10-12 Shelburne St · Burlington, VT 05401

$439,000

3 bd · 3.0 ba · 2,008 sqft · MultiFamily · 53 Days on market

Built 1899 Fair condition 2,613 sqft lot $219/sqft · 39% below area Est $722k · 39% under ↓ 12% since listing

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• 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

Rare Opportunity in Burlington’s South End!! 10-12 Shelburne Street Burlington, VT 05401 Discover the perfect blend of style, versatility, and location at this stunning South End gem. Boasting 2,008 sq/ft of finished living space above grade, this property offers a unique "best of both worlds" scenario: the comfort of a spacious single-family residence with the lucrative zoning of a duplex. Flexible Layout & Easy Conversion The home is beautifully maintained and designed for effortless flexibility. Converting it back to a duplex is remarkably simple: First Floor: A generous layout with 2 bedrooms and 1 bathroom. Second Floor: A private 1-bedroom, 1-bathroom suite. Private Entry: A dedicated rear entrance is already in place for seamless split-occupancy. Living & Bonus Spaces Enjoy the quintessential Burlington lifestyle with exceptional indoor and outdoor amenities: Classic Porches: An expansive front porch for neighborhood waving and a cozy 3-season rear sunroom. Private Backyard: An intimate, fenced oasis perfect for gardening or relaxing. Attached 1-Car Garage: Currently used as a large storage room but easily converted back for vehicle use. Full Basement: Offers ample utility space and is partially finished, perfect for a home office or gym. Prime Location You are steps away from the Pine Street corridor, home to local breweries, the South End Arts District, and City Market. Enjoy quick access to the Burlington Bike Path and Oakledge Park for sunsets over Lake Champlain. Property Highlights: Zoning: Legal duplex (currently 3-bed, 2-bath single-family). Size: 2,008 sq/ft above grade on a 0.06-acre parcel. Potential: Ideal for an owner-occupant seeking rental income or investors alike. Properties with this character and configuration are a rare find in the South End. Don’t miss your chance to own a piece of Burlington’s most vibrant neighborhood! Schedule your private showing today!

Key facts

• Private backyard
• Full basement
• Private entry

Tags

• PRIVATE ENTRY
• PRIVATE BACKYARD
• FULL BASEMENT
• PRIME LOCATION

Property features AI

Finance

• Other: Documents available: Deed, Property Disclosure, Tax Map, other documents

Exterior

• Parking: Detached garage with capacity for 1 vehicle; Dirt driveway
• Utilities: Public water; Public sewer; 100 Amp electric service with circuit breakers (on-site); Natural gas on-site (Vermont Gas Systems); Cable available (Xfinity/Comcast); Fiber optic and high-speed internet available; Telephone available (Burlington Telecom)
• Home design: New Englander architectural style; Wood frame construction with clapboard/wood siding; Grey and white exterior; Asphalt shingle roof; Existing property (built in 1899)
• Construction: Wood frame construction; Clapboard/wood siding; Asphalt shingle roof; Built in 1899
• Exterior features: Curbing and sidewalks; Street lights; Near trails and walking trails; Near golf course and other paths; Close to shopping, public transportation, hospital, and schools

Interior

• Kitchen: Oven (wall); Range - Electric; Exhaust hood; Dishwasher; Refrigerator; Freezer
• Flooring: Carpet; Laminate; Tile; Vinyl; Wood; Combination flooring
• Bathrooms: 1 full bathroom; 2 three-quarter bathrooms
• Heating & cooling: Natural gas heating; Forced air / hot air
• Interior features: 8 total rooms; Full basement with interior access; Basement is climate controlled, insulated, partially finished with concrete floor, interior stairs, exterior access, and storage space
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $439k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $439k).
• Recommended offer: $426k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.1% in Burlington — 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 74/100 on livability (#19 in VT, #4,619 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B; Watch: cost of living D, crime F, amenities F.
• Zoned schools: Edmunds Elementary School (math 42% / reading 57%, grade D, #50 of 192 statewide, top 32%, 228 students, 53% FRL).
• Market conditions: Rents flat; 137 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• At $5,997/mo this rent would consume 110% of the median local household income ($66k/yr) (locally 2757% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $123k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $425,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.37% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.63%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $721,653
• List price: $439,000
• Delta: -39.17%
• 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
103-105 Hayward St	0.30mi	4/2.0 (+1)	2,112 (+5%)	12mo	$792,000	$375	59
38 Clymer St	0.44mi	3/2.0	1,792 (-11%)	1mo	$585,000	$326	57
9-11 Proctor Ave	0.72mi	4/2.0 (+1)	2,112 (+5%)	17mo	$390,000	$185	35

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 · 0.52% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $22,866
• Equity at exit: $65,456

10-year hold

• IRR: 12.0%
• Equity multiple: 1.84×
• Total profit: $102,993
• Equity at exit: $37,957

