161 Forest St · Rutland, VT 05701

$185,000

6 bd · 2.0 ba · 2,702 sqft · MultiFamily public records · 166 Days on market

Built 1900 8,276 sqft lot $68/sqft · 26% below area Est $257k · 28% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great location and great opportunity for income. Some work needs to be done to get the property into tip top shape. Current owner is living in one unit and the other is rented. The garage needs major rehab or demo.

Key facts

• 8,276 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.9% vs local median 4.3% in Rutland — 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.

Location & tenants

• Location reads 81/100 on livability (#6 in VT, #1,410 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, cost of living A+; Watch: employment C-, crime F.
• Market conditions: 97 active listings in the ZIP; 90 units permitted in Rutland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Rutland County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $185k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 2.27% ✓
• Cap rate: 19.86%
• Cash-on-cash: 48.46%
• DSCR: 3.16
• GRM: 3.7

CMA / ARV

• ARV (median comp): $256,581
• List price: $185,000
• Delta: -27.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
72 Plain St	0.31mi	6/4.0	2,504 (-7%)	3mo	$415,000	$166	63
18 Madison St	0.70mi	5/3.5 (-1)	2,544 (-6%)	11mo	$482,000	$189	38
77 River St	0.45mi	6/4.0	2,332 (-14%)	20mo	$291,000	$125	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 46.0%
• Equity multiple: 2.99×
• Total profit: $103,274
• Equity at exit: $27,584

10-year hold

• IRR: 51.8%
• Equity multiple: 6.05×
• Total profit: $261,600
• Equity at exit: $15,995

Cash invested: $51,800 (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 05701

• Home prices YoY: -18.1%
• Active inventory: 97
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $4,200 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$179 /mo · $2,149/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $2,092

Break-even live

Break-even rent $1,552

Max offer price $185,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$4,200
Total (2 units)			$4,200

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $185,000 Active 166 DOM
2. 2026-06-17
   days on market $185,000 Active 165 DOM
3. 2026-06-16
   days on market $185,000 Active 164 DOM
4. 2026-06-15
   days on market $185,000 Active 163 DOM
5. 2026-06-15
   days on market $185,000 Active 162 DOM
6. 2026-06-13
   days on market $185,000 Active 161 DOM
7. 2026-06-12
   days on market $185,000 Active 160 DOM
8. 2026-06-09
   days on market $185,000 Active 157 DOM
9. 2026-06-08
   days on market $185,000 Active 156 DOM
10. 2026-06-08
    days on market $185,000 Active 155 DOM
11. 2026-06-07
    days on market $185,000 Active 154 DOM
12. 2026-06-03
    days on market $185,000 Active 151 DOM
13. 2026-06-02
    days on market $185,000 Active 150 DOM
14. 2026-06-01
    days on market $185,000 Active 149 DOM
15. 2026-05-31
    days on market $185,000 Active 148 DOM
16. 2026-05-13
    price $185,000 214-char remark

    Show marketing remark (214 chars)

    Great location and great opportunity for income. Some work needs to be done to get the property into tip top shape. Current owner is living in one unit and the other is rented. The garage needs major rehab or demo.

17. 2026-01-03
    listed $200,000 Active 214-char remark

    Show marketing remark (214 chars)

    Great location and great opportunity for income. Some work needs to be done to get the property into tip top shape. Current owner is living in one unit and the other is rented. The garage needs major rehab or demo.

18. 2002-06-21
    soldstatus $79,900 215-char remark

    Show marketing remark (215 chars)

    SIDE-BY-SIDE WITH SEPARATE UTILITIES ON DEEP CITY LOT WITH 2-CAR GARAGE IN REAR. SOLD ``AS IS`` WITH NO WARRANTIES. TITLE WILL BE CONVEYED BY QUIT-CLAIM DEED. CALL LISTING AGENT FOR SELLER`S P S AND DISCLOSURE FORM.

19. 2002-02-25
    listed $79,900 215-char remark

    Show marketing remark (215 chars)

    SIDE-BY-SIDE WITH SEPARATE UTILITIES ON DEEP CITY LOT WITH 2-CAR GARAGE IN REAR. SOLD ``AS IS`` WITH NO WARRANTIES. TITLE WILL BE CONVEYED BY QUIT-CLAIM DEED. CALL LISTING AGENT FOR SELLER`S P S AND DISCLOSURE FORM.

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

Tax reassessment forecast VT · Partial reset (capped growth)

• Current annual tax: $2,149 · $179/mo
• Projected year-2 tax: $2,832 · $236/mo
• Expected delta: +$683/yr (+$57/mo · 31.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $50,400
• − Mortgage interest: −$10,363
• − Property taxes: −$2,149
• − Insurance: −$925
• − Repairs & maintenance: −$4,032
• − Management: −$4,032
• − Depreciation: −$5,382
• Taxable income: $23,517
• Est. tax owed @ 24.0%: −$5,644
• After-tax cash flow: $19,456/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.

Schools (NCES district)

No district data.

Livability — Rutland

• Score: 81/100
• State rank: #6
• US rank: #1410

Category grades

Amenities A- Commute A+ Cost of living A+ Crime F Employment C- Housing A- Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rutland, VT
• Population (ZIP): 20,142

Population outlook (Rutland County) Hauer SSP2

• Today (2025): 55,307 people
• By 2030: 52,364 · -5.3%
• By 2040: 45,751 · -17.3%
• By 2050: 39,627 · -28.4%
• By 2075: 29,080 · -47.4%
• By 2100: 20,673 · -62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 14% Romanian 6% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Rutland

• 2024 margin: Lean D (+5.3) · D 51.3% · R 46.0% · Other 2.7%
• 2008→2024 swing: -19.3pp toward R · 2008: 24.6pp · 2024: 5.3pp
• All cycles: 2024: D+5.3 2020: D+10.5 2016: D+4.2 2012: D+22.0 2008: D+24.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.90%
• Current HPI: 288.4214
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+131.5% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $185,000 PrimeMLS
• 2026-01-03 Listed $200,000 PrimeMLS
• 2002-06-21 Sold (MLS) $79,900 PrimeMLS
• 2002-02-25 Listed $79,900 PrimeMLS

Property tax history

+16.7%/yr

Latest (2024): $2,149 · +3.7% YoY. Source: county tax records.