44-46 Sherman St · Burlington, VT 05401

$639,000

4 bd · 4.0 ba · 2,976 sqft · MultiFamily · 117 Days on market

Built 1899 Fair condition 5,227 sqft lot Garage $215/sqft · 39% below area Est $1.043M · 39% under · waterfront

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +5.0/30.0
• Schools +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

INVESTOR'S DREAM: Lakefront Views & Prime Downtown Location! Seize a rare opportunity to own a highly desirable investment property located on a corner lot offering breathtaking, unobstructed views of majestic Lake Champlain and the towering New York Adirondack Mountains. This exceptional multi-unit property boasts a truly centralized location, putting your tenants in the heart of the action. Enjoy the ultimate convenience with public transportation, sidewalks, the scenic recreational path, and vibrant waterfront events literally outside your door. Easy access to the shopping, diverse dining options, the University of Vermont (UVM), and the UVM Medical Center.

Key facts

• Centralized location
• Lakefront views
• Corner lot

Tags

• LAKEFRONT VIEWS
• PRIME DOWNTOWN LOCATION
• CORNER LOT
• CENTRALIZED LOCATION
• PUBLIC TRANSPORTATION
• SCENIC RECREATIONAL PATH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $639k. Condition is rated fair.
• This rent per unit runs 34% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative. Per door: $-746/mo.
• To cash-flow at today's rent, offer at most $423k (33.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $370k (42.1% below list).
• Recommended offer: $370k (42.1% below list) — sets the bar for 1% rule.

Location & tenants

• 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).
• Market conditions: 216 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($581k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $370,000 (42.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. Crime grade is F 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?
11. 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?
12. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
13. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
14. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
15. 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.

Investment metrics

• 1% rule: 0.58% ✗
• Cap rate: 3.49%
• Cash-on-cash: -10.01%
• DSCR: 0.55
• GRM: 14.4

CMA / ARV

• ARV (median comp): $1,043,183
• List price: $639,000
• Delta: -38.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21-23 N Winooski Ave	0.40mi	5/5.0 (+1)	2,956 (-1%)	12mo	$849,000	$287	62
101-103 North St	0.17mi	4/4.0	2,664 (-10%)	18mo	$700,000	$263	60
42 Elmwood Ave	0.30mi	4/3.0	2,695 (-9%)	10mo	$749,000	$278	58
167-169 N Union St	0.52mi	5/3.0 (+1)	2,851 (-4%)	16mo	$470,000	$165	46
44 Isham St	0.63mi	5/3.0 (+1)	2,605 (-12%)	5mo	$590,000	$226	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -34.3%
• Equity multiple: -0.11×
• Total profit: $-198,579
• Equity at exit: $95,277

10-year hold

• IRR: -43.6%
• Equity multiple: -0.65×
• Total profit: $-295,134
• Equity at exit: $55,249

Cash invested: $178,920 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $675,000 ($280/sqft)
• Median days on market: 177 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +25.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 05401

• Active inventory: 216
• Price-to-rent: 28.8×

Monthly cashflow live

• Estimated rent: $3,700 medium
• Mortgage (P&I): −$3,351
• Tax est. 1.5%: −$799 /mo · $9,585/yr
• Insurance: −$266
• HOA: −$0
• Vacancy / Maint / Mgmt: −$777
• Net cashflow: $-1,493

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,700
Total (2 units)			$3,700

Break-even live

Break-even rent $5,590

Max offer price $422,963

Occupancy floor —

Sensitivity live

Price	-10% $-1,051	-5% $-1,272	+0% $-1,493	+5% $-1,714	+10% $-1,935
Rent	-10% $-1,785	-5% $-1,639	+0% $-1,493	+5% $-1,347	+10% $-1,201
Rate	-1.0pp $-1,171	-0.5pp $-1,330	base $-1,493	+0.5pp $-1,659	+1.0pp $-1,827

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: $159,750
• Closing costs: $19,170
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 N Champlain St Unit 3 Burlington, VT	1.0	1.0	400	$1,250	$3.12	5d	1	0.13mi
52-62 Cedar St Unit 4D Burlington, VT	2.0	1.0	549	$1,595	$2.91	5d	1	0.34mi
79 Pine St Burlington, VT	2.0	1.0	869	$4,150	$4.77	0d	4	0.34mi
176 Elmwood Ave Unit 3 Burlington, VT	1.0	1.0	600	$1,600	$2.67	5d	1	0.36mi
168 North Ave Apt 2 Burlington, VT	1.0	1.0	635	$1,575	$2.48	5d	1	0.37mi
64 Grant St Unit 3 Burlington, VT	1.0	1.0	350	$1,500	$4.29	5d	1	0.40mi
1 Lawson Ln Burlington, VT	2.0	1.0	605	$3,750	$6.20	0d	11	0.43mi
131 Church St Unit 302 Burlington, VT	1.0	1.0	502	$2,000	$3.98	139d	1	0.47mi
157 S Champlain St Burlington, VT	2.0	1.0–2.0	685	$2,995	$4.37	0d	4	0.49mi
131 Main St Burlington, VT	1.0–2.0	1.0–1.5	685	$2,500	$3.65	116d	1	0.52mi
51 Loomis St Burlington, VT	1.0	1.0	600	$1,675	$2.79	3d	1	0.57mi
214-216 Pine St Unit C Burlington, VT	2.0	1.0	631	$1,750	$2.77	5d	1	0.63mi
288 Main St Burlington, VT	2.0	1.0	712	$2,000	$2.81	139d	1	0.68mi
351 North Ave Burlington, VT	1.0	1.0	645	$2,500	$3.88	0d	12	0.74mi
70 Cambrian Way Burlington, VT	1.0	1.0	742	$2,800	$3.77	0d	19	0.75mi
375 North Ave Apt 310 Burlington, VT	1.0	1.0	570	$2,100	$3.68	139d	1	0.79mi
375 North Ave Unit 403 Burlington, VT	1.0	1.0	535	$1,900	$3.55	5d	1	0.79mi