Cash invested: $122,920 (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 05401

• Rents YoY: 0.5%
• Active inventory: 137
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $5,997 high
• Mortgage (P&I): −$2,302
• Tax est. 1.5%: −$549 /mo · $6,585/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,259
• Net cashflow: $1,704

Break-even live

Break-even rent $3,840

Max offer price $439,000

Occupancy floor 67%

Sensitivity live

Price	-10% $2,007	-5% $1,855	+0% $1,704	+5% $1,552	+10% $1,400
Rent	-10% $1,230	-5% $1,467	+0% $1,704	+5% $1,941	+10% $2,178
Rate	-1.0pp $1,925	-0.5pp $1,815	base $1,704	+0.5pp $1,590	+1.0pp $1,474

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,102
▸ 2× units	1	1	$3,896
Total (3 units)			$5,997

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
545 S Prospect St #19 Burlington, VT	2.0	2.5	1566	$4,100	$2.62	44d	1	0.25mi
66 Hungerford Ter Burlington, VT	4.0	1.0	1500	$3,450	$2.30	21d	1	0.94mi
140 Bank St Burlington, VT	2.0	2.0	1337	$4,525	$3.38	21d	3	1.01mi
37 Hyde St Unit 7 Burlington, VT	4.0	2.0	1600	$4,000	$2.50	44d	1	1.45mi
268 Market St South Burlington, VT	3.0	1.0–2.0	986	$2,029	$2.06	21d	1	1.49mi

Listing history 23 events

1. 2026-06-19
   days on market $439,000 Active 53 DOM
2. 2026-06-18
   days on market $439,000 Active 52 DOM
3. 2026-06-17
   days on market $439,000 Active 51 DOM
4. 2026-06-16
   days on market $439,000 Active 50 DOM
5. 2026-06-15
   days on market $439,000 Active 49 DOM
6. 2026-06-14
   days on market $439,000 Active 47 DOM
7. 2026-06-13
   days on market $439,000 Active 46 DOM
8. 2026-06-10
   days on market $439,000 Active 44 DOM
9. 2026-06-09
   days on market $439,000 Active 43 DOM
10. 2026-06-08
    days on market $439,000 Active 42 DOM
11. 2026-06-07
    days on market $439,000 Active 41 DOM
12. 2026-06-05
    days on market $439,000 Active 38 DOM
13. 2026-06-03
    days on market $439,000 Active 37 DOM
14. 2026-06-02
    days on market $439,000 Active 36 DOM
15. 2026-06-01
    days on market $439,000 Active 35 DOM
16. 2026-05-31
    days on market $439,000 Active 34 DOM
17. 2026-05-30
    days on market $439,000 Active 33 DOM
18. 2026-04-27
    listed $439,000 Active 1965-char remark

    Show marketing remark (1965 chars)

    Rare Opportunity in Burlington’s South End!! 10-12 Shelburne Street Burlington, VT 05401 Discover the perfect blend of style, versatility, and location at this stunning South End gem. Boasting 2,008 sq/ft of finished living space above grade, this property offers a unique "best of both worlds" scenario: the comfort of a spacious single-family residence with the lucrative zoning of a duplex. Flexible Layout & Easy Conversion The home is beautifully maintained and designed for effortless flexibility. Converting it back to a duplex is remarkably simple: First Floor: A generous layout with 2 bedrooms and 1 bathroom. Second Floor: A private 1-bedroom, 1-bathroom suite. Private Entry: A dedicated rear entrance is already in place for seamless split-occupancy. Living & Bonus Spaces Enjoy the quintessential Burlington lifestyle with exceptional indoor and outdoor amenities: Classic Porches: An expansive front porch for neighborhood waving and a cozy 3-season rear sunroom. Private Backyard: An intimate, fenced oasis perfect for gardening or relaxing. Attached 1-Car Garage: Currently used as a large storage room but easily converted back for vehicle use. Full Basement: Offers ample utility space and is partially finished, perfect for a home office or gym. Prime Location You are steps away from the Pine Street corridor, home to local breweries, the South End Arts District, and City Market. Enjoy quick access to the Burlington Bike Path and Oakledge Park for sunsets over Lake Champlain. Property Highlights: Zoning: Legal duplex (currently 3-bed, 2-bath single-family). Size: 2,008 sq/ft above grade on a 0.06-acre parcel. Potential: Ideal for an owner-occupant seeking rental income or investors alike. Properties with this character and configuration are a rare find in the South End. Don’t miss your chance to own a piece of Burlington’s most vibrant neighborhood! Schedule your private showing today!

