102 Washington St

Barre, VT 05641

$359,000C

5 bd · 4.0 ba · 3,295 sqft · Built 1902 · MultiFamily · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,181/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$878
• Net cashflow: $945/mo
• Annual: $11,343/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.28%
• DSCR: 1.50
• 1% rule: 1.16%
• Cash to close: $100,520

Investor read

• This is a 5-bed/4.0-bath multifamily listed at $359k.
• At list price, monthly cash flow is $945 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• It's been on market 71 days — a 6% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $337k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#92 in VT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Zoned schools: Spaulding Union High School (math 42% / reading 52%, grade D-, #10 of 48 statewide, top 28%, 615 students, 21% FRL).
• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 91 active listings in the ZIP; solid renter incomes; 185 units permitted in Washington County in 2024 (30 in 5+ unit buildings).
• Washington County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 23y 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 $175k; list at $359k implies a 105% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.5% vs local median 4.6% in Barre — 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 $4,181/mo this rent would consume 65% of the median local household income ($77k/yr) (locally 588% 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 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1902 — 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 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?
• 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?
• 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.