65 Williams Street Ext · Bellows Falls, VT 05101

$185,000

5 bd · 2.0 ba · 2,008 sqft · MultiFamily public records · 26 Days on market

Built 1881 7,405 sqft 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

A total renovation from wiring to roof, kitchens, baths, insulation etc. EMP compliant. A pleasant home with a large back yard suitable for gardens and pets. Plenty of off street parking. Neat and clean and fully rented.

Key facts

• Exterior paint
• Porch
• Many upgrades

Tags

• QUIET DEAD END STREET
• SPACIOUS KITCHENS
• PORCH
• WASHER AND DRYER
• MANY UPGRADES
• EXTERIOR PAINT

Property features AI

Finance

• Other: Operating expenses include heat, insurance, maintenance, sewer, trash, utilities, and water/sewer
• Financial info: Property generates net income of $19,991 (annual)

Exterior

• Parking: Shared driveway
• Security: Smoke detectors in both units
• Utilities: Public water; Public sewer; Electric service by Green Mountain Power; Fuel service available from HB Fuels; Cable and telephone available; Fiber optic and other high-speed internet available
• Home design: Freestanding multi-family building; Tan exterior with clapboard siding; Existing structure built in 1881
• Construction: Clapboard exterior; Shingle roof; Originally built in 1881
• Exterior features: City lot, level and in town; near shopping, public transportation, railroad, and schools; Porches on both units; Shared crushed stone driveway; common/shared driveway

Interior

• Kitchen: Unit 1: electric range; Unit 2: electric range and refrigerator
• Bedrooms: Two 3-bedroom units (one on level 1, one on level 2)
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating; No central cooling; Circuit breaker electrical service
• Interior features: Basement with interior access; dirt floor and interior stairs; no tenant access to basement
• Laundry & utility: Unit 1: washer and dryer with laundry hookup; heat included; Unit 2: washer and dryer; heat included; Electric water heater (electric)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#45 in VT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, amenities F.
• Market conditions: 18 active listings in the ZIP; 188 units permitted in Windham County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Windham County population projected at -26% 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 $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.
• Current owner paid $100k; list at $185k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1881 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,225 (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. Built in 1881 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.32% ✓
• Cap rate: 10.96%
• Cash-on-cash: 16.68%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 35.7%
• Equity multiple: 3.76×
• Total profit: $143,106
• Equity at exit: $166,663

10-year hold

• IRR: 30.7%
• Equity multiple: 8.49×
• Total profit: $388,200
• Equity at exit: $359,414

Cash invested: $51,800 (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 05101

• Home prices YoY: 7.0%
• Active inventory: 18
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,443 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$163 /mo · $1,952/yr
• Insurance: −$77
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $664

Break-even live

Break-even rent $1,602

Max offer price $185,000

Occupancy floor 68%

Sensitivity live

Price	-10% $769	-5% $717	+0% $664	+5% $612	+10% $560
Rent	-10% $471	-5% $568	+0% $664	+5% $761	+10% $857
Rate	-1.0pp $758	-0.5pp $712	base $664	+0.5pp $617	+1.0pp $568

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,442
Total (2 units)			$2,443

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $185,000 Active 26 DOM
2. 2026-06-21
   days on market $185,000 Active 25 DOM
3. 2026-06-18
   days on market $185,000 Active 23 DOM
4. 2026-06-17
   days on market $185,000 Active 22 DOM
5. 2026-06-16
   days on market $185,000 Active 21 DOM
6. 2026-06-15
   days on market $185,000 Active 20 DOM
7. 2026-06-15
   days on market $185,000 Active 19 DOM
8. 2026-06-13
   days on market $185,000 Active 18 DOM
9. 2026-06-12
   days on market $185,000 Active 17 DOM
10. 2026-06-09
    days on market $185,000 Active 14 DOM
11. 2026-06-08
    days on market $185,000 Active 13 DOM
12. 2026-06-08
    days on market $185,000 Active 12 DOM
13. 2026-06-07
    days on market $185,000 Active 11 DOM
14. 2026-06-03
    days on market $185,000 Active 8 DOM
15. 2026-06-02
    days on market $185,000 Active 7 DOM
16. 2026-06-01
    days on market $185,000 Active 6 DOM
17. 2026-05-31
    days on market $185,000 Active 5 DOM
18. 2026-05-26
    listed $185,000 Active
19. 2012-06-18
    soldstatus $100,000
20. 2012-06-15
    soldstatus $100,000 220-char remark

