2 Hamlin Ave · Bennington, VT 05201

$199,900

2 bd · 2.0 ba · 1,476 sqft · MultiFamily public records · 54 Days on market

Built 1920 6,098 sqft lot Est $280k · 29% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

2-Unit Multi-Family with Professional-Grade Workshop! Versatile property with high-yield setup, perfect for a contractor, carpenter, or owner-occupant. The standout feature is a professional-grade workshop fully optimized for year-round productivity with radiant heat, bright lighting, and the added convenience of an existing sink and toilet. Whether utilized for a trade, automotive enthusiast, or premium climate-controlled storage rental, this workspace provides an incredible environment for any business or hobby. Located directly above the shop are two freshly painted 1BR/1BA apartments with a remarkable decade-long track record of consistent tenancy. The property currently generates a ste

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1920

Property features AI

Finance

• Financial info: Two-unit property with month-to-month leases; Total units: 2

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer; On-site electric; Cable available on site; High-speed internet available on site
• Home design: Multi-family building; Existing construction; Built in 1920
• Construction: Wood frame construction with brick exterior; Metal roof; Foundation information not provided
• Exterior features: City lot on a corner parcel; Sloping lot; Crushed stone driveway; Paved public road frontage; Located at corner of Union and Hamlin

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Refrigerator
• Bedrooms: Unit 1: 2 bedrooms (level 1); Unit 2: 1 bedroom (level 1)
• Flooring: Tile flooring
• Bathrooms: Two full bathrooms total (one per unit)
• Heating & cooling: Propane heating; Radiant floor heat; No central cooling
• Interior features: Walkout basement; Heat included in some units; Kitchen island in each unit
• Laundry & utility: Laundry hookups in each unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 5.0% in Bennington — 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 64/100 on livability (#63 in VT) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime D, schools F.
• Market conditions: 66 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Bennington County in 2024 (0 in 5+ unit buildings).
• At $3,086/mo this rent would consume 62% of the median local household income ($60k/yr) (locally 982% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bennington County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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: 1.54% ✓
• Cap rate: 12.91%
• Cash-on-cash: 23.63%
• DSCR: 2.05
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $280,440
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 South St	0.41mi	3/3.0 (+1)	1,461 (-1%)	11mo	$278,000	$190	61
315 County St	0.62mi	3/2.0 (+1)	1,286 (-13%)	22mo	$80,000	$62	26

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: 15.0%
• Equity multiple: 1.60×
• Total profit: $33,637
• Equity at exit: $29,806

10-year hold

• IRR: 23.7%
• Equity multiple: 3.05×
• Total profit: $114,478
• Equity at exit: $17,284

Cash invested: $55,972 (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 05201

• Home prices YoY: -19.3%
• Active inventory: 66
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $3,086 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$204 /mo · $2,449/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $1,036

Break-even live

Break-even rent $1,775

Max offer price $199,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,149	-5% $1,092	+0% $1,036	+5% $979	+10% $923
Rent	-10% $792	-5% $914	+0% $1,036	+5% $1,158	+10% $1,280
Rate	-1.0pp $1,136	-0.5pp $1,087	base $1,036	+0.5pp $984	+1.0pp $931

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

Units	Beds	Baths	Est. rent
▸ 2× units	1.0	1	$3,086
Total (2 units)			$3,086

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 West Rd Bennington, VT	2.0	1.0	1590	$2,100	$1.32	20d	1	1.46mi

Listing history 18 events

1. 2026-06-21
   days on market $199,900 Active 54 DOM
2. 2026-06-19
   days on market $199,900 Active 52 DOM
3. 2026-06-18
   days on market $199,900 Active 51 DOM
4. 2026-06-17
   days on market $199,900 Active 50 DOM
5. 2026-06-16
   days on market $199,900 Active 49 DOM
6. 2026-06-15
   days on market $199,900 Active 48 DOM
7. 2026-06-14
   days on market $199,900 Active 46 DOM
8. 2026-06-12
   days on market $199,900 Active 45 DOM
9. 2026-06-09
   days on market $199,900 Active 42 DOM
10. 2026-06-08
    days on market $199,900 Active 41 DOM
11. 2026-06-07
    days on market $199,900 Active 40 DOM
12. 2026-06-07
    days on market $199,900 Active 39 DOM
13. 2026-06-04
    days on market $199,900 Active 36 DOM
14. 2026-06-02
    days on market $199,900 Active 35 DOM
15. 2026-06-01
    days on market $199,900 Active 34 DOM
16. 2026-05-31
    days on market $199,900 Active 33 DOM
17. 2026-05-31
    days on market $199,900 Active 32 DOM
18. 2026-04-24
    listed $199,900 Active

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

Tax reassessment forecast VT · Partial reset (capped growth)

• Current annual tax: $2,449 · $204/mo
• Projected year-2 tax: $3,124 · $260/mo
• Expected delta: +$674/yr (+$56/mo · 27.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,032
• − Mortgage interest: −$11,198
• − Property taxes: −$2,449
• − Insurance: −$1,797
• − Repairs & maintenance: −$2,963
• − Management: −$2,963
• − Depreciation: −$5,815
• Taxable income: $9,848
• Est. tax owed @ 24.0%: −$2,363
• After-tax cash flow: $10,066/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.

Schools (NCES district)

No district data.

Livability — Bennington

• Score: 64/100
• State rank: #63
• US rank: #14446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bennington, VT
• County: Bennington County · 14,998 people
• City population: 14,998
• Metro: Bennington, VT
• Population (ZIP): 14,998
• Household income: $59,798
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 982.0

Population outlook (Bennington County) Hauer SSP2

• Today (2025): 34,407 people
• By 2030: 32,975 · -4.2%
• By 2040: 29,711 · -13.6%
• By 2050: 26,638 · -22.6%
• By 2075: 21,318 · -38.0%
• By 2100: 16,086 · -53.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 10% Slovak 7% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Bennington

• 2024 margin: Strong D (+22.5) · D 60.0% · R 37.5% · Other 2.6%
• 2008→2024 swing: -10.9pp toward R · 2008: 33.4pp · 2024: 22.5pp
• All cycles: 2024: D+22.5 2020: D+27.3 2016: D+22.1 2012: D+33.3 2008: D+33.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.78%
• Current HPI: 254.5149
• Rent YoY: —
• Metro: Bennington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-24 Listed $199,900 PrimeMLS

Property tax history

-2.7%/yr

Latest (2024): $2,449 · +9.6% YoY. Source: county tax records.