338 Collamer Cir

Shelburne, VT 05482

$669,900D

3 bd · 2.0 ba · 2,253 sqft · Built 1970 · Other · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,400/mo
• Mortgage (P&I): −$3,513
• Tax + insurance: −$740
• HOA: −$0
• Vac / Maint / Mgmt: −$1,134
• Net cashflow: $13/mo
• Annual: $159/yr
• Cap rate: 6.32%
• Cash-on-cash: 0.08%
• DSCR: 1.00
• 1% rule: 0.81%
• Cash to close: $187,572

Investor read

• This is a 3-bed/2.0-bath other listed at $670k.
• At list price, monthly cash flow is $13 ($159/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $540k (19.4% below list).
• It's been on market 48 days — a 3% lower offer ($650k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $540k (19.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#14 in VT, #3,526 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Zoned schools: Shelburne Community School (math 47% / reading 65%, grade C+, #29 of 192 statewide, top 15%, 736 students, 14% FRL).
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $415k; list at $670k implies a 61% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 2.1% in Shelburne — 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 48 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.