35 Hoyt St #2

St. Albans, VT 05478

$145,000D

2 bd · 1.0 ba · 880 sqft · Built 1980 · Condo · Pending · 291 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,400/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$275
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-171/mo
• Annual: $-2,053/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.06%
• DSCR: 0.78
• 1% rule: 0.97%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $145k. Condition is rated good.
• At list price, monthly cash flow is $-171 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (3.4% below list).
• It's been on market 291 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (17.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 124 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 200 units permitted in Franklin County in 2024 (25 in 5+ unit buildings).
• Franklin County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask has dropped $45k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.9% vs local median 2.4% in St. Albans — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 291 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.