66 Addison Dr · Montpelier, VT 05602

$103,799

2 bd · 1.0 ba · 570 sqft · Manufactured public records · 341 Days on market

Built 2025 $182/sqft · 50% above area Est $106k · at est. $573/mo HOA · 42% 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 +8.2/15.0
• 1% rule +8.1/10.0
• Cash flow +5.7/30.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 66 Addison Dr. Berlin, VT, where modern comfort meets affordability in LaGue, Inc. MHP! This brand-new #4 CMH Topaz model manufactured home offers 2 bedrooms, 2 bathrooms, and 869 sq. ft. (14 x 66) of thoughtfully designed living space. Step inside to an open-concept layout with stylish finishes, a bright living area, and a well-appointed kitchen. The home features energy-efficient construction, modern appliances, and low-maintenance materials, making it perfect for easy living. Located in a peaceful and well-maintained community, this home is ideal for those looking for a move-in-ready option in a convenient location. Don’t miss out on this opportunity! Contact us today for more details or to schedule a tour. The interior is 100% complete. Home is available for showing. This property participates in the Mobile Home Infill Program (MHIP) and is open to anyone who works or lives in Vermont.

Key facts

• Built 2025
• Listed 340 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $104k.

Deal economics

• At list price, monthly cash flow is $-213 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $73k (29.7% below list).
• Meets the 1% rule at list price ($1k rent vs $104k).
• Recommended offer: $73k (29.7% below list) — sets the bar for cash-flow.
• Cap rate 3.8% vs local median 2.4% in Montpelier — 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 84/100 on livability (#3 in VT, #670 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, housing A+; Watch: crime C-.
• Market conditions: 65 active listings in the ZIP; 185 units permitted in Washington County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $717 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Washington County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 341 days — a 12% lower offer ($91k) 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.
• Current owner paid $6k; list at $104k implies a 1630% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 42% of rent.

Recommended offer $72,960 (29.7% 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 341 days. Have you received any prior offers? Is the seller open to a 30% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 3.83%
• Cash-on-cash: -8.80%
• DSCR: 0.61
• GRM: 6.3

CMA / ARV

• ARV (median comp): $105,548
• List price: $103,799
• Delta: -1.66%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -31.3%
• Equity multiple: -0.03×
• Total profit: $-30,021
• Equity at exit: $15,477

10-year hold

• IRR: -32.1%
• Equity multiple: -0.45×
• Total profit: $-42,106
• Equity at exit: $8,975

Cash invested: $29,064 (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 05602

• Active inventory: 65
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,364 medium
• Mortgage (P&I): −$544
• Tax est. 1.5%: −$130 /mo · $1,557/yr
• Insurance: −$43
• HOA: −$573
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $-213

Break-even live

Break-even rent $1,633

Max offer price $72,960

Occupancy floor —

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: $25,950
• Closing costs: $3,114
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $573 · $6,876/yr

Listing history 21 events

1. 2026-06-19
   days on market $103,799 Active 341 DOM
2. 2026-06-18
   days on market $103,799 Active 340 DOM
3. 2026-06-17
   days on market $103,799 Active 339 DOM
4. 2026-06-16
   days on market $103,799 Active 338 DOM
5. 2026-06-15
   days on market $103,799 Active 337 DOM
6. 2026-06-14
   days on market $103,799 Active 335 DOM
7. 2026-06-12
   days on market $103,799 Active 334 DOM
8. 2026-06-09
   days on market $103,799 Active 331 DOM
9. 2026-06-08
   days on market $103,799 Active 330 DOM
10. 2026-06-07
    days on market $103,799 Active 329 DOM
11. 2026-06-04
    days on market $103,799 Active 325 DOM
12. 2026-06-02
    days on market $103,799 Active 324 DOM
13. 2026-06-01
    days on market $103,799 Active 323 DOM
14. 2026-05-31
    days on market $103,799 Active 322 DOM
15. 2026-05-31
    days on market $103,799 Active 321 DOM
16. 2026-01-15
    status Active 919-char remark

    Show marketing remark (919 chars)

    Welcome to 66 Addison Dr. Berlin, VT, where modern comfort meets affordability in LaGue, Inc. MHP! This brand-new #4 CMH Topaz model manufactured home offers 2 bedrooms, 2 bathrooms, and 869 sq. ft. (14 x 66) of thoughtfully designed living space. Step inside to an open-concept layout with stylish finishes, a bright living area, and a well-appointed kitchen. The home features energy-efficient construction, modern appliances, and low-maintenance materials, making it perfect for easy living. Located in a peaceful and well-maintained community, this home is ideal for those looking for a move-in-ready option in a convenient location. Don’t miss out on this opportunity! Contact us today for more details or to schedule a tour. The interior is 100% complete. Home is available for showing. This property participates in the Mobile Home Infill Program (MHIP) and is open to anyone who works or lives in Vermont.

