29 Billings Ave

Rutland, VT 05701

$101,899B+

3 bd · 2.0 ba · 911 sqft · Built 2025 · Manufactured · Active · 344 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,926/mo
• Mortgage (P&I): −$534
• Tax + insurance: −$170
• HOA: −$500
• Vac / Maint / Mgmt: −$404
• Net cashflow: $317/mo
• Annual: $3,806/yr
• Cap rate: 10.03%
• Cash-on-cash: 13.34%
• DSCR: 1.59
• 1% rule: 1.89%
• Cash to close: $28,532

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $102k. Condition is rated excellent.
• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $102k).
• It's been on market 344 days — a 12% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $704 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#6 in VT, #1,410 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 97 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 4.3% in Rutland — 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.

Questions for listing agent

• It's been on market 344 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?
• 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 A-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?
• 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?
• 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.