222 Qtr 3 Grand Summit Way Unit 222, Qtr 3

Dover, VT 05356

$20,000C-

1 bd · 1.0 ba · 673 sqft · Built 1998 · Condo · Active · 323 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $990/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$33
• HOA: −$519
• Vac / Maint / Mgmt: −$208
• Net cashflow: $125/mo
• Annual: $1,499/yr
• Cap rate: 13.79%
• Cash-on-cash: 26.76%
• DSCR: 2.19
• 1% rule: 4.95%
• Cash to close: $5,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $20k.
• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($990 rent vs $20k).
• It's been on market 323 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• In year one you build about $592 of equity ($138 loan paydown + $454 appreciation (2.3% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Watch-outs: HOA is 52% of rent.
• Market conditions: 101 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.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 323 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.