31-33 Hickok Pl · Burlington, VT 05401

$849,000

7 bd · 4.0 ba · 4,243 sqft · MultiFamily · 161 Days on market

Built 1899 Fair condition 6,534 sqft lot $200/sqft · 24% below area Est $1.121M · 24% under ↓ 2% since listing

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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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.5/10.0
• Schools +5.1/10.0
• 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

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.

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

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.
• This rent per unit runs 45% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $461/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $849k).
• Recommended offer: $747k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.4% 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+, employment B; Watch: cost of living D, crime F, amenities F.
• Zoned schools: Edmunds Elementary School (math 42% / reading 57%, grade D, #50 of 192 statewide, top 32%, 228 students, 53% FRL); Lyman C. Hunt Middle School (math 34% / reading 47%, grade F, #13 of 26 statewide, top 52%, 337 students, 49% FRL); Burlington High School (math 42% / reading 57%, grade D, #8 of 48 statewide, top 15%, 987 students, 48% FRL).
• Market conditions: Rents flat; 216 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).

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 161 days — a 12% lower offer ($747k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $747,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.15% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 7.2

CMA / ARV

• ARV (median comp): $1,120,932
• List price: $849,000
• Delta: -24.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 North St	0.34mi	7/6.0	3,224 (-24%)	4mo	$800,000	$248	48
233 Pearl St	0.10mi	8/2.0 (+1)	3,227 (-24%)	12mo	$970,000	$301	47
53-55 Walnut St	0.59mi	6/5.0 (-1)	3,887 (-8%)	6mo	$725,000	$187	44
234 Pearl St	0.08mi	8/11.0 (+1)	4,558 (+7%)	36mo	$1,724,689	$378	44
16-18 Loomis St	0.14mi	7/7.0	3,531 (-17%)	36mo	$1,100,000	$312	36
142-144 N Champlain St	0.52mi	6/6.0 (-1)	3,768 (-11%)	17mo	$837,000	$222	30
40 48 Blum Ct	1.45mi	8/2.0 (+1)	4,310 (+2%)	34mo	$850,000	$197	29
120 Colchester Ave	0.62mi	8/4.0 (+1)	3,195 (-25%)	25mo	$1,100,000	$344	21
64-66 Adams St	0.63mi	6/2.0 (-1)	3,656 (-14%)	26mo	$1,025,000	$280	14

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 · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.82×
• Total profit: $-43,850
• Equity at exit: $126,589

10-year hold

• IRR: 1.4%
• Equity multiple: 1.09×
• Total profit: $20,723
• 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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 2 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 05401

• Rents YoY: 0.5%
• Active inventory: 216
• Price-to-rent: 28.0×

Monthly cashflow live

• Estimated rent: $9,759 high
• Mortgage (P&I): −$4,452
• Tax est. 1.5%: −$1,061 /mo · $12,735/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,049
• Net cashflow: $1,842

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,572
1× unit	1	1	$2,185
Total (4 units)			$9,759

Break-even live

Break-even rent $7,427

Max offer price $849,000

Occupancy floor 76%

Sensitivity live

Price	-10% $2,429	-5% $2,136	+0% $1,842	+5% $1,549	+10% $1,256
Rent	-10% $1,071	-5% $1,457	+0% $1,842	+5% $2,228	+10% $2,613
Rate	-1.0pp $2,270	-0.5pp $2,058	base $1,842	+0.5pp $1,622	+1.0pp $1,399

