32-34 Sage St

North Bennington, VT 05257

$190,000B-

4 bd · 2.0 ba · 1,478 sqft · Built 1900 · MultiFamily · Pending · 358 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,286/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$0
• Vac / Maint / Mgmt: −$480
• Net cashflow: $493/mo
• Annual: $5,915/yr
• Cap rate: 9.41%
• Cash-on-cash: 11.12%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $53,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 358 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.6% local appreciation)).
• Location reads 64/100 on livability (#65 in VT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: employment C-, health & safety D, schools D-.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 59 units permitted in Bennington County in 2024 (0 in 5+ unit buildings).
• Bennington County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $35k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 358 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.