446 Highland Ave · Manchester, VT 05255

$399,000

3 bd · 1.0 ba · 1,663 sqft · SingleFamily public records · 93 Days on market

Built 1930 0.27 ac lot $240/sqft · 18% below area Est $485k · 18% 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 +19.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.2/10.0
• Schools +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for a unique opportunity for equity growth? This is it! Location, location, location. Highly desirable Highland Avenue is one of those rare streets with character homes that is literally only a few walking blocks to town. If you are lucky enough to own this charming 3- bedroom home offering 1,663 sq ft of living space, you will enjoy easy access to the library, local shops, coffee spots, and restaurants right at your doorstep. This home already checks the important boxes; location, size, character, generous living space, and flexible layout. What it has room for is your personal customization and updating. And that is exactly why you should own it. Whether you are a first-time buyer, investor, or someone looking to create your dream home in a prime location, this property offers exceptional potential. Being offered at an entry level price for a high end market, room for growth is there. Here is the best part. When you need a break, you can relax in your charming garden complete with Koi Pond and let your cares drift away. Enjoy life at its best with Manchester schools, Burr and Burton Academy, a short drive to ski areas, summer hiking and more. Any one who understands Manchester will recognize the amazing opportunity waiting here. Don't miss the chance to bring your vision to life! Ask to see a copy of the pre-listing inspection report so you have a head start. Need more ideas? Check out the virtually staged photos to get you started.

Key facts

• Koi pond
• Garden oasis
• Cottage style home

Tags

• COTTAGE STYLE HOME
• GARDEN OASIS
• KOI POND
• WALKING DISTANCE TO TOWN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $375k (6.1% below list).
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 5.3% in Manchester — 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 61/100 on livability (#80 in VT) — a middle-class / working-renter tenant base. Strengths: crime B; Watch: health & safety D, amenities F, commute F.
• Market conditions: 31 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 59 units permitted in Bennington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Bennington County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $31k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $128k; list at $399k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $363,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.95%
• DSCR: 1.22
• GRM: 8.9

CMA / ARV

• ARV (median comp): $485,266
• List price: $399,000
• Delta: -17.78%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5559 Main St	0.23mi	3/1.5	1,702 (+2%)	23mo	$495,000	$291	64
122 Highland Ave	0.33mi	3/2.5	1,646 (-1%)	16mo	$455,000	$276	63
373 Highland Ave	0.08mi	4/1.5 (+1)	1,830 (+10%)	17mo	$525,000	$287	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 3.21×
• Total profit: $246,529
• Equity at exit: $359,451

10-year hold

• IRR: 24.3%
• Equity multiple: 7.29×
• Total profit: $702,723
• Equity at exit: $775,169

Cash invested: $111,720 (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 05255

• Home prices YoY: 8.9%
• Active inventory: 31
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $3,746 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$240 /mo · $2,882/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$787
• Net cashflow: $460

Break-even live

Break-even rent $3,163

Max offer price $399,000

Occupancy floor 83%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Della St Manchester Center, VT	2.0	2.0	1250	$3,500	$2.80	43d	1	0.19mi
32 Eagle Nest Rd Manchester, VT	3.0	2.5	1299	$25,000	$19.25	43d	1	0.39mi
158 Riverside Townhouses Rd Unit 7 Manchester Center, VT	2.0	1.5	1075	$2,500	$2.33	43d	1	0.78mi
5228 Steeple View Rd Manchester, VT	3.0	3.5	2180	$5,000	$2.29	43d	1	1.07mi
39 Sage Hill Rd Unit 25 Manchester Center, VT	3.0	3.5	1618	$5,000	$3.09	43d	1	1.09mi

Listing history 20 events

1. 2026-06-18
   days on market $399,000 Active 93 DOM
2. 2026-06-17
   days on market $399,000 Active 92 DOM
3. 2026-06-16
   days on market $399,000 Active 91 DOM
4. 2026-06-15
   days on market $399,000 Active 90 DOM
5. 2026-06-15
   days on market $399,000 Active 89 DOM
6. 2026-06-13
   days on market $399,000 Active 88 DOM
7. 2026-06-12
   days on market $399,000 Active 87 DOM
8. 2026-06-09
   days on market $399,000 Active 84 DOM
9. 2026-06-08
   days on market $399,000 Active 83 DOM
10. 2026-06-08
    days on market $399,000 Active 82 DOM
11. 2026-06-07
    days on market $399,000 Active 81 DOM
12. 2026-06-03
    days on market $399,000 Active 78 DOM
13. 2026-06-02
    days on market $399,000 Active 77 DOM
14. 2026-06-01
    days on market $399,000 Active 76 DOM
15. 2026-05-31
    days on market $399,000 Active 75 DOM
16. 2026-03-29
    price $399,000 1466-char remark

    Show marketing remark (1466 chars)

    Looking for a unique opportunity for equity growth? This is it! Location, location, location. Highly desirable Highland Avenue is one of those rare streets with character homes that is literally only a few walking blocks to town. If you are lucky enough to own this charming 3- bedroom home offering 1,663 sq ft of living space, you will enjoy easy access to the library, local shops, coffee spots, and restaurants right at your doorstep. This home already checks the important boxes; location, size, character, generous living space, and flexible layout. What it has room for is your personal customization and updating. And that is exactly why you should own it. Whether you are a first-time buyer, investor, or someone looking to create your dream home in a prime location, this property offers exceptional potential. Being offered at an entry level price for a high end market, room for growth is there. Here is the best part. When you need a break, you can relax in your charming garden complete with Koi Pond and let your cares drift away. Enjoy life at its best with Manchester schools, Burr and Burton Academy, a short drive to ski areas, summer hiking and more. Any one who understands Manchester will recognize the amazing opportunity waiting here. Don't miss the chance to bring your vision to life! Ask to see a copy of the pre-listing inspection report so you have a head start. Need more ideas? Check out the virtually staged photos to get you started.