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Greene St Burlington, VT	3.0	1.0	—	$2,400	—	5d	1	0.02mi
8 S Union St Unit 1 Burlington, VT	2.0	1.0	1100	$2,100	$1.91	117d	1	0.08mi
10 Isham St Apt 2 Burlington, VT	2.0	1.0	—	$1,650	—	5d	1	0.08mi
58 N Union St #5 Burlington, VT	1.0	1.0	—	$1,500	—	5d	1	0.10mi
58 N Union St Apt 1 Burlington, VT	3.0	1.0	—	$2,600	—	5d	1	0.10mi
323 Pearl St Ste 101 Burlington, VT	1.0	1.0	—	$1,760	—	5d	1	0.11mi
69 Greene St Apt 1 Burlington, VT	2.0	1.0	—	$1,800	—	5d	1	0.12mi
37 S Willard St Burlington, VT	3.0	1.0	900	$2,625	$2.92	139d	1	0.14mi
41 Loomis St #39 Burlington, VT	2.0	1.0	—	$2,000	—	5d	1	0.14mi
51 Loomis St Burlington, VT	1.0	1.0	600	$1,675	$2.79	4d	1	0.14mi
52 Isham St Unit 2 Burlington, VT	3.0	1.0	1065	$3,050	$2.86	139d	1	0.14mi
6 1/2 N Winooski Ave #301 Burlington, VT	2.0	1.0	—	$1,750	—	5d	1	0.15mi
6 1/2 N Winooski Ave Burlington, VT	3.0	1.0	—	$2,100	—	117d	1	0.15mi
14 N Winooski Ave Burlington, VT	2.0	1.0	—	$1,650	—	139d	1	0.15mi
64 Grant St Unit 3 Burlington, VT	1.0	1.0	350	$1,500	$4.29	5d	1	0.18mi
2 Bradley St Burlington, VT	1.0	1.0	—	$1,650	—	117d	1	0.18mi
105 S Union St Unit 508 Burlington, VT	3.0	1.0	—	$3,665	—	5d	1	0.24mi
277-279 North St Burlington, VT	3.0	1.5	—	$3,135	—	2d	1	0.27mi
323-325 College St Unit 12 Burlington, VT	3.0	1.0	—	$3,060	—	5d	1	0.28mi
238 College St Burlington, VT	1.0	1.0	—	$1,800	—	5d	2	0.28mi
25 Elmwood Ave Apt 3 Burlington, VT	1.0	1.0	—	$1,550	—	5d	1	0.29mi
372-374 North St Burlington, VT	3.0	1.0	1080	$2,880	$2.67	139d	1	0.29mi
416 Pearl St Burlington, VT	1.0–4.0	1.0	—	$2,433	—	139d	4	0.30mi
383 College St Unit 2D Burlington, VT	2.0	2.0	—	$2,500	—	5d	1	0.31mi
21 Hyde St Unit 2 Burlington, VT	3.0	1.0	1163	$2,400	$2.06	5d	1	0.31mi
166 N Winooski Ave Unit 2 Burlington, VT	3.0	1.0	856	$2,600	$3.04	5d	1	0.32mi
288 Main St Burlington, VT	2.0	1.0	712	$2,000	$2.81	139d	1	0.32mi
85 Peru St Unit 3 Burlington, VT	3.0	1.0	—	$2,550	—	5d	1	0.33mi
403 College St Burlington, VT	3.0	2.0	1500	$3,750	$2.50	5d	1	0.33mi
244 North St Unit 1 Burlington, VT	3.0	1.0	—	$3,000	—	117d	1	0.34mi
407 College St Unit 1 Burlington, VT	2.0	1.0	—	$2,500	—	139d	1	0.34mi
42 N Prospect St Burlington, VT	1.0	1.0	—	$1,695	—	117d	1	0.37mi
90 Pearl St Apt 301 Burlington, VT	1.0	1.0	—	$1,595	—	5d	1	0.37mi
90 Pearl St Apt 407 Burlington, VT	1.0	1.0	—	$1,395	—	5d	1	0.37mi
131 Church St Unit 302 Burlington, VT	1.0	1.0	502	$2,000	$3.98	139d	1	0.38mi
58-60 Intervale Ave Burlington, VT	3.0	1.0	1368	$2,400	$1.75	5d	1	0.41mi
176 Elmwood Ave Unit 1 Burlington, VT	3.0	1.0	—	$2,700	—	139d	1	0.42mi
176 Elmwood Ave Unit 3 Burlington, VT	1.0	1.0	600	$1,600	$2.67	5d	1	0.42mi
48 Monroe St Unit 1 Burlington, VT	2.0	1.0	1196	$2,400	$2.01	117d	1	0.44mi
15 Peru St Unit 15 Burlington, VT	3.0	1.5	—	$2,300	—	5d	1	0.45mi

Property features AI

Finance

• Other: Approximate total finished area and overall size provided in records
• Financial info: Net income reported: $73,700

Exterior

• Parking: Paved driveway
• Utilities: Public sewerPublic waterElectric with circuit breakersNatural gas service (VT Gas)Cable availableHigh-speed internet availableElectric service provided by Burlington Electric
• Home design: Multi-family propertyExisting structure
• Construction: Wood-frame constructionSlate roofBuilt in 1899
• Exterior features: City lotPaved drivewayPaved public road frontage

Interior

• Bedrooms: Four rental units: three 2-bedroom units and one 1-bedroom unitUnit breakdown: Unit 1 — 2 bedrooms; Unit 2 — 2 bedrooms; Unit 3 — 2 bedrooms; Unit 4 — 1 bedroom
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Natural gas heating with hot airNo central cooling
• Interior features: Basement present with interior accessUnfinished, dirt-floor basement