Property features AI

Finance

• Other: Documents available: certificate of compliance, deed, property disclosure
• Financial info: Net income reportedOperating expenses include insurance, maintenance, snow removal, water/sewer, and other

Exterior

• Parking: Garage with capacity for 1 vehicleCrushed stone driveway
• Utilities: Public waterPublic sewerElectric service with circuit breakers (Burlington Electric)On-site gas (gas underground) supplied by VT GasHigh-speed internet and fiber optic availableTrash service via owner-managed dumpster
• Home design: Apartment buildingExisting structureBuilt in 1899
• Construction: Wood frame constructionSlate roofBuilt in 1899
• Exterior features: City lot on a corner locationLake and water views (Lake Champlain)Landscaped groundsLevel lot with sidewalks and street lightsNear paths, shopping, public transportation, hospital, and schools

Interior

• Kitchen: Refrigerator included in unitsElectric range present in at least one unit
• Bedrooms: Four 1-bedroom units (units on varying levels)
• Flooring: Combination of flooring types
• Bathrooms: Four full bathrooms (one in each unit)
• Heating & cooling: Natural gas heatingFloor furnacesHot water heating with radiatorsNo central cooling
• Interior features: Basement with interior accessUnfinished basement with dirt floor, interior stairs, and storage spaceCeiling fan(s)PorchSmoke detectors
• Laundry & utility: Washer and dryer present in at least one unitWater heaters are natural gas and owned

Listing history 50 events

1. 2026-09-24
   days on market $639,000 Active 117 DOM
2. 2026-09-22
   days on market $639,000 Active 116 DOM
3. 2026-09-21
   days on market $639,000 Active 115 DOM
4. 2026-09-20
   days on market $639,000 Active 114 DOM
5. 2026-09-19
   days on market $639,000 Active 113 DOM
6. 2026-09-18
   days on market $639,000 Active 112 DOM
7. 2026-09-17
   days on market $639,000 Active 111 DOM
8. 2026-09-16
   days on market $639,000 Active 110 DOM
9. 2026-09-15
   days on market $639,000 Active 109 DOM
10. 2026-09-14
    days on market $639,000 Active 108 DOM
11. 2026-09-13
    days on market $639,000 Active 107 DOM
12. 2026-09-12
    days on market $639,000 Active 106 DOM
13. 2026-09-11
    days on market $639,000 Active 105 DOM
14. 2026-09-05
    days on market $639,000 Active 99 DOM
15. 2026-09-04
    days on market $639,000 Active 98 DOM
16. 2026-09-03
    days on market $639,000 Active 97 DOM
17. 2026-08-31
    days on market $639,000 Active 94 DOM
18. 2026-08-30
    days on market $639,000 Active 93 DOM
19. 2026-08-29
    days on market $639,000 Active 92 DOM
20. 2026-08-28
    days on market $639,000 Active 91 DOM
21. 2026-08-27
    days on market $639,000 Active 90 DOM
22. 2026-08-26
    pricedays on market $639,000 Active 89 DOM
23. 2026-08-25
    days on market $659,000 Active 88 DOM
24. 2026-08-24
    days on market $659,000 Active 87 DOM
25. 2026-08-23
    days on market $659,000 Active 86 DOM
26. 2026-08-22
    days on market $659,000 Active 85 DOM
27. 2026-08-21
    days on market $659,000 Active 84 DOM
28. 2026-08-20
    days on market $659,000 Active 83 DOM
29. 2026-08-19
    days on market $659,000 Active 82 DOM
30. 2026-08-18
    days on market $659,000 Active 81 DOM
31. 2026-08-17
    days on market $659,000 Active 80 DOM
32. 2026-08-16
    days on market $659,000 Active 79 DOM
33. 2026-08-15
    days on market $659,000 Active 78 DOM
34. 2026-08-14
    days on market $659,000 Active 77 DOM
35. 2026-08-13
    days on market $659,000 Active 76 DOM
36. 2026-08-12
    days on market $659,000 Active 75 DOM
37. 2026-08-11
    days on market $659,000 Active 74 DOM
38. 2026-08-10
    days on market $659,000 Active 73 DOM
39. 2026-08-09
    days on market $659,000 Active 72 DOM
40. 2026-08-08
    days on market $659,000 Active 71 DOM
41. 2026-08-07
    days on market $659,000 Active 70 DOM
42. 2026-08-06
    days on market $659,000 Active 69 DOM
43. 2026-08-05
    days on market $659,000 Active 68 DOM
44. 2026-08-04
    days on market $659,000 Active 67 DOM
45. 2026-08-03
    days on market $659,000 Active 66 DOM
46. 2026-07-31
    days on market $659,000 Active 63 DOM
47. 2026-07-29
    days on market $659,000 Active 61 DOM
48. 2026-07-27
    days on market $659,000 Active 59 DOM
49. 2026-07-25
    days on market $659,000 Active 57 DOM
50. 2026-07-23
    days on market $659,000 Active 55 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,400
• − Mortgage interest: −$35,794
• − Property taxes: −$9,585
• − Insurance: −$3,195
• − Repairs & maintenance: −$3,552
• − Management: −$3,552
• − Depreciation: −$18,589
• Taxable loss: −$29,867
• Est. tax savings @ 24.0%: +$7,168
• After-tax cash flow: $-10,748/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab Est. rehab $74,400–$133,920 screening