    Show marketing remark (220 chars)

    A total renovation from wiring to roof, kitchens, baths, insulation etc. EMP compliant. A pleasant home with a large back yard suitable for gardens and pets. Plenty of off street parking. Neat and clean and fully rented.

21. 2011-11-28
    listed $115,000 220-char remark

    Show marketing remark (220 chars)

    A total renovation from wiring to roof, kitchens, baths, insulation etc. EMP compliant. A pleasant home with a large back yard suitable for gardens and pets. Plenty of off street parking. Neat and clean and fully rented.

22. 2007-04-30
    soldstatus $90,000 342-char remark

    Show marketing remark (342 chars)

    Great price, great yard - nice home with a lot of character. Can be used as a single family, or a two family. Last used as a single family First floor has nice wood walls in living room and hardwood floors. Second floor needs work. Very spacious. Closed in porches and garden area are but of couple of the unique specialties to this property.

23. 2007-04-25
    soldstatus $90,000
24. 2007-02-01
    listed $112,000 342-char remark

    Show marketing remark (342 chars)

    Great price, great yard - nice home with a lot of character. Can be used as a single family, or a two family. Last used as a single family First floor has nice wood walls in living room and hardwood floors. Second floor needs work. Very spacious. Closed in porches and garden area are but of couple of the unique specialties to this property.

ⓘ 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: $1,952 · $163/mo
• Projected year-2 tax: $2,734 · $228/mo
• Expected delta: +$781/yr (+$65/mo · 40.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,316
• − Mortgage interest: −$10,363
• − Property taxes: −$1,952
• − Insurance: −$1,592
• − Repairs & maintenance: −$2,345
• − Management: −$2,345
• − Depreciation: −$5,382
• Taxable income: $5,337
• Est. tax owed @ 24.0%: −$1,281
• After-tax cash flow: $6,693/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 — Bellows Falls

• Score: 67/100
• State rank: #45
• US rank: #11086

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellows Falls, VT
• Population (ZIP): 4,135

Population outlook (Windham County) Hauer SSP2

• Today (2025): 40,432 people
• By 2030: 38,472 · -4.8%
• By 2040: 33,954 · -16.0%
• By 2050: 29,774 · -26.4%
• By 2075: 22,351 · -44.7%
• By 2100: 15,961 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Asian 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 8% Slovak 5% Italian 4%
• Foreign-born: 2% · South Korea
• Languages at home: 96% English-only · Spanish 2% Korean 1%

Political lean MEDSL · Windham

• 2024 margin: Solid D (+42.7) · D 69.6% · R 26.9% · Other 3.5%
• 2008→2024 swing: -5.4pp toward R · 2008: 48.1pp · 2024: 42.7pp
• All cycles: 2024: D+42.7 2020: D+47.3 2016: D+42.0 2012: D+49.2 2008: D+48.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.90%
• Current HPI: 335.6166
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+65.2% since first listed

7 events — show timeline

• 2026-05-26 Listed $185,000 PrimeMLS
• 2012-06-18 Sold (Public Records) $100,000 Public Records
• 2012-06-15 Sold (MLS) $100,000 PrimeMLS
• 2011-11-28 Listed $115,000 PrimeMLS
• 2007-04-30 Sold (MLS) $90,000 PrimeMLS
• 2007-04-25 Sold (Public Records) $90,000 Public Records
• 2007-02-01 Listed $112,000 PrimeMLS

Property tax history

-4.7%/yr

Latest (2024): $1,952 · +11.3% YoY. Source: county tax records.