30-32 N Champlain St

Burlington, VT 05401

$660,000D

6 bd · 4.0 ba · 2,337 sqft · Built 1899 · MultiFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,723/mo
• Mortgage (P&I): −$3,461
• Tax + insurance: −$1,100
• HOA: −$0
• Vac / Maint / Mgmt: −$1,202
• Net cashflow: $-40/mo
• Annual: $-479/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $184,800

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $660k. Condition is rated fair.
• At list price, monthly cash flow is $-40 ($-479/yr) — negative. Per door: $-20/mo.
• To cash-flow at today's rent, offer at most $654k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $572k (13.3% below list).
• It's been on market 37 days — a 3% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $572k (13.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• 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: Sustainability Academy At Lawrence Barnes (math 22% / reading 42%, grade F, #129 of 192 statewide, top 70%, 191 students, 65% FRL); Edmunds Middle School (math 42% / reading 57%, grade C, #8 of 26 statewide, top 32%, 365 students, 50% FRL); Burlington High School (math 42% / reading 57%, grade D, #8 of 48 statewide, top 15%, 987 students, 48% FRL).
• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 138 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 6.2% 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.
• At $5,723/mo this rent would consume 105% 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Sidewalk — Cracks and uneven surface.
• Minor: Landscaping — Overgrown vegetation in the yard.
• Minor: Kitchen Countertops — Laminate countertops may need replacement or refinishing.
• Minor: Bathroom Fixtures — Standard fixtures may need updating or replacement.
• Minor: Paint — Paint appears slightly worn and may need touch-up or repainting.