4232 Vermont Route 105 · Highgate Center, VT 05483

$525,000

28 bd · 16.0 ba · 3,168 sqft · MultiFamily · 19 Days on market

Built 1880 Fair condition 0.70 ac lot

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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 +28.1/30.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Excellent investment opportunity in Sheldon, Vermont! This well-maintained 4-unit multifamily property at 4232 Vermont Route 105 features three spacious 2-bedroom, 1-bath units and one comfortable 1-bedroom, 1-bath unit, offering a strong mix of rental options. The property is serviced by a drilled well and private septic system and has been kept in good condition, making it a solid addition to any investment portfolio. Tenants and owners alike will appreciate the detached 2-car garage, providing valuable storage and parking space. Conveniently located along Route 105, this income-producing property offers easy access to local amenities while maintaining the charm and tranquility of rural V

Key facts

• Multifamily property
• Drilled well
• 0.7 acre lot

Tags

• INVESTMENT OPPORTUNITY
• MULTIFAMILY PROPERTY
• DRILLED WELL
• PRIVATE SEPTIC SYSTEM
• DETACHED 2-CAR GARAGE
• EASY ACCESS TO LOCAL AMENITIES

Property features AI

Finance

• Other: Operating expenses include heat, insurance, maintenance, snow removal, trash, and water
• Financial info: Net income reported: $29,416

Exterior

• Parking: 2-car garage
• Utilities: Drilled well; 1000-gallon septic with leach field; Circuit breaker electrical service; LP/bottle gas available; Cable and telephone available; High-speed internet on site
• Home design: Multi-family building; Existing structure; White exterior color
• Construction: Built in 1880; Wood frame construction; Standing seam roof
• Exterior features: Country setting with river frontage; Gravel driveway

Interior

• Bedrooms: Four units: three 2-bedroom units and one 1-bedroom unit; Two of the units are on the second level; two are on the first level
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Propane hot air heating; No central cooling
• Interior features: Full walkout basement

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $525k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $517k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 3.0% in Highgate Center — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Zoned schools: Sheldon Elementary School (math 32% / reading 42%, grade F, #113 of 192 statewide, top 62%, 335 students, 38% FRL).
• Market conditions: 15 active listings in the ZIP; 200 units permitted in Franklin County in 2024 (25 in 5+ unit buildings).

Forward outlook

• In year one you build about $36k of equity ($4k loan paydown + $32k appreciation (6.1% local appreciation)).
• Franklin County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $147k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $517,125 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.27% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.49%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 2.78×
• Total profit: $261,200
• Equity at exit: $334,601

10-year hold

• IRR: 25.1%
• Equity multiple: 5.66×
• Total profit: $684,997
• Equity at exit: $610,761

Cash invested: $147,000 (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 05483

• Home prices YoY: 2.0%
• Active inventory: 15
• Price-to-rent: 26.2×

Monthly cashflow live

• Estimated rent: $6,684 medium
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,404
• Net cashflow: $1,652

Break-even live

Break-even rent $4,593

Max offer price $525,000

Occupancy floor 70%

Sensitivity live

Price	-10% $2,015	-5% $1,834	+0% $1,652	+5% $1,471	+10% $1,289
Rent	-10% $1,124	-5% $1,388	+0% $1,652	+5% $1,916	+10% $2,180
Rate	-1.0pp $1,917	-0.5pp $1,786	base $1,652	+0.5pp $1,516	+1.0pp $1,378

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,004
1× unit	1	1	$1,680
Total (4 units)			$6,684

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $525,000 Active 19 DOM
2. 2026-06-21
   days on market $525,000 Active 18 DOM
3. 2026-06-18
   days on market $525,000 Active 16 DOM
4. 2026-06-17
   days on market $525,000 Active 15 DOM
5. 2026-06-16
   days on market $525,000 Active 14 DOM
6. 2026-06-15
   days on market $525,000 Active 13 DOM
7. 2026-06-15
   days on market $525,000 Active 12 DOM
8. 2026-06-13
   days on market $525,000 Active 11 DOM
9. 2026-06-12
   days on market $525,000 Active 10 DOM
10. 2026-06-09
    days on market $525,000 Active 7 DOM
11. 2026-06-08
    days on market $525,000 Active 6 DOM
12. 2026-06-08
    days on market $525,000 Active 5 DOM
13. 2026-06-07
    days on market $525,000 Active 4 DOM
14. 2026-06-03
    remarks 699-char remark
15. 2026-06-03
    listed $525,000 Active 1 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 B · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,208
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,417
• − Management: −$6,417
• − Depreciation: −$15,273
• Taxable income: $12,194
• Est. tax owed @ 24.0%: −$2,927
• After-tax cash flow: $16,900/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 · 14 photos

Fair 45/100 Moderate rehab

This 4-unit multifamily property requires moderate repairs and maintenance, particularly to the roof and exterior siding, to improve its condition and value.

Repairs flagged

• Major roof — The roof has visible cracks and potential water infiltration.
• Moderate exterior siding — The exterior siding and paint show signs of wear and tear.

Value-add opportunities

• Both repair roof — A repaired roof will improve the home's appearance and prevent water damage.
• Both paint exterior — A fresh coat of paint will improve the home's curb appeal and value.
• Both paint interior walls — Fresh paint will improve the home's appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof has visible cracks and potential water infiltration.	Major	$15,000–50,000
exterior siding · The exterior siding and paint show signs of wear and tear.	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$18,000–65,000

Value-add ROI direction

• Both repair roof — A repaired roof will improve the home's appearance and prevent water damage. ↑
• Both paint exterior — A fresh coat of paint will improve the home's curb appeal and value. ↑
• Both paint interior walls — Fresh paint will improve the home's appearance and value. ↑

ⓘ 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 — Highgate Center

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,584

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 50,374 people
• By 2030: 50,718 · +0.7%
• By 2040: 50,557 · +0.4%
• By 2050: 48,832 · -3.1%
• By 2075: 43,526 · -13.6%
• By 2100: 33,970 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Lithuanian 23% German 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 2%

Political lean MEDSL · Franklin

• 2024 margin: Toss-up / Even · D 50.0% · R 47.0% · Other 3.0%
• 2008→2024 swing: -21.8pp toward R · 2008: 24.8pp · 2024: 3.0pp
• All cycles: 2024: D+3.0 2020: D+9.0 2016: D+3.1 2012: D+23.6 2008: D+24.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.14%
• Current HPI: 308.5999
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-02 Listed $525,000 PrimeMLS