114 Club Sugarbush Rd · Waitsfield, VT 05674

$265,000

1 bd · 1.5 ba · 814 sqft · Condo public records · 136 Days on market

Built 1980 $326/sqft · 9% below area Est $292k · 9% under $547/mo HOA · 27% of rent

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Why this score? — see what drove the D 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).

• ARV discount +11.6/15.0
• Appreciation +10.0/10.0
• Schools +5.0/10.0
• Cash flow +3.5/30.0
• Livability +3.4/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

These condos rarely come on the market. 109 is a second floor one bedroom one bath condo at Sugarbush One. There was new carpet and paint installed in 2023, Two Rinnai propane heaters installed in 2024 as well as a new refrigerator in '24. The wood burning wood stove was removed in 2023 adding additional floor space to the condo. Good size rooms and the layout is very comfortable. Two balconys, one off living room and one off bedroom. See the floorplan. Close to skiing at Sugarbush Lincoln Peak and golf at the Robert Trent Jones 18 hole golf course. Winter shuttle picks you in the parking lot. Condo is tenant occupied and most of the belongings will be removed with a list of items to remain with accepted offer.

Key facts

• New carpet
• Close to golf
• New paint

Tags

• NEW CARPET
• NEW PAINT
• RINNAI PROPANE HEATERS
• NEW REFRIGERATOR
• CLOSE TO SKIING
• CLOSE TO GOLF

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-796 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (53.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (23.6% below list).
• Recommended offer: $124k (53.1% below list) — sets the bar for cash-flow.
• Cap rate 2.7% vs local median 2.0% 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.

Location & tenants

• 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.
• Market conditions: 52 active listings in the ZIP; 185 units permitted in Washington County in 2024 (30 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• 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 ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $124,301 (53.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.76% ✗
• Cap rate: 2.69%
• Cash-on-cash: -12.88%
• DSCR: 0.43
• GRM: 10.9

CMA / ARV

• ARV (median comp): $291,822
• List price: $265,000
• Delta: -9.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 2.27×
• Total profit: $93,976
• Equity at exit: $238,733

10-year hold

• IRR: 15.0%
• Equity multiple: 5.28×
• Total profit: $317,386
• Equity at exit: $514,837

Cash invested: $74,200 (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 05674

• Home prices YoY: 5.1%
• Active inventory: 52
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,024 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$349 /mo · $4,184/yr
• Insurance: −$110
• HOA: −$547
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $-796

Break-even live

Break-even rent $3,033

Max offer price $124,301

Occupancy floor —

Sensitivity live

Price	-10% $-646	-5% $-721	+0% $-796	+5% $-871	+10% $-946
Rent	-10% $-956	-5% $-876	+0% $-796	+5% $-716	+10% $-637
Rate	-1.0pp $-663	-0.5pp $-729	base $-796	+0.5pp $-865	+1.0pp $-935

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $547 · $6,564/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $265,000 Active 136 DOM
2. 2026-06-19
   days on market $265,000 Active 134 DOM
3. 2026-06-18
   days on market $265,000 Active 133 DOM
4. 2026-06-17
   days on market $265,000 Active 132 DOM
5. 2026-06-16
   days on market $265,000 Active 131 DOM
6. 2026-06-15
   days on market $265,000 Active 130 DOM
7. 2026-06-14
   days on market $265,000 Active 128 DOM
8. 2026-06-12
   days on market $265,000 Active 127 DOM
9. 2026-06-09
   days on market $265,000 Active 124 DOM
10. 2026-06-08
    days on market $265,000 Active 123 DOM
11. 2026-06-07
    days on market $265,000 Active 122 DOM
12. 2026-06-07
    days on market $265,000 Active 121 DOM
13. 2026-06-04
    days on market $265,000 Active 118 DOM
14. 2026-06-02
    days on market $265,000 Active 117 DOM
15. 2026-06-01
    days on market $265,000 Active 116 DOM
16. 2026-05-31
    days on market $265,000 Active 115 DOM
17. 2026-05-31
    days on market $265,000 Active 114 DOM
18. 2026-04-04
    price $265,000 720-char remark

    Show marketing remark (720 chars)

