13 Hawthorn St

Wilder, VT 05001

$489,000B

8 bd · 4.0 ba · 3,483 sqft · Built 1900 · MultiFamily · Active · 563 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,119/mo
• Mortgage (P&I): −$2,564
• Tax + insurance: −$591
• HOA: −$0
• Vac / Maint / Mgmt: −$1,495
• Net cashflow: $2,468/mo
• Annual: $29,620/yr
• Cap rate: 12.35%
• Cash-on-cash: 21.63%
• DSCR: 1.96
• 1% rule: 1.46%
• Cash to close: $136,920

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $489k.
• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $617/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $489k).
• It's been on market 563 days — a 12% lower offer ($430k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $430k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#9 in VT, #2,008 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, health & safety A+; Watch: amenities F.
• Zoned schools: Dothan Brook School (math 47% / reading 57%, grade C-, #44 of 192 statewide, top 24%, 246 students, 28% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; solid renter incomes; 339 units permitted in Windsor County in 2024 (240 in 5+ unit buildings).
• Windsor County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $137k cash investment doubles in ~6 years — after that, you're playing with house money.
• At $7,119/mo this rent would consume 109% of the median local household income ($78k/yr) (locally 227% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 563 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.