23 Terrill St · Rutland, VT 05701

$225,000

None bd · 1.0 ba · 2,208 sqft · MultiFamily · 30 Days on market

Built 1888 Fair condition 3,049 sqft lot Est $276k · 18% under ↓ 6% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Offering as a multi-family with the ability for Retail, Office Space, Current Hair Salon & Income-Generating Apartment Opportunity Located on a busy street, there is an opportunity for your business, whether you are looking for office space, to recreate a retail location, or to create another income-generating rental property. Currently renting a 1-bedroom rental property on the upper level. Offered with MLS#5089618

Key facts

• Office space
• Multi-family
• Retail location

Tags

• MULTI-FAMILY
• INCOME-GENERATING APARTMENT
• OFFICE SPACE
• RETAIL LOCATION

Property features AI

Exterior

• Parking: Gravel driveway
• Utilities: Public water; Public sewer; 200 Amp electric service with circuit breakers; Cable available; High-speed internet available
• Home design: Colonial multi-family building; Existing structure
• Construction: Built in 1888; Wood frame construction; Asphalt shingle roof
• Exterior features: Located near shopping, public transportation, hospital, and schools; Sidewalks; Adjacent to neighboring business; Public road frontage (approx. 121 feet); Gravel driveway

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two-unit building: one 1-bedroom unit and one 2-bedroom unit
• Flooring: Wood floors
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating; Wall air-conditioning units
• Interior features: Basement with interior access; Concrete basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath multifamily listed at $225k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 4.3% in Rutland — 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 81/100 on livability (#6 in VT, #1,410 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Market conditions: 97 active listings in the ZIP; 90 units permitted in Rutland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Rutland County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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?
6. 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.
7. 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.
8. 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: 1.62% ✓
• Cap rate: 13.34%
• Cash-on-cash: 25.16%
• DSCR: 2.12
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $276,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 East St #2	0.37mi	—/2.0	2,150 (-3%)	15mo	$200,000	$93	62
21 Crescent St	0.57mi	4/2.0	2,308 (+4%)	2mo	$235,000	$102	60
78 N Main St	0.37mi	4/3.0	1,991 (-10%)	1mo	$365,000	$183	58
100 East St	0.34mi	4/2.0	1,990 (-10%)	13mo	$170,000	$85	52
56 Church St	0.45mi	5/2.0	1,936 (-12%)	5mo	$255,000	$132	50
11 Clover St	0.60mi	6/—	2,040 (-8%)	13mo	$150,000	$74	48
63 Lafayette St	0.25mi	5/4.0	2,499 (+13%)	11mo	$315,000	$126	46
24 E Washington St	0.20mi	5/4.0	1,912 (-13%)	20mo	$297,500	$156	40
20 Church St	0.40mi	6/2.0	2,472 (+12%)	23mo	$222,222	$90	38
77 River St	0.67mi	6/4.0	2,332 (+6%)	20mo	$291,000	$125	31
108 Library Ave	0.74mi	6/3.0	2,340 (+6%)	21mo	$180,000	$77	30
120 State St	0.72mi	—/20.0	2,000 (-9%)	12mo	$1,140,000	$570	20

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 1.76×
• Total profit: $47,710
• Equity at exit: $33,548

10-year hold

• IRR: 27.0%
• Equity multiple: 3.38×
• Total profit: $150,079
• Equity at exit: $19,454

Cash invested: $63,000 (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 05701

• Home prices YoY: -18.1%
• Active inventory: 97
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $3,640 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $1,321

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,476	-5% $1,398	+0% $1,321	+5% $1,243	+10% $1,165
Rent	-10% $1,033	-5% $1,177	+0% $1,321	+5% $1,464	+10% $1,608
Rate	-1.0pp $1,434	-0.5pp $1,378	base $1,321	+0.5pp $1,262	+1.0pp $1,203

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,640
Total (2 units)			$3,640

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $225,000 Active 30 DOM
2. 2026-06-17
   days on market $225,000 Active 29 DOM
3. 2026-06-16
   days on market $225,000 Active 28 DOM
4. 2026-06-15
   days on market $225,000 Active 27 DOM
5. 2026-06-15
   days on market $225,000 Active 26 DOM
6. 2026-06-13
   days on market $225,000 Active 25 DOM
7. 2026-06-12
   days on market $225,000 Active 24 DOM
8. 2026-06-09
   days on market $225,000 Active 21 DOM
9. 2026-06-08
   days on market $225,000 Active 20 DOM
10. 2026-06-08
    days on market $225,000 Active 19 DOM
11. 2026-06-07
    days on market $225,000 Active 18 DOM
12. 2026-06-03
    days on market $225,000 Active 15 DOM
13. 2026-06-02
    days on market $225,000 Active 14 DOM
14. 2026-06-01
    days on market $225,000 Active 13 DOM
15. 2026-05-31
    days on market $225,000 Active 12 DOM
16. 2026-05-19
    listed $225,000 Active
17. 2025-10-19
    price $240,000

ⓘ 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

• 🌡 Heat 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,680
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,494
• − Management: −$3,494
• − Depreciation: −$6,545
• Taxable income: $13,042
• Est. tax owed @ 24.0%: −$3,130
• After-tax cash flow: $12,718/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 · 6 photos

Fair 45/100 Moderate rehab

The property requires moderate repairs and maintenance, including painting and landscaping, to improve its curb appeal and overall condition.

Repairs flagged

• Moderate Siding — Worn and needs repainting
• Moderate Paint — Worn and needs repainting

Value-add opportunities

• Both Painting and repainting the exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping and yard maintenance — Improves curb appeal and enhances property value
• Both HVAC maintenance and cleaning — Ensures comfort and energy efficiency
• Both Kitchen and bathroom updates — Modernizes spaces and enhances functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Siding · Worn and needs repainting	Moderate	$3,000–15,000
Paint · Worn and needs repainting	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Painting and repainting the exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping and yard maintenance — Improves curb appeal and enhances property value ↑
• Both HVAC maintenance and cleaning — Ensures comfort and energy efficiency ↑
• Both Kitchen and bathroom updates — Modernizes spaces and enhances functionality ↑

ⓘ 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 — Rutland

• Score: 81/100
• State rank: #6
• US rank: #1410

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rutland, VT
• Population (ZIP): 20,142

Population outlook (Rutland County) Hauer SSP2

• Today (2025): 55,307 people
• By 2030: 52,364 · -5.3%
• By 2040: 45,751 · -17.3%
• By 2050: 39,627 · -28.4%
• By 2075: 29,080 · -47.4%
• By 2100: 20,673 · -62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 14% Romanian 6% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Rutland

• 2024 margin: Lean D (+5.3) · D 51.3% · R 46.0% · Other 2.7%
• 2008→2024 swing: -19.3pp toward R · 2008: 24.6pp · 2024: 5.3pp
• All cycles: 2024: D+5.3 2020: D+10.5 2016: D+4.2 2012: D+22.0 2008: D+24.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.90%
• Current HPI: 288.4214
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-6.2% since first listed

2 events — show timeline

• 2026-05-19 Listed $225,000 PrimeMLS
• 2025-10-19 Price Changed $240,000 PrimeMLS