98 Church St

Oakland, ME 04963

$240,000B

4 bd · 3.0 ba · 2,175 sqft · Built 1920 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,150/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$662
• Net cashflow: $1,002/mo
• Annual: $12,020/yr
• Cap rate: 11.30%
• Cash-on-cash: 17.89%
• DSCR: 1.80
• 1% rule: 1.31%
• Cash to close: $67,200

Investor read

• This is a 2×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $240k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $334/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 123 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#37 in ME, #3,871 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• RSU 18 (rural): math 88% / reading 89% proficiency, ranked #36 of 112 in ME (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 72 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.
• 2 sale attempts since 11y 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 $26k; list at $240k implies a 823% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.3% vs local median 1.7% in Oakland — 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

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.