68-70 Morse Pl · Burlington, VT 05405

$679,900

4 bd · 3.0 ba · 2,172 sqft · MultiFamily · 20 Days on market

Built 1935 Good condition 0.28 ac lot $313/sqft · 13% below area Est $782k · 13% under

---

Why this score? — see what drove the C- 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 +13.4/30.0
• ARV discount +13.4/15.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +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

Love the South End of Burlington and looking to purchase a duplex? A terrific location side by side two bedroom apartments with hardwood floors, spacious yard, loads of storage and off street parking. The property has a new roof and sits on a quiet street. $275,000

Key facts

• Quartz countertops
• Mini-split system
• Expanded living room

Tags

• RENOVATED KITCHEN
• NEW APPLIANCES
• QUARTZ COUNTERTOPS
• OPENED WALL
• MINI-SPLIT SYSTEM
• EXPANDED LIVING ROOM

Property features AI

Finance

• Financial info: Total of 2 rental units (multi-unit property); Unit lease term: Other

Exterior

• Parking: Paved driveway parking
• Utilities: Public sewer; Public water; Circuit breaker electrical service; Cable internet available; Other utilities available
• Home design: Duplex; Existing property; Built in 1935
• Construction: Wood frame construction; Vinyl siding; Shingle (architectural) roof; Built in 1935
• Exterior features: City lot; Paved driveway; Paved public road frontage

Interior

• Bedrooms: Two 2-bedroom units (Unit 1: 2 bedrooms; Unit 2: 2 bedrooms)
• Bathrooms: Unit 1 has 2 bathrooms; Unit 2 has 1 bathroom
• Heating & cooling: Natural gas heating; Baseboard heating; Hot air heating; Mini-split cooling
• Interior features: Basement present with interior access; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $680k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $11 ($127/yr) — positive. Per door: $5/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $596k (12.3% below list).
• Recommended offer: $596k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.1% 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.

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+, schools B; Watch: cost of living D, crime F, amenities F.
• Market conditions: 2 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($5k loan paydown + $20k appreciation (3.0% local appreciation)).
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $190k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($670k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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 $275k; list at $680k implies a 147% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $596,100 (12.3% 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.88% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (median comp): $781,781
• List price: $679,900
• Delta: -13.03%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
86-88 Central Ave	0.46mi	4/4.0	2,352 (+8%)	0mo	$879,000	$374	60
9-11 Proctor Ave	0.40mi	4/2.0	2,112 (-3%)	17mo	$390,000	$185	59
57-59 Lakeside Ave	0.61mi	4/3.0	2,352 (+8%)	5mo	$1,150,000	$489	53

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: 7.6%
• Equity multiple: 1.43×
• Total profit: $82,666
• Equity at exit: $305,712

10-year hold

• IRR: 10.3%
• Equity multiple: 2.54×
• Total profit: $293,571
• Equity at exit: $471,139

Cash invested: $190,372 (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 05405

• Active inventory: 2
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $5,961 high
• Mortgage (P&I): −$3,565
• Tax est. 1.5%: −$850 /mo · $10,198/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,252
• Net cashflow: $11

Break-even live

Break-even rent $5,948

Max offer price $679,900

Occupancy floor 95%

Sensitivity live

Price	-10% $480	-5% $245	+0% $11	+5% $-224	+10% $-459
Rent	-10% $-460	-5% $-225	+0% $11	+5% $246	+10% $481
Rate	-1.0pp $353	-0.5pp $183	base $11	+0.5pp $-166	+1.0pp $-345

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$5,960
Total (2 units)			$5,961

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: $169,975
• Closing costs: $20,397
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-13
   status Pending 1395-char remark
2. 2026-05-05
   price $679,900 1395-char remark
3. 2026-04-23
   listed $699,000 Active 1395-char remark
4. 2014-12-05
   soldstatus $275,000 265-char remark

   Show marketing remark (265 chars)

   Love the South End of Burlington and looking to purchase a duplex? A terrific location side by side two bedroom apartments with hardwood floors, spacious yard, loads of storage and off street parking. The property has a new roof and sits on a quiet street. $275,000

5. 2014-10-14
   listed $275,000 265-char remark

   Show marketing remark (265 chars)

   Love the South End of Burlington and looking to purchase a duplex? A terrific location side by side two bedroom apartments with hardwood floors, spacious yard, loads of storage and off street parking. The property has a new roof and sits on a quiet street. $275,000

ⓘ 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 1/10 Low
• 🌡 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: $71,532
• − Mortgage interest: −$38,085
• − Property taxes: −$10,198
• − Insurance: −$3,400
• − Repairs & maintenance: −$5,723
• − Management: −$5,723
• − Depreciation: −$19,779
• Taxable loss: −$11,375
• Est. tax savings @ 24.0%: +$2,730
• After-tax cash flow: $2,857/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 · 12 photos

Good 75/100 Cosmetic rehab

A well-maintained and updated duplex in a prime location, with fresh paint and updated kitchen and bathroom, ready for a new owner or investor.

Value-add opportunities

• Both Paint freshening — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Landscaping can significantly boost curb appeal and property value.
• Both Add smart home features — Smart home features can increase both resale and rental value by enhancing convenience and appeal.
• Resale Update kitchen backsplash — A fresh backsplash can enhance the kitchen's visual appeal and resale value.
• Rental Add smart thermostat — A smart thermostat can improve energy efficiency and attract renters looking for modern amenities.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint freshening — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Landscaping can significantly boost curb appeal and property value. ↑
• Both Add smart home features — Smart home features can increase both resale and rental value by enhancing convenience and appeal. ↑
• Resale Update kitchen backsplash — A fresh backsplash can enhance the kitchen's visual appeal and resale value. ↑
• Rental Add smart thermostat — A smart thermostat can improve energy efficiency and attract renters looking for modern amenities. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

No district data.

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
• City population: 31,662
• Population (ZIP): 2,840

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 2% Black 2% Two or more races 1% Asian 1%
• Common ancestry: Portuguese 7% Romanian 6% Italian 4%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 5% Spanish 2% German/W. Germanic 1%

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: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+147.2% since first listed

5 events — show timeline

• 2026-05-13 Pending — PrimeMLS
• 2026-05-05 Price Changed $679,900 PrimeMLS
• 2026-04-23 Listed $699,000 PrimeMLS
• 2014-12-05 Sold (MLS) $275,000 PrimeMLS
• 2014-10-14 Listed $275,000 PrimeMLS