2137 Route 30 N

Castleton, VT 05735

$1,190,000B+

None bd · 196.0 ba · 12,090 sqft · Built 1925 · MultiFamily · Active · 236 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,517/mo
• Mortgage (P&I): −$6,240
• Tax + insurance: −$1,983
• HOA: −$0
• Vac / Maint / Mgmt: −$3,469
• Net cashflow: $4,825/mo
• Annual: $57,895/yr
• Cap rate: 11.16%
• Cash-on-cash: 17.38%
• DSCR: 1.77
• 1% rule: 1.39%
• Cash to close: $333,200

Investor read

• This is a 9×2bd/1ba + 4×1bd/1ba + 1×3bd/1ba units multifamily listed at $1.19M. Condition is rated fair.
• At list price, monthly cash flow is $5k ($58k/yr) — positive. Per door: $345/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.19M).
• It's been on market 236 days — a 12% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.05M (12.0% below list) — sets the bar for market timing.
• In year one you build about $63k of equity ($8k loan paydown + $54k appreciation (4.6% local appreciation)).
• Location reads 64/100 on livability (#66 in VT) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A; Watch: schools F, amenities F, commute F.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 90 units permitted in Rutland County in 2024 (0 in 5+ unit buildings).
• Rutland County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $333k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 236 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1925 — 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 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — The cabinets are dated and could be replaced for a fresh look.
• Minor: Bathroom fixtures — The fixtures are dated and could be replaced for a more modern look.
• Minor: Exterior paint — The paint is faded in some areas and could be refreshed.
• Minor: Flooring — The carpeted flooring is dated and could be replaced with hardwood or tile.