19 Glendale Rd

Caribou, ME 04736

$69,000B-

3 bd · 1.0 ba · 450 sqft · Built 1927 · SingleFamily · Active · 240 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $841/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $192/mo
• Annual: $2,306/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.94%
• DSCR: 1.53
• 1% rule: 1.22%
• Cash to close: $19,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $69k. Condition is rated fair.
• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($841 rent vs $69k).
• It's been on market 240 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#46 in ME, #4,849 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• RSU 39 (town): math 82% / reading 83% proficiency, ranked #79 of 112 in ME (top 70%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Caribou Community School (math 81% / reading 83%, grade A+, #155 of 294 statewide, top 59%, 750 students, 49% FRL); Caribou High School (math 92% / reading 92%, grade A+, #27 of 108 statewide, top 36%, 470 students, 51% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 112 units permitted in Aroostook County in 2024 (45 in 5+ unit buildings).
• Aroostook County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y 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 $50k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 3.4% in Caribou — 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.
• This rent is only 18% of the median local income ($56k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1927 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration suggest significant damage.
• Major: exterior siding — Peeling paint and chipping paint indicate severe deterioration.
• Major: landscaping — Overgrown and unkempt landscaping detracts from the property's curb appeal.
• Major: interior walls/paint — The exterior condition suggests the interior may be in a similar state of disrepair.
• Major: HVAC/mechanicals — No photos of the systems are provided, but the overall condition suggests they may need maintenance or replacement.
• Major: flooring — No flooring is visible, but the exterior condition suggests it may be worn or damaged.