14-15-17-21-25- Westminster St · Rockingham, VT 05154

$2,900,000

None bd · 25.0 ba · 34,419 sqft · MultiFamily · 55 Days on market

Built 1950 Fair condition 140 ac lot

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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 +15.1/30.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +5.0/10.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

For developers or investors seeking property with stable income and growth potential, the Warner Center campus presents an excellent opportunity. This surveyed 140-acre property comprises 24 residential rental units and 3 commercial spaces within six extensively renovated brick buildings – over 34,000sf altogether. The buildings are situated in a spacious, sunlit field, conveniently located within walking distance of the historic Village of Saxtons River, which features Vermont Academy, the Saxtons River Inn, a performing arts organization, yoga studio, and the Village Market. Ten minutes’ drive to Exit 5 on I-91 or Bellows Falls. Cell tower lessee has a 30-day ROFR' The campu

Key facts

• 3 commercial spaces
• 140 acre property
• Over 34000sf

Tags

• 140 ACRE PROPERTY
• 24 RESIDENTIAL RENTAL UNITS
• 3 COMMERCIAL SPACES
• OVER 34000SF
• REVENUE GENERATING CELL TOWER
• MUNICIPAL WASTEWATER SERVICES

Property features AI

Finance

• Other: 24 residential units (investment property)

Exterior

• Parking: Paved driveway
• Utilities: Sewer: Public; Water sources: cistern, community connection, drilled well, and private supply; Electric: 110V, 220V, 220V plug, 3-phase service, circuit breakers; Cable available; Fiber optic internet available
• Home design: Colonial-style multi-unit building; Existing structure; Multiple addresses on Westminster Street
• Construction: Built in 1950; Brick exterior; Slate roof; Unfinished basement
• Exterior features: Paved driveway; Country setting with hilly, wooded and landscaped areas; Level and leased portions; River frontage; Near shopping and in a valley; Paved, publicly maintained road frontage (approx. 470 feet); Easements present; Property surveyed

Interior

• Kitchen: No kitchen appliance specifics provided
• Bedrooms: 24-unit building containing 4 one-bedroom units and 20 two-bedroom units
• Bathrooms: 25 full bathrooms
• Heating & cooling: Individual heating: Propane and oil options; Baseboard heating; Vented gas heaters; Steam heating; No central cooling
• Interior features: Unfinished walkout basement
• Laundry & utility: Trash service handled by tenants

What this means for you Summary

Snapshot

• This is a ?-bed/25.0-bath multifamily listed at $2.90M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $969 ($12k/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 $2.66M (8.3% below list).
• Recommended offer: $2.66M (8.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 3 active listings in the ZIP; 188 units permitted in Windham County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $131k of equity ($20k loan paydown + $111k appreciation (3.8% local appreciation)).
• Windham County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $812k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$211k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($2.81M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,659,500 (8.3% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.83% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.67×
• Total profit: $540,279
• Equity at exit: $1,441,015

10-year hold

• IRR: 12.8%
• Equity multiple: 3.07×
• Total profit: $1,684,037
• Equity at exit: $2,333,798

Cash invested: $812,000 (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 05154

• Home prices YoY: 3.8%
• Active inventory: 3
• Price-to-rent: 218.1×

Monthly cashflow live

• Estimated rent: $26,595 medium
• Mortgage (P&I): −$15,208
• Tax est. 1.5%: −$3,625 /mo · $43,500/yr
• Insurance: −$1,208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,585
• Net cashflow: $969

Break-even live

Break-even rent $25,369

Max offer price $2,900,000

Occupancy floor 91%

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	1	1	$26,592
Total (24 units)			$26,595

