13 Main St · Vergennes, VT 05491

$199,000

4 bd · 1.0 ba · 2,100 sqft · MultiFamily · 164 Days on market

Built 1910 Fair condition 4,356 sqft lot $95/sqft · 51% below area ↓ 18% since listing

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Why this score? — see what drove the C 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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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

Income-Producing Investment Opportunity! Mixed-use commercial/residential property located in the Northern Gateway area. The street-level commercial unit is currently leased to a hair salon, providing immediate cash flow. The four-bedroom residential apartment is vacant and ready for a complete remodel, offering an opportunity to significantly increase rental income upon completion. Property may support the addition of further units, subject to zoning and municipal approvals. Ideal for investors seeking a renovation property, improved rents, and long-term appreciation. Also listed as Commercial MLS# 5073389

Key facts

• Complete remodel
• 4,356 sq ft lot
• Built 1910

Tags

• STREET-LEVEL COMMERCIAL UNIT
• COMPLETE REMODEL
• INCREASE RENTAL INCOME
• ADDITION OF FURTHER UNITS
• ZONING AND MUNICIPAL APPROVALS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#13 in VT, #3,051 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools C-, amenities D+, commute F.
• Market conditions: 31 active listings in the ZIP; 104 units permitted in Addison County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Addison County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.09% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.37%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (median comp): $402,254
• List price: $199,000
• Delta: -50.53%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
64 Main St	0.35mi	5/3.0 (+1)	2,164 (+3%)	23mo	$475,000	$220	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-10,415
• Equity at exit: $29,672

10-year hold

• IRR: 4.7%
• Equity multiple: 1.34×
• Total profit: $19,134
• Equity at exit: $17,206

Cash invested: $55,720 (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 05491

• Active inventory: 31
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,174 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $342

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 79%

Sensitivity live

Price	-10% $480	-5% $411	+0% $342	+5% $274	+10% $205
Rent	-10% $171	-5% $256	+0% $342	+5% $428	+10% $514
Rate	-1.0pp $442	-0.5pp $393	base $342	+0.5pp $291	+1.0pp $238

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $199,000 Active 164 DOM
2. 2026-06-18
   days on market $199,000 Active 162 DOM
3. 2026-06-17
   days on market $199,000 Active 161 DOM
4. 2026-06-16
   days on market $199,000 Active 160 DOM
5. 2026-06-15
   days on market $199,000 Active 159 DOM
6. 2026-06-15
   days on market $199,000 Active 158 DOM
7. 2026-06-13
   days on market $199,000 Active 157 DOM
8. 2026-06-12
   days on market $199,000 Active 156 DOM
9. 2026-06-09
   days on market $199,000 Active 153 DOM
10. 2026-06-08
    days on market $199,000 Active 152 DOM
11. 2026-06-08
    days on market $199,000 Active 151 DOM
12. 2026-06-07
    days on market $199,000 Active 150 DOM
13. 2026-06-03
    days on market $199,000 Active 147 DOM
14. 2026-06-02
    days on market $199,000 Active 146 DOM
15. 2026-06-01
    days on market $199,000 Active 145 DOM
16. 2026-05-31
    days on market $199,000 Active 144 DOM
17. 2026-01-07
    listed $199,000 Active 614-char remark

    Show marketing remark (614 chars)

    Income-Producing Investment Opportunity! Mixed-use commercial/residential property located in the Northern Gateway area. The street-level commercial unit is currently leased to a hair salon, providing immediate cash flow. The four-bedroom residential apartment is vacant and ready for a complete remodel, offering an opportunity to significantly increase rental income upon completion. Property may support the addition of further units, subject to zoning and municipal approvals. Ideal for investors seeking a renovation property, improved rents, and long-term appreciation. Also listed as Commercial MLS# 5073389

18. 2025-10-27
    price $199,000
19. 2025-09-23
    price $229,000
20. 2025-05-27
    price $237,000
21. 2025-04-09
    price $244,000

ⓘ 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

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,089
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,087
• − Management: −$2,087
• − Depreciation: −$5,789
• Taxable income: $998
• Est. tax owed @ 24.0%: −$240
• After-tax cash flow: $3,868/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 · 5 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to its exterior and interior, with a focus on painting and flooring repairs. Immediate value can be added by addressing these issues, improving both its resale and rental potential.

Repairs flagged

• Major exterior siding — Severe weathering
• Major exterior paint — Peeling and faded
• Minor interior flooring — Worn but not damaged
• Minor interior walls — Painted but some wear

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair flooring — Improves living space and rental appeal
• Both touch up interior walls — Enhances interior aesthetics and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
exterior paint · Peeling and faded	Major	$15,000–50,000
interior flooring · Worn but not damaged	Minor	$500–3,000
interior walls · Painted but some wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$31,000–106,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair flooring — Improves living space and rental appeal ↑
• Both touch up interior walls — Enhances interior aesthetics and rental appeal ↑

ⓘ 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 — Vergennes

• Score: 77/100
• State rank: #13
• US rank: #3051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vergennes, VT
• Population (ZIP): 5,750

Population outlook (Addison County) Hauer SSP2

• Today (2025): 37,078 people
• By 2030: 36,688 · -1.1%
• By 2040: 34,988 · -5.6%
• By 2050: 32,561 · -12.2%
• By 2075: 27,584 · -25.6%
• By 2100: 22,720 · -38.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 7% Iranian 6% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Addison

• 2024 margin: Solid D (+35.9) · D 66.4% · R 30.6% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: 39.2pp · 2024: 35.9pp
• All cycles: 2024: D+35.9 2020: D+39.4 2016: D+33.6 2012: D+39.7 2008: D+39.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -148.49%
• Current HPI: 266.2657
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-18.4% since first listed

5 events — show timeline

• 2026-01-07 Listed $199,000 PrimeMLS
• 2025-10-27 Price Changed $199,000 PrimeMLS
• 2025-09-23 Price Changed $229,000 PrimeMLS
• 2025-05-27 Price Changed $237,000 PrimeMLS
• 2025-04-09 Price Changed $244,000 PrimeMLS