1008 Luce Rd

Plainfield, VT 05650

$140,000B-

4 bd · 1.0 ba · 2,052 sqft · Built 1793 · SingleFamily · Active · 392 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,756/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $286/mo
• Annual: $3,429/yr
• Cap rate: 8.74%
• Cash-on-cash: 8.75%
• DSCR: 1.39
• 1% rule: 1.25%
• Cash to close: $39,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 392 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($968 loan paydown + $6k appreciation (4.0% local appreciation)).
• Location reads 61/100 on livability (#78 in VT) — a middle-class / working-renter tenant base. Strengths: cost of living A-, housing B; Watch: employment D+, amenities F, commute F.
• Watch-outs: property tax is 2.6% of price; built in 1793 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 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.
• 2 sale attempts; this cycle's ask has dropped $80k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 392 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1793 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.