $2,150	+5% $2,551	+10% $2,952
Rate	-1.0pp $2,578	-0.5pp $2,366	base $2,150	+0.5pp $1,930	+1.0pp $1,707

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,839
1× unit	1	1	$2,311
Total (4 units)			$10,149

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: $212,250
• Closing costs: $25,470
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $849,000 Active 64 DOM
2. 2026-06-18
   days on market $849,000 Active 63 DOM
3. 2026-06-17
   days on market $849,000 Active 62 DOM
4. 2026-06-16
   days on market $849,000 Active 61 DOM
5. 2026-06-15
   days on market $849,000 Active 60 DOM
6. 2026-06-14
   days on market $849,000 Active 58 DOM
7. 2026-06-13
   days on market $849,000 Active 57 DOM
8. 2026-06-10
   days on market $849,000 Active 55 DOM
9. 2026-06-09
   days on market $849,000 Active 54 DOM
10. 2026-06-08
    days on market $849,000 Active 53 DOM
11. 2026-06-07
    days on market $849,000 Active 52 DOM
12. 2026-06-05
    days on market $849,000 Active 49 DOM
13. 2026-06-03
    days on market $849,000 Active 48 DOM
14. 2026-06-02
    days on market $849,000 Active 47 DOM
15. 2026-06-01
    days on market $849,000 Active 46 DOM
16. 2026-05-31
    days on market $849,000 Active 45 DOM
17. 2026-05-30
    days on market $849,000 Active 44 DOM
18. 2026-04-16
    listed $865,000 Active 759-char remark

    Show marketing remark (759 chars)

    Well-maintained 4-unit investment property featuring three 2-bedroom apartments and one 1-bedroom unit. Turn-key multi-family property fully leased through May 2027. Located between UVM Campus and downtown, 31-33 Hickok Place is in an exceptional student rental property in an ideal location. Strong financials with separate heat and electricity paid by the tenants. Plenty of off-street parking, on-site coin-op laundry, and large rear decks all contribute to strong tenant appeal and retention. Expansion opportunity into an amazing attic space provides a rare opportunity for added value and reconfiguration. Strong opportunity for investors seeking consistent above market income with the potential to add value in an unparalleled student rental location!

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $121,788
• − Mortgage interest: −$47,557
• − Property taxes: −$12,735
• − Insurance: −$4,245
• − Repairs & maintenance: −$9,743
• − Management: −$9,743
• − Depreciation: −$24,698
• Taxable income: $13,067
• Est. tax owed @ 24.0%: −$3,136
• After-tax cash flow: $22,670/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

Fair 45/100 Moderate rehab

This 4-unit investment property requires moderate renovations to improve its condition and appeal to both buyers and renters. The kitchen and bathrooms are in need of updates, and the exterior and roof show signs of wear. Addressing these issues would significantly increase its value.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — basic and dated
• Moderate roof shingles — visible wear
• Moderate exterior siding — weathered and discolored
• Moderate HVAC systems — basic and likely outdated

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters
• Both replace dated bathroom fixtures — modernizing bathrooms would appeal to both buyers and renters
• Both repair/replace windows — new windows would improve energy efficiency and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · basic and dated	Moderate	$3,000–15,000
roof shingles · visible wear	Moderate	$3,000–15,000
exterior siding · weathered and discolored	Moderate	$3,000–15,000
HVAC systems · basic and likely outdated	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$15,000–75,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters ↑
• Both replace dated bathroom fixtures — modernizing bathrooms would appeal to both buyers and renters ↑
• Both repair/replace windows — new windows would improve energy efficiency and curb 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)

No district data.

Livability — Burlington

• Score: 74/100
• State rank: #19
• US rank: #4619

Category grades

Amenities F Commute A+ Cost of living D Crime F Employment B Housing B Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, VT
• County: Chittenden County · 110,603 people
• City population: 31,662
• Metro: Burlington-South Burlington, VT
• Population (ZIP): 31,662
• Household income: $65,657
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2757.0

Population outlook (Chittenden County) Hauer SSP2

• Today (2025): 170,769 people
• By 2030: 174,716 · +2.3%
• By 2040: 180,337 · +5.6%
• By 2050: 183,768 · +7.6%
• By 2075: 194,646 · +14.0%
• By 2100: 194,933 · +14.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 4%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Spanish 2%

Political lean MEDSL · Chittenden

• 2024 margin: Solid D (+53.6) · D 75.4% · R 21.7% · Other 2.9%
• 2008→2024 swing: +8.9pp toward D · 2008: 44.8pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+54.5 2016: D+46.8 2012: D+41.9 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.87%
• Current HPI: 352.2081
• Rent YoY: ▲ 0.52%
• Metro: Burlington-South Burlington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-16 Listed $865,000 PrimeMLS