This multi-family property requires moderate renovations to update the kitchen and exterior, and improve the landscaping. These updates will significantly increase its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — The cabinets are dated and need updating.
• Moderate Bathroom fixtures — The fixtures appear outdated and need replacement.
• Moderate Exterior siding — The siding is weathered and may need repainting or replacement.
• Moderate Landscaping — The landscaping is overgrown and needs trimming and maintenance.

Value-add opportunities

• Both Updating the kitchen cabinets and fixtures — Updating the kitchen will improve both the resale and rental value. ↑
• Both Painting the exterior siding — Painting the siding will improve the curb appeal and increase the property's value. ↑
• Both Landscaping — A well-maintained landscape will enhance the property's curb appeal and attract more tenants. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 44/100

Zoned Schools

Elementary Sustainability Academy At Lawrence Barnes F VT #129/192 Nat'l #24,950/41,679 Middle Edmunds Middle School C VT #8/26 Nat'l #3,585/14,009 High Burlington High School D VT #8/48 Nat'l #5,677/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 74/100

Livability — Burlington

• Score: 74/100
• State rank: #19
• US rank: #4619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, VT
• County: Chittenden County · 170,769 people
• City population: 31,662
• Metro: Burlington-South Burlington, VT
• Population (ZIP): 31,662
• Household income: $65,657
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 14% of renters

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Population outlook (Chittenden County) Hauer SSP2

• Today (2025): 170,769 people
• By 2030: 174,716 · +2.3%
• By 2040: 180,337 · +5.6%
• By 2050: 183,768 · +7.6%
• By 2075: 194,646 · +14.0%
• By 2100: 194,933 · +14.2%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 4%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Spanish 2%

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Political lean MEDSL · Chittenden

• 2024 margin: Solid D (+53.6) · D 75.4% · R 21.7% · Other 2.9%
• 2008→2024 swing: +8.9pp toward D · 2008: 44.8pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+54.5 2016: D+46.8 2012: D+41.9 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.87%
• Current HPI: 352.2081
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Other: Documents available: certificate of compliance, deed, property disclosure
• Financial info: Net income reportedOperating expenses include insurance, maintenance, snow removal, water/sewer, and other

Exterior

• Parking: Garage with capacity for 1 vehicleCrushed stone driveway
• Utilities: Public waterPublic sewerElectric service with circuit breakers (Burlington Electric)On-site gas (gas underground) supplied by VT GasHigh-speed internet and fiber optic availableTrash service via owner-managed dumpster
• Home design: Apartment buildingExisting structureBuilt in 1899
• Construction: Wood frame constructionSlate roofBuilt in 1899
• Exterior features: City lot on a corner locationLake and water views (Lake Champlain)Landscaped groundsLevel lot with sidewalks and street lightsNear paths, shopping, public transportation, hospital, and schools

Interior

• Kitchen: Refrigerator included in unitsElectric range present in at least one unit
• Bedrooms: Four 1-bedroom units (units on varying levels)
• Flooring: Combination of flooring types
• Bathrooms: Four full bathrooms (one in each unit)
• Heating & cooling: Natural gas heatingFloor furnacesHot water heating with radiatorsNo central cooling
• Interior features: Basement with interior accessUnfinished basement with dirt floor, interior stairs, and storage spaceCeiling fan(s)PorchSmoke detectors
• Laundry & utility: Washer and dryer present in at least one unitWater heaters are natural gas and owned

Price history

1 event — show timeline

• 2026-05-29 Listed $659,000 PrimeMLS