    These condos rarely come on the market. 109 is a second floor one bedroom one bath condo at Sugarbush One. There was new carpet and paint installed in 2023, Two Rinnai propane heaters installed in 2024 as well as a new refrigerator in '24. The wood burning wood stove was removed in 2023 adding additional floor space to the condo. Good size rooms and the layout is very comfortable. Two balconys, one off living room and one off bedroom. See the floorplan. Close to skiing at Sugarbush Lincoln Peak and golf at the Robert Trent Jones 18 hole golf course. Winter shuttle picks you in the parking lot. Condo is tenant occupied and most of the belongings will be removed with a list of items to remain with accepted offer.

19. 2026-03-14
    price $280,000 720-char remark

    Show marketing remark (720 chars)

    These condos rarely come on the market. 109 is a second floor one bedroom one bath condo at Sugarbush One. There was new carpet and paint installed in 2023, Two Rinnai propane heaters installed in 2024 as well as a new refrigerator in '24. The wood burning wood stove was removed in 2023 adding additional floor space to the condo. Good size rooms and the layout is very comfortable. Two balconys, one off living room and one off bedroom. See the floorplan. Close to skiing at Sugarbush Lincoln Peak and golf at the Robert Trent Jones 18 hole golf course. Winter shuttle picks you in the parking lot. Condo is tenant occupied and most of the belongings will be removed with a list of items to remain with accepted offer.

20. 2026-02-06
    listed $285,000 Active 720-char remark

    Show marketing remark (720 chars)

    These condos rarely come on the market. 109 is a second floor one bedroom one bath condo at Sugarbush One. There was new carpet and paint installed in 2023, Two Rinnai propane heaters installed in 2024 as well as a new refrigerator in '24. The wood burning wood stove was removed in 2023 adding additional floor space to the condo. Good size rooms and the layout is very comfortable. Two balconys, one off living room and one off bedroom. See the floorplan. Close to skiing at Sugarbush Lincoln Peak and golf at the Robert Trent Jones 18 hole golf course. Winter shuttle picks you in the parking lot. Condo is tenant occupied and most of the belongings will be removed with a list of items to remain with accepted offer.

21. 2005-08-25
    soldstatus $180,000
22. 1990-10-16
    soldstatus $110,000

ⓘ 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: $4,184 · $349/mo
• Projected year-2 tax: $4,610 · $384/mo
• Expected delta: +$425/yr (+$35/mo · 10.2%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥87°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,294
• − Mortgage interest: −$14,844
• − Property taxes: −$4,184
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − HOA: −$6,564
• − Depreciation: −$7,709
• Taxable loss: −$14,220
• Est. tax savings @ 24.0%: +$3,413
• After-tax cash flow: $-6,145/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 — Waitsfield

• Score: 68/100
• State rank: #37
• US rank: #9382

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,678

Population outlook (Washington County) Hauer SSP2

• Today (2025): 56,608 people
• By 2030: 54,731 · -3.3%
• By 2040: 50,227 · -11.3%
• By 2050: 45,893 · -18.9%
• By 2075: 36,818 · -35.0%
• By 2100: 28,143 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 8% Romanian 4% Lithuanian 4%
• Foreign-born: 4% · Canada
• Languages at home: 88% English-only · Spanish 10% French/Haitian/Cajun 2% German/W. Germanic 1%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+43.4) · D 70.0% · R 26.6% · Other 3.4%
• 2008→2024 swing: +2.4pp toward D · 2008: 41.0pp · 2024: 43.4pp
• All cycles: 2024: D+43.4 2020: D+46.1 2016: D+37.0 2012: D+42.2 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 17.62%
• Current HPI: 361.2902
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+140.9% since first listed

5 events — show timeline

• 2026-04-04 Price Changed $265,000 PrimeMLS
• 2026-03-14 Price Changed $280,000 PrimeMLS
• 2026-02-06 Listed $285,000 PrimeMLS
• 2005-08-25 Sold (Public Records) $180,000 Public Records
• 1990-10-16 Sold (Public Records) $110,000 Public Records

Property tax history

+21.5%/yr

Latest (2024): $4,184 · +19.8% YoY. Source: county tax records.