RentalCalcs Editorial · Research edition October 18, 2026
Vermont: build a defensible buyer NOI
Property / address: ____________________ Review date: ____________
Examples below are hypothetical, not observed market rents, a quoted premium or a loan offer. Write your property values and evidence on the right. This sheet does not save inputs.
| Annual budget or acquisition line | Example | Your figure / source / date |
|---|---|---|
| Purchase price | $1,200,000 | ____________________ |
| Scheduled annual apartment rent | $172,800 | ____________________ |
| Other annual income | $3,200 | ____________________ |
| Vacancy / concessions / collection loss | $10,000 | ____________________ |
| Buyer taxes | $24,000 | ____________________ |
| Insurance | $10,000 | ____________________ |
| Owner-paid utilities | $14,000 | ____________________ |
| Recurring maintenance | $12,000 | ____________________ |
| Management | $11,000 | ____________________ |
| Administration | $5,000 | ____________________ |
| Annual NOI before reserves / debt | $90,000 | ____________________ |
| Loan principal | $660,000 | ____________________ |
| Annual debt service | $50,060 | ____________________ |
| Annual replacement reserve | $6,400 | ____________________ |
| Closing costs | $36,000 | ____________________ |
| Immediate capital work | $95,000 | ____________________ |
| Total invested cash | $671,000 | ____________________ |
Example: 8 units × $1,800 monthly × 12. Debt: 6.5% assumed, 30-year amortization. NOI $90,000 ÷ price $1,200,000 = 7.50% cap. Cash after debt and reserves $33,540 ÷ invested cash $671,000 = 5.00% cash-on-cash. DSCR 1.80× before / 1.67× after reserves. Verify the lender numerator.
Immediate work is capital outside NOI. Replacement reserve is deducted below NOI. Add any required initial lender reserve deposit to invested cash. Replace the $24,000 tax allowance with town-specific nonhomestead and municipal taxes; quote flood/business-income terms and fund a longer turnover or restoration period.
Local evidence and property decisions
Nonhomestead buyer taxes
Vermont’s FY2027 tables cover the 2026–27 tax year. Education and municipal components must both be checked for the town and parcel; do not use a seller’s homestead treatment or multiply purchase price by a generic statewide percentage.
Flood and river corridors
Use Vermont’s Flood Ready Atlas and river-corridor resources, then obtain a qualified site review. Hazard mapping, prior damage and insurance eligibility are different questions.
Commercial coverage
Vermont Flood Ready explains that commercial property coverage typically excludes flood damage. Confirm building, contents, business income, deductibles and restoration timing. The example premium is hypothetical.
Comparable-sale audit
| Sale / closing date | Location, units, vintage | NOI period / expense convention | Price / cap / adjustments |
|---|---|---|---|
| ____________ ____________ | ____________ ____________ | ____________ ____________ | ____________ ____________ |
| ____________ ____________ | ____________ ____________ | ____________ ____________ | ____________ ____________ |
| ____________ ____________ | ____________ ____________ | ____________ ____________ | ____________ ____________ |
Do not average incompatible rates. Identify asks, financed valuations and closed sales separately. Shared provider data is not independent confirmation.
Downside, exit and approval boundary
Value = annual NOI ÷ (cap percent ÷ 100). Total NOI growth is cumulative. Simple property value excludes debt payoff, sale costs, taxes and interim cash flows. Calculate net proceeds separately.
| Scenario | NOI / exit cap | Gross value | Net proceeds after payoff / sale costs / tax |
|---|---|---|---|
| Compression | ________ | ________ | ________ |
| Stable caps | ________ | ________ | ________ |
| Expansion + lower NOI | ________ | ________ | ________ |
What evidence would invalidate my case? __________________________
Missing documents / responsible person / deadline: __________________
Sources and dated coverage limits: vouchermatch.com/rentalcalcs/cap-rates/vermont#sources. Consult the report before treating a benchmark as current.