19. 2026-04-27
    listed $439,000 Active 1965-char remark

    Show marketing remark (1965 chars)

    Rare Opportunity in Burlington’s South End!! 10-12 Shelburne Street Burlington, VT 05401 Discover the perfect blend of style, versatility, and location at this stunning South End gem. Boasting 2,008 sq/ft of finished living space above grade, this property offers a unique "best of both worlds" scenario: the comfort of a spacious single-family residence with the lucrative zoning of a duplex. Flexible Layout & Easy Conversion The home is beautifully maintained and designed for effortless flexibility. Converting it back to a duplex is remarkably simple: First Floor: A generous layout with 2 bedrooms and 1 bathroom. Second Floor: A private 1-bedroom, 1-bathroom suite. Private Entry: A dedicated rear entrance is already in place for seamless split-occupancy. Living & Bonus Spaces Enjoy the quintessential Burlington lifestyle with exceptional indoor and outdoor amenities: Classic Porches: An expansive front porch for neighborhood waving and a cozy 3-season rear sunroom. Private Backyard: An intimate, fenced oasis perfect for gardening or relaxing. Attached 1-Car Garage: Currently used as a large storage room but easily converted back for vehicle use. Full Basement: Offers ample utility space and is partially finished, perfect for a home office or gym. Prime Location You are steps away from the Pine Street corridor, home to local breweries, the South End Arts District, and City Market. Enjoy quick access to the Burlington Bike Path and Oakledge Park for sunsets over Lake Champlain. Property Highlights: Zoning: Legal duplex (currently 3-bed, 2-bath single-family). Size: 2,008 sq/ft above grade on a 0.06-acre parcel. Potential: Ideal for an owner-occupant seeking rental income or investors alike. Properties with this character and configuration are a rare find in the South End. Don’t miss your chance to own a piece of Burlington’s most vibrant neighborhood! Schedule your private showing today!

20. 2024-12-20
    price $455,000
21. 2024-11-28
    price $470,000
22. 2024-07-26
    price $479,000
23. 2024-03-15
    price $499,000

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

Taxation est. · year 1

• Rental income: $71,964
• − Mortgage interest: −$24,591
• − Property taxes: −$6,585
• − Insurance: −$2,195
• − Repairs & maintenance: −$5,757
• − Management: −$5,757
• − Depreciation: −$12,771
• Taxable income: $14,308
• Est. tax owed @ 24.0%: −$3,434
• After-tax cash flow: $17,012/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires significant renovations to improve its condition and increase its value. The kitchen, bathrooms, and exterior are in poor condition and require major repairs.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major bathroom fixtures — outdated and cluttered
• Major flooring — dated and in poor condition
• Major interior walls — paint peeling and cluttered spaces
• Major exterior siding — deteriorating condition
• Major windows — old and single-pane
• Major landscaping — overgrown vegetation

Value-add opportunities

• Resale kitchen renovation — modernizing the kitchen would significantly increase the home's appeal
• Resale bathroom renovation — updating the bathrooms would improve the home's overall appeal
• Both exterior siding and landscaping — improving the exterior would enhance curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · outdated and cluttered	Major	$15,000–50,000
flooring · dated and in poor condition	Major	$15,000–50,000
interior walls · paint peeling and cluttered spaces	Major	$15,000–50,000
exterior siding · deteriorating condition	Major	$15,000–50,000
windows · old and single-pane	Major	$15,000–50,000
landscaping · overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale kitchen renovation — modernizing the kitchen would significantly increase the home's appeal ↑
• Resale bathroom renovation — updating the bathrooms would improve the home's overall appeal ↑
• Both exterior siding and landscaping — improving the exterior would enhance curb appeal and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

No district data.

Livability — Burlington

• Score: 74/100
• State rank: #19
• US rank: #4619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, VT
• County: Chittenden County · 110,603 people
• City population: 31,662
• Metro: Burlington-South Burlington, VT
• Population (ZIP): 31,662
• Household income: $65,657
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2757.0

Population outlook (Chittenden County) Hauer SSP2

• Today (2025): 170,769 people
• By 2030: 174,716 · +2.3%
• By 2040: 180,337 · +5.6%
• By 2050: 183,768 · +7.6%
• By 2075: 194,646 · +14.0%
• By 2100: 194,933 · +14.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 4%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Spanish 2%

Political lean MEDSL · Chittenden

• 2024 margin: Solid D (+53.6) · D 75.4% · R 21.7% · Other 2.9%
• 2008→2024 swing: +8.9pp toward D · 2008: 44.8pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+54.5 2016: D+46.8 2012: D+41.9 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.87%
• Current HPI: 352.2081
• Rent YoY: ▲ 0.52%
• Metro: Burlington-South Burlington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

-12.0% since first listed

6 events — show timeline

• 2026-04-27 Listed $439,000 PrimeMLS
• 2026-04-27 Listed $439,000 PrimeMLS
• 2024-12-20 Price Changed $455,000 PrimeMLS
• 2024-11-28 Price Changed $470,000 PrimeMLS
• 2024-07-26 Price Changed $479,000 PrimeMLS
• 2024-03-15 Price Changed $499,000 PrimeMLS