17. 2025-11-12
    historical Active with Contract 919-char remark

    Show marketing remark (919 chars)

    Welcome to 66 Addison Dr. Berlin, VT, where modern comfort meets affordability in LaGue, Inc. MHP! This brand-new #4 CMH Topaz model manufactured home offers 2 bedrooms, 2 bathrooms, and 869 sq. ft. (14 x 66) of thoughtfully designed living space. Step inside to an open-concept layout with stylish finishes, a bright living area, and a well-appointed kitchen. The home features energy-efficient construction, modern appliances, and low-maintenance materials, making it perfect for easy living. Located in a peaceful and well-maintained community, this home is ideal for those looking for a move-in-ready option in a convenient location. Don’t miss out on this opportunity! Contact us today for more details or to schedule a tour. The interior is 100% complete. Home is available for showing. This property participates in the Mobile Home Infill Program (MHIP) and is open to anyone who works or lives in Vermont.

18. 2025-07-24
    price $103,799 919-char remark

    Show marketing remark (919 chars)

    Welcome to 66 Addison Dr. Berlin, VT, where modern comfort meets affordability in LaGue, Inc. MHP! This brand-new #4 CMH Topaz model manufactured home offers 2 bedrooms, 2 bathrooms, and 869 sq. ft. (14 x 66) of thoughtfully designed living space. Step inside to an open-concept layout with stylish finishes, a bright living area, and a well-appointed kitchen. The home features energy-efficient construction, modern appliances, and low-maintenance materials, making it perfect for easy living. Located in a peaceful and well-maintained community, this home is ideal for those looking for a move-in-ready option in a convenient location. Don’t miss out on this opportunity! Contact us today for more details or to schedule a tour. The interior is 100% complete. Home is available for showing. This property participates in the Mobile Home Infill Program (MHIP) and is open to anyone who works or lives in Vermont.

19. 2025-07-13
    listed $103,299 Active 919-char remark

    Show marketing remark (919 chars)

    Welcome to 66 Addison Dr. Berlin, VT, where modern comfort meets affordability in LaGue, Inc. MHP! This brand-new #4 CMH Topaz model manufactured home offers 2 bedrooms, 2 bathrooms, and 869 sq. ft. (14 x 66) of thoughtfully designed living space. Step inside to an open-concept layout with stylish finishes, a bright living area, and a well-appointed kitchen. The home features energy-efficient construction, modern appliances, and low-maintenance materials, making it perfect for easy living. Located in a peaceful and well-maintained community, this home is ideal for those looking for a move-in-ready option in a convenient location. Don’t miss out on this opportunity! Contact us today for more details or to schedule a tour. The interior is 100% complete. Home is available for showing. This property participates in the Mobile Home Infill Program (MHIP) and is open to anyone who works or lives in Vermont.

20. 2015-05-28
    soldstatus $6,000
21. 2011-08-01
    soldstatus $8,213

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,363
• − Mortgage interest: −$5,814
• − Property taxes: −$1,557
• − Insurance: −$519
• − Repairs & maintenance: −$1,309
• − Management: −$1,309
• − HOA: −$6,876
• − Depreciation: −$3,020
• Taxable loss: −$4,041
• Est. tax savings @ 24.0%: +$970
• After-tax cash flow: $-1,588/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 — Montpelier

• Score: 84/100
• State rank: #3
• US rank: #670

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,491

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 (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 3% Asian 1% Black 1%
• Common ancestry: Lithuanian 6% Slovak 4% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 2% Spanish 1% Russian/Polish/Slavic 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: ▼ -195.34%
• Current HPI: 344.3382
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+1163.8% since first listed

6 events — show timeline

• 2026-01-15 Relisted — PrimeMLS
• 2025-11-12 Contingent — PrimeMLS
• 2025-07-24 Price Changed $103,799 PrimeMLS
• 2025-07-13 Listed $103,299 PrimeMLS
• 2015-05-28 Sold (Public Records) $6,000 Public Records
• 2011-08-01 Sold (Public Records) $8,213 Public Records

Property tax history

+3.8%/yr

Latest (2018): $173 · +15.8% YoY. Source: county tax records.