198-200 King St · Burlington, VT 05401

$1,150,000

54 bd · 36.0 ba · 4,773 sqft · MultiFamily · 75 Days on market

Built 1915 Fair condition 3,484 sqft lot $241/sqft · at area comps Est $1162k · at est. ↓ 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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +8.0/15.0
• 1% rule +7.5/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Well-located, 6-unit, brick multi-family property just moments from the Church Street Marketplace, with immediate access to downtown Burlington's coveted retail, dining, and employment hubs. The desirable apartment mix includes five 1-bedroom apartments and one 4-bedroom unit, offering flexibility across tenant profiles and strong rental demand! Recent capital improvements include updated electrical systems with separate panels for each unit. Tenants pay their own heat and electricity for low owner's operating expenses. Additional features include front and rear porches, a large full basement for storage, and a current Certificate of Occupancy from the City valid through 2031. A centrally located, turn-key multi-family with long-term potential in Burlington's core rental market.

Key facts

• 3,484 sq ft lot
• Built 1915
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 5×1bd/1ba + 1×4bd/1ba units multifamily listed at $1.15M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $572/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.15M).
• Recommended offer: $1.08M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.2% 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.

Location & tenants

• 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+, employment B; Watch: cost of living D, crime F, amenities F.
• Zoned schools: Edmunds Elementary School (math 42% / reading 57%, grade D, #50 of 192 statewide, top 32%, 228 students, 53% FRL); Lyman C. Hunt Middle School (math 34% / reading 47%, grade F, #13 of 26 statewide, top 52%, 337 students, 49% FRL); Burlington High School (math 42% / reading 57%, grade D, #8 of 48 statewide, top 15%, 987 students, 48% FRL).
• Market conditions: Rents flat; 138 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• At $14,407/mo this rent would consume 263% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,081,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.25% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (median comp): $1,162,100
• List price: $1,150,000
• Delta: -1.04%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-2,492
• Equity at exit: $171,469

10-year hold

• IRR: 6.7%
• Equity multiple: 1.45×
• Total profit: $143,374
• Equity at exit: $99,431

Cash invested: $322,000 (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 05401

• Rents YoY: 0.5%
• Active inventory: 138
• Price-to-rent: 41.8×

Monthly cashflow live

• Estimated rent: $14,407 high
• Mortgage (P&I): −$6,031
• Tax est. 1.5%: −$1,438 /mo · $17,250/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,025
• Net cashflow: $3,434

Break-even live

Break-even rent $10,060

Max offer price $1,150,000

Occupancy floor 71%

Sensitivity live

Price	-10% $4,229	-5% $3,832	+0% $3,434	+5% $3,037	+10% $2,639
Rent	-10% $2,296	-5% $2,865	+0% $3,434	+5% $4,003	+10% $4,572
Rate	-1.0pp $4,013	-0.5pp $3,727	base $3,434	+0.5pp $3,136	+1.0pp $2,833

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$11,455
1× unit	4	1	$2,953
Total (6 units)			$14,407

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: $287,500
• Closing costs: $34,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $1,150,000 Active 75 DOM
2. 2026-06-19
   days on market $1,150,000 Active 73 DOM
3. 2026-06-18
   days on market $1,150,000 Active 72 DOM
4. 2026-06-17
   days on market $1,150,000 Active 71 DOM
5. 2026-06-16
   days on market $1,150,000 Active 70 DOM
6. 2026-06-15
   days on market $1,150,000 Active 69 DOM
7. 2026-06-14
   days on market $1,150,000 Active 67 DOM
8. 2026-06-13
   pricedays on market $1,150,000 Active 66 DOM
9. 2026-06-10
   days on market $1,250,000 Active 64 DOM
10. 2026-06-09
    days on market $1,250,000 Active 63 DOM
11. 2026-06-08
    days on market $1,250,000 Active 62 DOM
12. 2026-06-07
    days on market $1,250,000 Active 61 DOM
13. 2026-06-05
    days on market $1,250,000 Active 58 DOM
14. 2026-06-03
    days on market $1,250,000 Active 57 DOM
15. 2026-06-02
    days on market $1,250,000 Active 56 DOM
16. 2026-06-01
    days on market $1,250,000 Active 55 DOM
17. 2026-05-31
    days on market $1,250,000 Active 54 DOM
18. 2026-05-30
    days on market $1,250,000 Active 53 DOM
19. 2026-05-14
    price $1,250,000 789-char remark

