102 Forest Dr Unit 223 (plus lockout 225) interval I

Waitsfield, VT 05674

$210,000D+

2 bd · 2.0 ba · 1,164 sqft · Built 2006 · Condo · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,404/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$763
• Vac / Maint / Mgmt: −$505
• Net cashflow: $-315/mo
• Annual: $-3,784/yr
• Cap rate: 4.49%
• Cash-on-cash: -6.44%
• DSCR: 0.71
• 1% rule: 1.14%
• Cash to close: $58,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $210k. Condition is rated fair.
• At list price, monthly cash flow is $-315 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (21.7% below list).
• Meets the 1% rule at list price ($2k rent vs $210k).
• It's been on market 93 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (21.7% below list) — sets the bar for cash-flow.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#37 in VT) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A, housing B; Watch: amenities F, commute F, employment F.
• Watch-outs: HOA is 32% of rent.
• Market conditions: 52 active listings in the ZIP; 185 units permitted in Washington County in 2024 (30 in 5+ unit buildings).
• Washington County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.5% vs local median 2.1% in Waitsfield — 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 93 days. Have you received any prior offers? Is the seller open to a 22% 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?
• 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.
• Schools are B-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?

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — Minimal landscaping could benefit from some updates.