47-49 Greene St · Burlington, VT 05401

$599,900

6 bd · 2.0 ba · 1,976 sqft · MultiFamily · 5 Days on market

Built 1899 Average condition 3,484 sqft lot Est $609k · at est.

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Why this score? — see what drove the D 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 +13.7/30.0
• ARV discount +8.1/15.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Condition / age +2.8/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Don’t miss this charming duplex in the heart of Burlington, offering an excellent opportunity for both owner-occupants and investors. Each unit features three bedrooms, one full bath, and separate utilities for added convenience. The first-floor unit is vacant and ready for immediate occupancy, showcasing a welcoming front porch, beautiful hardwood floors, classic French doors, and direct access to the basement. The second-floor unit offers hardwood floors, three spacious bedrooms, one full bath, and a private back porch, and is currently leased through the end of July. Additional highlights include laundry hookups in the basement, off-street parking for up to four vehicles, and a man

Key facts

• Classic french doors
• Private back porch
• Charming duplex

Tags

• CHARMING DUPLEX
• WELCOMING FRONT PORCH
• HARDWOOD FLOORS
• CLASSIC FRENCH DOORS
• DIRECT ACCESS TO BASEMENT
• PRIVATE BACK PORCH

Property features AI

Finance

• Other: Property has deed and disclosure documents available
• Financial info: Operating expenses include insurance, trash, and water/sewer

Exterior

• Parking: Driveway (other type indicated)
• Utilities: Public water; Public sewer; Electric service with circuit breaker panel; Cable internet available; cable company: Choice; Internet via cable; Fuel service by VT Gas; Trash service: curbside with cans
• Home design: Apartment building / duplex; Two flat-style units; Existing structure built in 1899; Tan exterior color
• Construction: Wood frame construction with clapboard/wood siding; Slate roof; Built in 1899
• Exterior features: Near shopping and public transportation; Paved road frontage

Interior

• Kitchen: Kitchens present in each unit
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Hardwood flooring
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Natural gas heating with hot air; No central cooling reported
• Interior features: Full unfinished basement with interior stairs, storage space; Hardwood flooring throughout
• Laundry & utility: Utilities include public water and public sewer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $600k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $44 ($533/yr) — positive. Per door: $22/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $530k (11.6% below list).
• Recommended offer: $530k (11.6% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Burlington — 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.

Location & tenants

• Location reads 74/100 on livability (#19 in VT, #4,619 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B; Watch: cost of living D, crime F, amenities F.
• Zoned schools: Edmunds Elementary School (math 42% / reading 57%, grade D, #50 of 192 statewide, top 32%, 228 students, 53% FRL); Lyman C. Hunt Middle School (math 34% / reading 47%, grade F, #13 of 26 statewide, top 52%, 337 students, 49% FRL); Burlington High School (math 42% / reading 57%, grade D, #8 of 48 statewide, top 15%, 987 students, 48% FRL).
• Market conditions: Rents flat; 138 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• At $5,304/mo this rent would consume 97% of the median local household income ($66k/yr) (locally 2757% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $530,400 (11.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.32%
• DSCR: 1.01
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $608,608
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65-67 N Willard St	0.09mi	5/2.0 (-1)	1,964 (-1%)	11mo	$730,000	$372	81
11 Grant St	0.26mi	5/2.0 (-1)	1,980 (+0%)	13mo	$610,000	$308	72
239 Pearl St	0.13mi	7/3.0 (+1)	2,005 (+2%)	17mo	$490,000	$244	68
9 Hyde St	0.22mi	6/2.0	2,171 (+10%)	13mo	$472,000	$217	62
174-176 Intervale Ave	0.49mi	5/2.0 (-1)	1,904 (-4%)	11mo	$520,000	$273	57
75 Archibald St	0.41mi	5/1.0 (-1)	1,884 (-5%)	9mo	$461,000	$245	56
50 Bright St	0.49mi	6/2.0	2,105 (+6%)	12mo	$701,097	$333	56
148-150 Park St	0.58mi	6/2.0	1,844 (-7%)	8mo	$505,000	$274	55
442 North St	0.30mi	5/4.0 (-1)	2,047 (+4%)	17mo	$735,000	$359	53
215 Elmwood Ave	0.44mi	5/2.0 (-1)	2,186 (+11%)	5mo	$615,000	$281	53
38 Sherman St	0.59mi	5/5.0 (-1)	2,102 (+6%)	5mo	$710,000	$338	41
89 Pitkin St	0.72mi	5/2.0 (-1)	2,100 (+6%)	13mo	$695,000	$331	40

