113 Rita Way

Milton, VT 05468

$97,900C+

3 bd · 2.5 ba · 1,064 sqft · Built 1998 · Manufactured · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,922/mo
• Mortgage (P&I): −$513
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $901/mo
• Annual: $10,812/yr
• Cap rate: 17.34%
• Cash-on-cash: 39.44%
• DSCR: 2.75
• 1% rule: 1.96%
• Cash to close: $27,412

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $98k.
• At list price, monthly cash flow is $901 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $677 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#88 in VT) — a middle-class / working-renter tenant base. Strengths: crime A, housing A-; Watch: employment C-, amenities F, commute F.
• Zoned schools: Milton Elementary School (math 20% / reading 32%, grade F, #160 of 192 statewide, top 84%, 631 students, 29% FRL); Milton Middle School (math 17% / reading 40%, grade F, #20 of 26 statewide, top 76%, 389 students, 28% FRL); Milton Senior High School (math 22% / reading 52%, grade F, #25 of 48 statewide, top 53%, 439 students, 20% FRL).
• Market conditions: 115 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 4y 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.
• Current owner paid $42k; list at $98k implies a 133% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.3% vs local median 2.1% in Milton — 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

• 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.
• 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.