    Show marketing remark (789 chars)

    Well-located, 6-unit, brick multi-family property just moments from the Church Street Marketplace, with immediate access to downtown Burlington's coveted retail, dining, and employment hubs. The desirable apartment mix includes five 1-bedroom apartments and one 4-bedroom unit, offering flexibility across tenant profiles and strong rental demand! Recent capital improvements include updated electrical systems with separate panels for each unit. Tenants pay their own heat and electricity for low owner's operating expenses. Additional features include front and rear porches, a large full basement for storage, and a current Certificate of Occupancy from the City valid through 2031. A centrally located, turn-key multi-family with long-term potential in Burlington's core rental market.

20. 2026-04-07
    listed $1,325,000 Active 789-char remark

    Show marketing remark (789 chars)

    Well-located, 6-unit, brick multi-family property just moments from the Church Street Marketplace, with immediate access to downtown Burlington's coveted retail, dining, and employment hubs. The desirable apartment mix includes five 1-bedroom apartments and one 4-bedroom unit, offering flexibility across tenant profiles and strong rental demand! Recent capital improvements include updated electrical systems with separate panels for each unit. Tenants pay their own heat and electricity for low owner's operating expenses. Additional features include front and rear porches, a large full basement for storage, and a current Certificate of Occupancy from the City valid through 2031. A centrally located, turn-key multi-family with long-term potential in Burlington's core rental market.

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $172,884
• − Mortgage interest: −$64,418
• − Property taxes: −$17,250
• − Insurance: −$5,750
• − Repairs & maintenance: −$13,831
• − Management: −$13,831
• − Depreciation: −$33,455
• Taxable income: $24,350
• Est. tax owed @ 24.0%: −$5,844
• After-tax cash flow: $35,366/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 · 12 photos

Fair 45/100 Moderate rehab

This 6-unit multi-family property requires moderate renovations to its kitchens and bathrooms, as well as a roof replacement. While the exterior is in fair condition, the interior needs significant updates to appeal to both buyers and renters.

Repairs flagged

• Major kitchen appliances — outdated and worn
• Major bathroom fixtures — dated and worn
• Major roof shingles — visible wear

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen can increase both resale and rental value
• Both bathroom renovation — updating bathrooms can significantly boost both resale and rental value
• Both roof replacement — replacing the roof can improve the home's appearance and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · outdated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
roof shingles · visible wear	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen can increase both resale and rental value ↑
• Both bathroom renovation — updating bathrooms can significantly boost both resale and rental value ↑
• Both roof replacement — replacing the roof can improve the home's appearance and increase its 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 — Burlington

• Score: 74/100
• State rank: #19
• US rank: #4619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, VT
• County: Chittenden County · 110,603 people
• City population: 31,662
• Metro: Burlington-South Burlington, VT
• Population (ZIP): 31,662
• Household income: $65,657
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2757.0

Population outlook (Chittenden County) Hauer SSP2

• Today (2025): 170,769 people
• By 2030: 174,716 · +2.3%
• By 2040: 180,337 · +5.6%
• By 2050: 183,768 · +7.6%
• By 2075: 194,646 · +14.0%
• By 2100: 194,933 · +14.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 4%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Spanish 2%

Political lean MEDSL · Chittenden

• 2024 margin: Solid D (+53.6) · D 75.4% · R 21.7% · Other 2.9%
• 2008→2024 swing: +8.9pp toward D · 2008: 44.8pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+54.5 2016: D+46.8 2012: D+41.9 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.87%
• Current HPI: 352.2081
• Rent YoY: ▲ 0.52%
• Metro: Burlington-South Burlington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

-5.7% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $1,250,000 PrimeMLS
• 2026-04-07 Listed $1,325,000 PrimeMLS