Listing history 50 events

1. 2026-09-24
   days on market $849,000 Active 161 DOM
2. 2026-09-24
   days on market $849,000 Active 160 DOM
3. 2026-09-22
   days on market $849,000 Active 159 DOM
4. 2026-09-21
   days on market $849,000 Active 158 DOM
5. 2026-09-20
   days on market $849,000 Active 157 DOM
6. 2026-09-19
   days on market $849,000 Active 156 DOM
7. 2026-09-18
   days on market $849,000 Active 155 DOM
8. 2026-09-17
   days on market $849,000 Active 154 DOM
9. 2026-09-16
   days on market $849,000 Active 153 DOM
10. 2026-09-15
    days on market $849,000 Active 152 DOM
11. 2026-09-14
    days on market $849,000 Active 151 DOM
12. 2026-09-13
    days on market $849,000 Active 150 DOM
13. 2026-09-12
    days on market $849,000 Active 149 DOM
14. 2026-09-11
    days on market $849,000 Active 148 DOM
15. 2026-09-05
    days on market $849,000 Active 142 DOM
16. 2026-09-04
    days on market $849,000 Active 141 DOM
17. 2026-09-03
    days on market $849,000 Active 140 DOM
18. 2026-08-31
    days on market $849,000 Active 137 DOM
19. 2026-08-30
    days on market $849,000 Active 136 DOM
20. 2026-08-29
    days on market $849,000 Active 135 DOM
21. 2026-08-28
    days on market $849,000 Active 134 DOM
22. 2026-08-27
    days on market $849,000 Active 133 DOM
23. 2026-08-26
    days on market $849,000 Active 132 DOM
24. 2026-08-25
    days on market $849,000 Active 131 DOM
25. 2026-08-24
    days on market $849,000 Active 130 DOM
26. 2026-08-23
    days on market $849,000 Active 129 DOM
27. 2026-08-22
    days on market $849,000 Active 128 DOM
28. 2026-08-21
    days on market $849,000 Active 127 DOM
29. 2026-08-20
    days on market $849,000 Active 126 DOM
30. 2026-08-19
    days on market $849,000 Active 125 DOM
31. 2026-08-18
    days on market $849,000 Active 124 DOM
32. 2026-08-17
    days on market $849,000 Active 123 DOM
33. 2026-08-16
    days on market $849,000 Active 122 DOM
34. 2026-08-15
    days on market $849,000 Active 121 DOM
35. 2026-08-14
    days on market $849,000 Active 120 DOM
36. 2026-08-13
    days on market $849,000 Active 119 DOM
37. 2026-08-12
    days on market $849,000 Active 118 DOM
38. 2026-08-11
    days on market $849,000 Active 117 DOM
39. 2026-08-10
    days on market $849,000 Active 116 DOM
40. 2026-08-09
    days on market $849,000 Active 115 DOM
41. 2026-08-08
    days on market $849,000 Active 114 DOM
42. 2026-08-07
    days on market $849,000 Active 113 DOM
43. 2026-08-06
    days on market $849,000 Active 112 DOM
44. 2026-08-05
    days on market $849,000 Active 111 DOM
45. 2026-08-04
    days on market $849,000 Active 110 DOM
46. 2026-08-03
    days on market $849,000 Active 109 DOM
47. 2026-07-31
    days on market $849,000 Active 106 DOM
48. 2026-07-29
    days on market $849,000 Active 104 DOM
49. 2026-07-27
    days on market $849,000 Active 102 DOM
50. 2026-07-25
    days on market $849,000 Active 100 DOM

ⓘ 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 3/10 Moderate
• 🌡 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: $117,108
• − Mortgage interest: −$47,557
• − Property taxes: −$12,735
• − Insurance: −$4,245
• − Repairs & maintenance: −$9,369
• − Management: −$9,369
• − Depreciation: −$24,698
• Taxable income: $9,135
• Est. tax owed @ 24.0%: −$2,192
• After-tax cash flow: $19,916/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 Est. rehab $106,075–$190,935 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 51/100

Zoned Schools

Elementary Champlain School C VT #31/192 Nat'l #9,801/41,679 Middle Edmunds Middle School C VT #8/26 Nat'l #3,585/14,009 High Burlington High School D VT #8/48 Nat'l #5,677/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 74/100

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 · 170,769 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: 14% of renters

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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%

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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%

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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

Property features AI

Finance

• Other: Approximate total finished area and overall size provided in records
• Financial info: Net income reported: $73,700

Exterior

• Parking: Paved driveway
• Utilities: Public sewerPublic waterElectric with circuit breakersNatural gas service (VT Gas)Cable availableHigh-speed internet availableElectric service provided by Burlington Electric
• Home design: Multi-family propertyExisting structure
• Construction: Wood-frame constructionSlate roofBuilt in 1899
• Exterior features: City lotPaved drivewayPaved public road frontage

Interior

• Bedrooms: Four rental units: three 2-bedroom units and one 1-bedroom unitUnit breakdown: Unit 1 — 2 bedrooms; Unit 2 — 2 bedrooms; Unit 3 — 2 bedrooms; Unit 4 — 1 bedroom
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Natural gas heating with hot airNo central cooling
• Interior features: Basement present with interior accessUnfinished, dirt-floor basement

Price history

-1.8% since first listed

2 events — show timeline

• 2026-05-22 Price Changed $849,000 PrimeMLS
• 2026-04-16 Listed $865,000 PrimeMLS