635 Equinox on the Battenkill Unit L1

Manchester, VT 05254

$650,000C-

4 bd · 2.0 ba · 2,364 sqft · Built 1985 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,171/mo
• Mortgage (P&I): −$3,409
• Tax + insurance: −$1,083
• HOA: −$1,100
• Vac / Maint / Mgmt: −$1,506
• Net cashflow: $73/mo
• Annual: $873/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.48%
• DSCR: 1.02
• 1% rule: 1.10%
• Cash to close: $182,000

Investor read

• This is a 4-bed/2.0-bath condo listed at $650k. Condition is rated good.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $24k of equity ($4k loan paydown + $20k appreciation (3.0% local appreciation)).
• 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).
• 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.
• 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.

Questions for listing agent

• 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?
• 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.