31-33 Hickok Pl

Burlington, VT 05401

$849,000B

28 bd · 16.0 ba · 4,243 sqft · Built 1899 · MultiFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,149/mo
• Mortgage (P&I): −$4,452
• Tax + insurance: −$1,415
• HOA: −$0
• Vac / Maint / Mgmt: −$2,131
• Net cashflow: $2,150/mo
• Annual: $25,806/yr
• Cap rate: 9.33%
• Cash-on-cash: 10.86%
• DSCR: 1.48
• 1% rule: 1.20%
• Cash to close: $237,720

Investor read

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $849k. Condition is rated fair.
• 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).
• It's been on market 66 days — a 6% lower offer ($798k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $798k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 138 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?

Repairs flagged (vision-AI assessment)

• 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