123/125 Qtr 4 Grand Summit Way Unit 123/125, Qtr 4

Chimney Hill, VT 05356

$32,000C-

1 bd · 2.0 ba · 771 sqft · Built 1998 · Condo · Active · 274 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,031/mo
• Mortgage (P&I): −$168
• Tax + insurance: −$53
• HOA: −$595
• Vac / Maint / Mgmt: −$216
• Net cashflow: $-2/mo
• Annual: $-22/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• 1% rule: 3.22%
• Cash to close: $8,960

Investor read

• This is a 1-bed/2.0-bath condo listed at $32k.
• At list price, monthly cash flow is $-2 ($-22/yr) — negative.
• To cash-flow at today's rent, offer at most $32k (0.8% below list).
• Meets the 1% rule at list price ($1k rent vs $32k).
• It's been on market 274 days — a 12% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (12.0% below list) — sets the bar for market timing.
• In year one you build about $947 of equity ($221 loan paydown + $726 appreciation (2.3% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Watch-outs: HOA is 58% of rent.
• Market conditions: 102 active listings in the ZIP; 188 units permitted in Windham County in 2024 (0 in 5+ unit buildings).
• Windham County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 6.2% vs local median 0.6% in Chimney Hill — 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.

Questions for listing agent

• 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?
• It's been on market 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.