406-408 Gage St · Bennington, VT 05201

$249,900

6 bd · 4.0 ba · 3,569 sqft · Condo public records · 3 Days on market

Built 1890

---

Why this score? — see what drove the D+ 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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Schools +5.0/10.0
• 1% rule +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Elegant three unit home with creative updates throughout and a great tenant history, The two story upstairs unit has been the owner's residence for 25 years A great place to come home to while the first floor units pay the mortgage. The upstairs unit features a bright spacious living/dining room with lots of windows and original wood floors. Lovely kitchen and breakfast room with some mountain views. Two bedrooms and two baths The second bedroom is a huge master suite with a kitchenette, walk-in closet, sitting area, office/studio space and large bath. The first floor has 2 two bedroom units that have been totally renovated. Lots of outdoor space and a large front porch to enjoy.

Key facts

• Historic gem
• Storage shed
• 9,147 sq ft lot

Tags

• HISTORIC GEM
• ORIGINAL ARCHITECTURAL DETAILS
• LARGE COVERED FRONT PORCH
• PRIVATE OFF-STREET PARKING
• STORAGE SHED
• NEAR DOWNTOWN SHOPPING

Property features AI

Finance

• Other: Three-unit multi-family income property; Approximate finished living area and total area recorded (details available in listing); Documents available: deed, right-of-way, tax map

Exterior

• Parking: Shared/common driveway
• Utilities: Public water; Public sewer; 200 amp electrical service with circuit breakers; Internet options include DSL, fiber optic, and other high-speed availability; Cable and telephone service available; Utilities and service levels vary by unit
• Home design: Antique multi-family property; Existing structure built in 1890; White exterior color
• Construction: Wood frame construction with vinyl and wood siding; Roof materials include membrane, architectural shingles and slate; Foundation details not specified
• Exterior features: Level lot in town setting near shopping, schools and public transportation; Sidewalks and street lights; Common/shared gravel driveway with right-of-way access; Public road frontage (approximately 100 feet); Easements present

Interior

• Bedrooms: Three 2-bedroom units
• Flooring: Wood flooring; Carpet; Vinyl flooring
• Heating & cooling: Oil heating with baseboard, hot water, radiators and multi-zone system; No central cooling
• Interior features: Full unfinished basement with concrete floor, exterior walk-up access, exterior stairs, interior basement stairs, locked storage and general storage space

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/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 $232k (7.2% below list).
• Recommended offer: $232k (7.2% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 5.0% in Bennington — 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 64/100 on livability (#63 in VT) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime D, schools F.
• Market conditions: 66 active listings in the ZIP; 59 units permitted in Bennington County in 2024 (0 in 5+ unit buildings).
• At $2,320/mo this rent would consume 47% of the median local household income ($60k/yr) (locally 982% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Bennington County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,998 (7.2% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.93% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-32,106
• Equity at exit: $37,261

10-year hold

• IRR: -3.7%
• Equity multiple: 0.76×
• Total profit: $-17,102
• Equity at exit: $21,607

Cash invested: $69,972 (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 05201

• Home prices YoY: -19.3%
• Active inventory: 66
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,320 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$287 /mo · $3,441/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $131

Break-even live

Break-even rent $2,154

Max offer price $249,900

Occupancy floor 89%

Sensitivity live

Price	-10% $273	-5% $202	+0% $131	+5% $61	+10% $-10
Rent	-10% $-52	-5% $40	+0% $131	+5% $223	+10% $315
Rate	-1.0pp $257	-0.5pp $195	base $131	+0.5pp $67	+1.0pp $1

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $249,900 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $249,900 Active 1 DOM

ⓘ 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: $3,441 · $287/mo
• Projected year-2 tax: $4,095 · $341/mo
• Expected delta: +$654/yr (+$54/mo · 19.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,840
• − Mortgage interest: −$13,998
• − Property taxes: −$3,441
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,227
• − Management: −$2,227
• − Depreciation: −$7,270
• Taxable loss: −$2,573
• Est. tax savings @ 24.0%: +$618
• After-tax cash flow: $2,194/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 — Bennington

• Score: 64/100
• State rank: #63
• US rank: #14446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bennington, VT
• County: Bennington County · 14,998 people
• City population: 14,998
• Metro: Bennington, VT
• Population (ZIP): 14,998
• Household income: $59,798
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 982.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 10% Slovak 7% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

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: ▼ -60.78%
• Current HPI: 254.5149
• Rent YoY: —
• Metro: Bennington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

+177.7% since first listed

7 events — show timeline

• 2026-06-18 Listed $249,900 PrimeMLS
• 2021-05-04 Sold (Public Records) $270,000 Public Records
• 2021-05-03 Sold (MLS) $270,000 PrimeMLS
• 2021-03-29 Pending — PrimeMLS
• 2021-03-10 Listed $309,900 PrimeMLS
• 1996-07-01 Sold (Public Records) $113,000 Public Records
• 1988-02-12 Sold (Public Records) $90,000 Public Records

Property tax history

-3.7%/yr

Latest (2024): $3,441 · +9.6% YoY. Source: county tax records.