384 Main St #16

Chisholm, ME 04239

$49,000B+

2 bd · 1.0 ba · 728 sqft · Built 1980 · Manufactured · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $936/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$50
• HOA: −$325
• Vac / Maint / Mgmt: −$197
• Net cashflow: $107/mo
• Annual: $1,289/yr
• Cap rate: 8.92%
• Cash-on-cash: 9.39%
• DSCR: 1.42
• 1% rule: 1.91%
• Cash to close: $13,720

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $49k.
• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($936 rent vs $49k).
• It's been on market 26 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($339 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#43 in ME, #4,630 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• RSU 73 (rural): math 75% / reading 81% proficiency, ranked #91 of 112 in ME (top 81%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Spruce Mountain Middle School (math 83% / reading 83%, grade A+, #47 of 85 statewide, top 58%, 358 students, 58% FRL); Spruce Mountain High School (math 84% / reading 95%, grade A+, #49 of 108 statewide, top 50%, 408 students, 43% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: HOA is 35% of rent.
• Market conditions: 31 active listings in the ZIP; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 8y 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 $14k; list at $49k implies a 238% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.