635 Equinox on the Battenkill Unit L1 · Manchester, VT 05254

$650,000

4 bd · 2.0 ba · 2,364 sqft · Condo · 13 Days on market

Built 1985 Good condition $1100/mo HOA · 15% of rent

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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 +13.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0

Listing remarks

Equinox on the Battenkill – L-1 | Manchester Village, VT Welcome to one of the most desirable homes at Equinox on the Battenkill. Perfectly situated in historic Manchester Village, this is the only standalone residence in the community, offering the privacy of no shared walls along with beautiful mountain views. This spacious 4-bedroom, 3-bath home is filled with natural light from expansive windows and features vaulted ceilings that create an open, comfortable living space. The updated kitchen is ideal for gathering with family and friends, featuring custom cabinetry, stone countertops, stainless steel appliances, and a layout that flows seamlessly into the living and dining areas. T

Key facts

• Custom cabinetry
• Stone countertops
• Updated kitchen

Tags

• MOUNTAIN VIEWS
• UPDATED KITCHEN
• CUSTOM CABINETRY
• STONE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Sale includes furnishings
• HOA & community: Quarterly condo fees; Condo fee: $3,300 (quarterly); Association provides building maintenance, management plan, landscaping, common acreage, trash removal, security, and pools (in-ground and heated)

Exterior

• Parking: Paved driveway
• Security: Community security (association amenity)
• Utilities: Community water; Community sewer; 150 Amp electric; Cable internet available; On-site cable and LP/bottle gas
• Home design: A-frame detached condominium (Unit L1); Existing construction; Shingle roof
• Construction: Built in 1985; Wood frame with clapboard exterior; Surveyed
• Exterior features: Part of a 48-acre common area; Condo development with landscaped grounds; Mountain views; Near golf course, skiing, shopping, country club and schools; Located in town; Subdivision setting

Interior

• Kitchen: Electric stove; Refrigerator; Exhaust hood; Dishwasher
• Bedrooms: Primary bedroom on second floor (14x13); Second bedroom on second floor (13x12); Third bedroom in basement (14x13)
• Flooring: Hardwood; Tile; Carpet
• Bathrooms: Two full bathrooms; Second-floor full bath; Second-floor 3/4 bath; Basement 3/4 bath
• Heating & cooling: Hot water heating; Baseboard heating; Central air conditioning
• Interior features: Six total rooms; Finished daylight basement with interior access and interior stairs; Concrete basement floor; Insulated basement
• Laundry & utility: Washer; Dryer; Electric water heater; Vented exhaust fan

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $650k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $73 ($873/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Cap rate 6.4% vs local median 5.3% in Manchester — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 61/100 on livability (#80 in VT) — a middle-class / working-renter tenant base. Strengths: crime B; Watch: health & safety D, amenities F, commute F.
• Zoned schools: Manchester Elementary/Middle School (math 30% / reading 45%, grade F, #112 of 192 statewide, top 58%, 392 students, 41% FRL).
• Market conditions: 12 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 59 units permitted in Bennington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($4k loan paydown + $20k appreciation (3.0% local appreciation)).
• 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 $182k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $650,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 6.43%
• Cash-on-cash: 0.48%
• DSCR: 1.02
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.46×
• Total profit: $83,720
• Equity at exit: $292,268

10-year hold

• IRR: 10.7%
• Equity multiple: 2.61×
• Total profit: $292,720
• Equity at exit: $450,420

Cash invested: $182,000 (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 05254

• Active inventory: 12
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $7,171 medium
• Mortgage (P&I): −$3,409
• Tax est. 1.5%: −$812 /mo · $9,750/yr
• Insurance: −$271
• HOA: −$1,100
• Vacancy / Maint / Mgmt: −$1,506
• Net cashflow: $73

Break-even live

Break-even rent $7,078

Max offer price $650,000

Occupancy floor 94%

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 Franklin Rd Manchester, VT	4.0	2.0	1950	$3,200	$1.64	43d	1	0.80mi
163 Taconic Rd Manchester, VT	4.0	4.5	3078	$12,500	$4.06	43d	1	0.99mi

HOA detail condo

• Monthly dues: $1,100 · $13,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $650,000 Active 13 DOM
2. 2026-06-17
   days on market $650,000 Active 12 DOM
3. 2026-06-16
   days on market $650,000 Active 11 DOM
4. 2026-06-15
   days on market $650,000 Active 10 DOM
5. 2026-06-15
   days on market $650,000 Active 9 DOM
6. 2026-06-13
   days on market $650,000 Active 8 DOM
7. 2026-06-12
   days on market $650,000 Active 7 DOM
8. 2026-06-09
   days on market $650,000 Active 4 DOM
9. 2026-06-08
   days on market $650,000 Active 3 DOM
10. 2026-06-08
    days on market $650,000 Active 2 DOM
11. 2026-06-07
    remarks 693-char remark
12. 2026-06-07
    listed $650,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $86,047
• − Mortgage interest: −$36,410
• − Property taxes: −$9,750
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,884
• − Management: −$6,884
• − HOA: −$13,200
• − Depreciation: −$18,909
• Taxable loss: −$9,240
• Est. tax savings @ 24.0%: +$2,218
• After-tax cash flow: $3,091/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 · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained, move-in-ready townhouse offers a spacious layout with natural light and mountain views. Minor updates to the exterior and interior could further enhance its curb appeal and value.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Resale Trim landscaping — Improves curb appeal
• Both Replace carpet — Improves comfort and appearance
• Both Replace light fixtures — Enhances ambiance and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Resale Trim landscaping — Improves curb appeal ↑
• Both Replace carpet — Improves comfort and appearance ↑
• Both Replace light fixtures — Enhances ambiance and energy efficiency ↑

ⓘ 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 — Manchester

• Score: 61/100
• State rank: #80
• US rank: #17922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, VT
• City population: 4,527
• Population (ZIP): 441

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 10% Black 2% Two or more races 2%
• Hispanic origin (detail): Cuban 2%
• Common ancestry: Romanian 16% Scotch-Irish 3% Slovak 2%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 4% Russian/Polish/Slavic 4% French/Haitian/Cajun 2%

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

Price history

1 event — show timeline

• 2026-06-05 Listed $650,000 PrimeMLS