14-15-17-21-25- Westminster St

Rockingham, VT 05154

$2,900,000C-

None bd · 25.0 ba · 34,419 sqft · Built 1950 · MultiFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,595/mo
• Mortgage (P&I): −$15,208
• Tax + insurance: −$4,833
• HOA: −$0
• Vac / Maint / Mgmt: −$5,585
• Net cashflow: $969/mo
• Annual: $11,626/yr
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• 1% rule: 0.92%
• Cash to close: $812,000

Investor read

• This is a ?-bed/25.0-bath multifamily listed at $2.90M. Condition is rated fair.
• 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).
• It's been on market 57 days — a 3% lower offer ($2.81M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.66M (8.3% below list) — sets the bar for 1% rule.
• In year one you build about $131k of equity ($20k loan paydown + $111k appreciation (3.8% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 188 units permitted in Windham County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.