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 · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.36×
• Total profit: $-107,218
• Equity at exit: $89,447

10-year hold

• IRR: -16.9%
• Equity multiple: 0.17×
• Total profit: $-139,828
• Equity at exit: $51,868

Cash invested: $167,972 (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 05401

• Rents YoY: 0.5%
• Active inventory: 138
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $5,304 high
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $8,998/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,114
• Net cashflow: $44

Break-even live

Break-even rent $5,248

Max offer price $599,900

Occupancy floor 94%

Sensitivity live

Price	-10% $459	-5% $252	+0% $44	+5% $-163	+10% $-370
Rent	-10% $-375	-5% $-165	+0% $44	+5% $254	+10% $463
Rate	-1.0pp $346	-0.5pp $197	base $44	+0.5pp $-111	+1.0pp $-269

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,304
Total (2 units)			$5,304

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 Buell St Burlington, VT	6.0	2.0	2500	$4,800	$1.92	45d	1	0.19mi

Listing history 5 events

1. 2026-06-21
   days on market $599,900 Active 5 DOM
2. 2026-06-19
   days on market $599,900 Active 3 DOM
3. 2026-06-18
   days on market $599,900 Active 2 DOM
4. 2026-06-17
   remarks 693-char remark
5. 2026-06-17
   listed $599,900 Active 1 DOM

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,648
• − Mortgage interest: −$33,604
• − Property taxes: −$8,998
• − Insurance: −$3,000
• − Repairs & maintenance: −$5,092
• − Management: −$5,092
• − Depreciation: −$17,452
• Taxable loss: −$9,589
• Est. tax savings @ 24.0%: +$2,301
• After-tax cash flow: $2,834/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 · 12 photos

Average 55/100 Moderate rehab

This two-unit property requires moderate renovations to the kitchen and bathrooms, with additional maintenance needed for painting and landscaping. The property has good structural integrity and a good roof, making it a solid investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value
• Both bathroom renovation — updating the bathrooms would also increase both resale and rental value
• Rental landscaping — improved landscaping would enhance curb appeal and rental potential

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value ↑
• Both bathroom renovation — updating the bathrooms would also increase both resale and rental value ↑
• Rental landscaping — improved landscaping would enhance curb appeal and rental potential ↑

ⓘ 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 — Burlington

• Score: 74/100
• State rank: #19
• US rank: #4619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, VT
• County: Chittenden County · 110,603 people
• City population: 31,662
• Metro: Burlington-South Burlington, VT
• Population (ZIP): 31,662
• Household income: $65,657
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2757.0

Population outlook (Chittenden County) Hauer SSP2

• Today (2025): 170,769 people
• By 2030: 174,716 · +2.3%
• By 2040: 180,337 · +5.6%
• By 2050: 183,768 · +7.6%
• By 2075: 194,646 · +14.0%
• By 2100: 194,933 · +14.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 4%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Spanish 2%

Political lean MEDSL · Chittenden

• 2024 margin: Solid D (+53.6) · D 75.4% · R 21.7% · Other 2.9%
• 2008→2024 swing: +8.9pp toward D · 2008: 44.8pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+54.5 2016: D+46.8 2012: D+41.9 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.87%
• Current HPI: 352.2081
• Rent YoY: ▲ 0.52%
• Metro: Burlington-South Burlington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-16 Listed $599,900 PrimeMLS