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: $725,000
• Closing costs: $87,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $2,900,000 Active 55 DOM
2. 2026-06-17
   days on market $2,900,000 Active 54 DOM
3. 2026-06-16
   days on market $2,900,000 Active 53 DOM
4. 2026-06-15
   days on market $2,900,000 Active 52 DOM
5. 2026-06-15
   days on market $2,900,000 Active 51 DOM
6. 2026-06-13
   days on market $2,900,000 Active 50 DOM
7. 2026-06-12
   days on market $2,900,000 Active 49 DOM
8. 2026-06-09
   days on market $2,900,000 Active 46 DOM
9. 2026-06-08
   days on market $2,900,000 Active 45 DOM
10. 2026-06-08
    days on market $2,900,000 Active 44 DOM
11. 2026-06-07
    days on market $2,900,000 Active 43 DOM
12. 2026-06-03
    days on market $2,900,000 Active 40 DOM
13. 2026-06-02
    days on market $2,900,000 Active 39 DOM
14. 2026-06-01
    days on market $2,900,000 Active 38 DOM
15. 2026-05-31
    days on market $2,900,000 Active 37 DOM
16. 2026-04-24
    listed $2,900,000 Active

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $319,140
• − Mortgage interest: −$162,445
• − Property taxes: −$43,500
• − Insurance: −$14,500
• − Repairs & maintenance: −$25,531
• − Management: −$25,531
• − Depreciation: −$84,364
• Taxable loss: −$36,731
• Est. tax savings @ 24.0%: +$8,815
• After-tax cash flow: $20,441/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 · 14 photos

Fair 45/100 Extensive rehab

This property requires extensive repairs and renovations to improve its condition and increase its value. Significant structural issues and potential water damage are evident, and a fresh exterior, new roof, and updated HVAC system would greatly enhance its appeal.

Repairs flagged

• Major exterior walls — Significant cracking and peeling paint indicate structural issues and potential water damage.
• Major roof — The roof appears to be in poor condition, with visible signs of wear and tear.
• Major flooring — The flooring in the interior photos appears to be old and worn, with visible signs of wear and tear.
• Major interior walls — The interior walls show significant cracking and peeling paint, indicating structural issues and potential water damage.
• Major HVAC system — Given the overall condition, the HVAC system is likely in need of repair or replacement.

Value-add opportunities

• Both exterior renovation — A fresh coat of paint and new siding would significantly improve the curb appeal and overall condition of the property.
• Both roof replacement — A new roof would not only improve the structural integrity of the property but also increase its resale and rental value.
• Both HVAC system replacement — A new HVAC system would improve the comfort and energy efficiency of the property, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior walls · Significant cracking and peeling paint indicate structural issues and potential water damage.	Major	$15,000–50,000
roof · The roof appears to be in poor condition, with visible signs of wear and tear.	Major	$15,000–50,000
flooring · The flooring in the interior photos appears to be old and worn, with visible signs of wear and tear.	Major	$15,000–50,000
interior walls · The interior walls show significant cracking and peeling paint, indicating structural issues and potential water damage.	Major	$15,000–50,000
HVAC system · Given the overall condition, the HVAC system is likely in need of repair or replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior renovation — A fresh coat of paint and new siding would significantly improve the curb appeal and overall condition of the property. ↑
• Both roof replacement — A new roof would not only improve the structural integrity of the property but also increase its resale and rental value. ↑
• Both HVAC system replacement — A new HVAC system would improve the comfort and energy efficiency of the property, making it more attractive to potential buyers and renters. ↑

ⓘ 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 — Rockingham

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Saxtons River, VT
• Population (ZIP): 446

Population outlook (Windham County) Hauer SSP2

• Today (2025): 40,432 people
• By 2030: 38,472 · -4.8%
• By 2040: 33,954 · -16.0%
• By 2050: 29,774 · -26.4%
• By 2075: 22,351 · -44.7%
• By 2100: 15,961 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 22% Russian 9% Romanian 4%
• Foreign-born: 5% · China
• Languages at home: 94% English-only · Chinese 4% Spanish 2%

Political lean MEDSL · Windham

• 2024 margin: Solid D (+42.7) · D 69.6% · R 26.9% · Other 3.5%
• 2008→2024 swing: -5.4pp toward R · 2008: 48.1pp · 2024: 42.7pp
• All cycles: 2024: D+42.7 2020: D+47.3 2016: D+42.0 2012: D+49.2 2008: D+48.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.83%
• Current HPI: 103.7273
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-24 Listed $2,900,000 PrimeMLS