15 Lindbergh Ave

Barre, VT 05641

$135,000C+

2 bd · 1.0 ba · 784 sqft · Built 2005 · Manufactured · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,501/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $305/mo
• Annual: $3,665/yr
• Cap rate: 9.01%
• Cash-on-cash: 9.70%
• DSCR: 1.43
• 1% rule: 1.11%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $305 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 38 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#92 in VT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Zoned schools: Barre City Elementary/Middle School (math 20% / reading 33%, grade F, #159 of 192 statewide, top 83%, 784 students, 39% FRL).
• Market conditions: 91 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 185 units permitted in Washington County in 2024 (30 in 5+ unit buildings).
• Washington County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $49k; list at $135k implies a 176% gain — meaningful room to come down on a strong offer.
• Cap rate 9.0% vs local median 4.5% in Barre — 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 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.