17. 2026-03-28
    status Active 1466-char remark

    Show marketing remark (1466 chars)

    Looking for a unique opportunity for equity growth? This is it! Location, location, location. Highly desirable Highland Avenue is one of those rare streets with character homes that is literally only a few walking blocks to town. If you are lucky enough to own this charming 3- bedroom home offering 1,663 sq ft of living space, you will enjoy easy access to the library, local shops, coffee spots, and restaurants right at your doorstep. This home already checks the important boxes; location, size, character, generous living space, and flexible layout. What it has room for is your personal customization and updating. And that is exactly why you should own it. Whether you are a first-time buyer, investor, or someone looking to create your dream home in a prime location, this property offers exceptional potential. Being offered at an entry level price for a high end market, room for growth is there. Here is the best part. When you need a break, you can relax in your charming garden complete with Koi Pond and let your cares drift away. Enjoy life at its best with Manchester schools, Burr and Burton Academy, a short drive to ski areas, summer hiking and more. Any one who understands Manchester will recognize the amazing opportunity waiting here. Don't miss the chance to bring your vision to life! Ask to see a copy of the pre-listing inspection report so you have a head start. Need more ideas? Check out the virtually staged photos to get you started.

18. 2026-03-23
    historical 1466-char remark

    Show marketing remark (1466 chars)

    Looking for a unique opportunity for equity growth? This is it! Location, location, location. Highly desirable Highland Avenue is one of those rare streets with character homes that is literally only a few walking blocks to town. If you are lucky enough to own this charming 3- bedroom home offering 1,663 sq ft of living space, you will enjoy easy access to the library, local shops, coffee spots, and restaurants right at your doorstep. This home already checks the important boxes; location, size, character, generous living space, and flexible layout. What it has room for is your personal customization and updating. And that is exactly why you should own it. Whether you are a first-time buyer, investor, or someone looking to create your dream home in a prime location, this property offers exceptional potential. Being offered at an entry level price for a high end market, room for growth is there. Here is the best part. When you need a break, you can relax in your charming garden complete with Koi Pond and let your cares drift away. Enjoy life at its best with Manchester schools, Burr and Burton Academy, a short drive to ski areas, summer hiking and more. Any one who understands Manchester will recognize the amazing opportunity waiting here. Don't miss the chance to bring your vision to life! Ask to see a copy of the pre-listing inspection report so you have a head start. Need more ideas? Check out the virtually staged photos to get you started.

19. 2026-03-12
    listed $430,000 Active 1466-char remark

    Show marketing remark (1466 chars)

    Looking for a unique opportunity for equity growth? This is it! Location, location, location. Highly desirable Highland Avenue is one of those rare streets with character homes that is literally only a few walking blocks to town. If you are lucky enough to own this charming 3- bedroom home offering 1,663 sq ft of living space, you will enjoy easy access to the library, local shops, coffee spots, and restaurants right at your doorstep. This home already checks the important boxes; location, size, character, generous living space, and flexible layout. What it has room for is your personal customization and updating. And that is exactly why you should own it. Whether you are a first-time buyer, investor, or someone looking to create your dream home in a prime location, this property offers exceptional potential. Being offered at an entry level price for a high end market, room for growth is there. Here is the best part. When you need a break, you can relax in your charming garden complete with Koi Pond and let your cares drift away. Enjoy life at its best with Manchester schools, Burr and Burton Academy, a short drive to ski areas, summer hiking and more. Any one who understands Manchester will recognize the amazing opportunity waiting here. Don't miss the chance to bring your vision to life! Ask to see a copy of the pre-listing inspection report so you have a head start. Need more ideas? Check out the virtually staged photos to get you started.

20. 1994-05-24
    soldstatus $128,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VT · Partial reset (capped growth)

• Current annual tax: $2,882 · $240/mo
• Projected year-2 tax: $5,232 · $436/mo
• Expected delta: +$2,349/yr (+$196/mo · 81.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $44,951
• − Mortgage interest: −$22,350
• − Property taxes: −$2,882
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,596
• − Management: −$3,596
• − Depreciation: −$11,607
• Taxable loss: −$1,076
• Est. tax savings @ 24.0%: +$258
• After-tax cash flow: $5,783/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.

Schools (NCES district)

No district data.

Livability — Manchester

• Score: 61/100
• State rank: #80
• US rank: #17922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester Center, VT
• City population: 4,527
• Population (ZIP): 4,086

Population outlook (Bennington County) Hauer SSP2

• Today (2025): 34,407 people
• By 2030: 32,975 · -4.2%
• By 2040: 29,711 · -13.6%
• By 2050: 26,638 · -22.6%
• By 2075: 21,318 · -38.0%
• By 2100: 16,086 · -53.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 4% Slovak 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Bennington

• 2024 margin: Strong D (+22.5) · D 60.0% · R 37.5% · Other 2.6%
• 2008→2024 swing: -10.9pp toward R · 2008: 33.4pp · 2024: 22.5pp
• All cycles: 2024: D+22.5 2020: D+27.3 2016: D+22.1 2012: D+33.3 2008: D+33.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 32.85%
• Current HPI: 403.1398
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+211.7% since first listed

5 events — show timeline

• 2026-03-29 Price Changed $399,000 PrimeMLS
• 2026-03-28 Relisted — PrimeMLS
• 2026-03-23 Delisted — PrimeMLS
• 2026-03-12 Listed $430,000 PrimeMLS
• 1994-05-24 Sold (Public Records) $128,000 Public Records

Property tax history

-0.7%/yr

Latest (2024): $2,882 · +12.8% YoY. Source: county tax records.