61 Hewett Rd

Somerville, ME 04348

$45,000B+

2 bd · 1.0 ba · 1,368 sqft · Built 1976 · Manufactured · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $663/mo
• Annual: $7,952/yr
• Cap rate: 23.96%
• Cash-on-cash: 63.11%
• DSCR: 3.81
• 1% rule: 2.89%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $45k.
• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• It's been on market 24 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• In year one you build about $841 of equity ($311 loan paydown + $530 appreciation (1.2% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• RSU 12 (rural): math 86% / reading 86% proficiency, ranked #50 of 112 in ME (top 45%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: property tax is 2.9% of price.
• Market conditions: 40 active listings in the ZIP; 158 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.