65 Williams Street Ext

Rockingham, VT 05101

$185,000B+

5 bd · 2.0 ba · 2,008 sqft · Built 1881 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,443/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$295
• HOA: −$0
• Vac / Maint / Mgmt: −$513
• Net cashflow: $664/mo
• Annual: $7,974/yr
• Cap rate: 10.96%
• Cash-on-cash: 16.68%
• DSCR: 1.74
• 1% rule: 1.32%
• Cash to close: $51,800

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $185k.
• 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).
• It's been on market 26 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Zoned schools: Bellows Falls Middle School (math 17% / reading 32%, grade F, #23 of 26 statewide, top 88%, 242 students, 55% FRL); Bellows Falls Union High School (math 27% / reading 37%, grade F, #29 of 48 statewide, top 68%, 318 students, 49% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1881 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 188 units permitted in Windham County in 2024 (0 in 5+ unit buildings).
• Windham County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Built in 1881 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.