224 Shattuck Hill Rd Unit D-1

Derby, VT 05855

$110,589D

3 bd · 2.0 ba · 980 sqft · Built 2025 · Manufactured · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,084/mo
• Mortgage (P&I): −$580
• Tax + insurance: −$184
• HOA: −$307
• Vac / Maint / Mgmt: −$228
• Net cashflow: $-215/mo
• Annual: $-2,578/yr
• Cap rate: 3.96%
• Cash-on-cash: -8.33%
• DSCR: 0.63
• 1% rule: 0.98%
• Cash to close: $30,965

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $111k. Condition is rated good.
• At list price, monthly cash flow is $-215 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $79k (28.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (2.0% below list).
• It's been on market 132 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (28.1% below list) — sets the bar for cash-flow.
• In year one you build about $12k of equity ($765 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Zoned schools: Derby Elementary School (math 22% / reading 30%, grade F, #160 of 192 statewide, top 84%, 496 students, 47% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: 47 active listings in the ZIP; 157 units permitted in Orleans County in 2024 (107 in 5+ unit buildings).
• Orleans County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 132 days. Have you received any prior offers? Is the seller open to a 28% 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?
• 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.
• 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?
• 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.