29 Blue Rock Rd

Greene, ME 04259

$225,000D

3 bd · 2.0 ba · 1,236 sqft · Built 1989 · Manufactured · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,398/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-325/mo
• Annual: $-3,906/yr
• Cap rate: 4.56%
• Cash-on-cash: -6.20%
• DSCR: 0.72
• 1% rule: 0.62%
• Cash to close: $63,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $225k.
• At list price, monthly cash flow is $-325 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (25.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (37.9% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $140k (37.9% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• RSU 02 (rural): math 83% / reading 87% proficiency, ranked #52 of 112 in ME (top 46%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Richmond Middle School (math 77% / reading 82%, grade A+, #63 of 85 statewide, top 77%, 107 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 19 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 17y 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 $129k; list at $225k implies a 74% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$39k 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?
• 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.
• 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.