42 Main St · South Windham, ME 04062

$289,888

4 bd · 2.0 ba · 2,092 sqft · SingleFamily public records · 61 Days on market

Built 1905 3.20 ac lot $139/sqft · 45% below area Est $523k · 45% under ↓ 9% since listing

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +13.5/30.0
• Schools +7.2/10.0
• 1% rule +4.1/10.0
• DSCR +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Really nice opportunity to live in a spacious old home on the river with century old character and charm on a large private lot. Conveniently located in the Little Falls area of South Windham. 'Good Bones' is what this house offers while there are a number of repairs needed inside and out. Unique property has not been offered to the market for 50+ years. Exact acreage is uncertain, no survey available. Listing data is per town records of 3.19 acres.

Key facts

• Over 3 acres
• Spacious home
• Unique property

Tags

• SPACIOUS HOME
• CENTURY OLD CHARACTER
• OVER 3 ACRES
• UNIQUE PROPERTY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-44 ($-528/yr) — negative.
• To cash-flow at today's rent, offer at most $282k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (9.3% below list).
• Recommended offer: $263k (9.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#79 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• RSU 14 (rural): math 82% / reading 84% proficiency, ranked #55 of 112 in ME (top 49%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 125 active listings in the ZIP; 1,405 units permitted in Cumberland County in 2024 (420 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Cumberland County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($272k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $262,980 (9.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.17%
• DSCR: 1.01
• GRM: 9.2

CMA / ARV

• ARV (median comp): $523,342
• List price: $289,888
• Delta: -44.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Depot St	0.24mi	3/1.5 (-1)	2,337 (+12%)	1mo	$500,000	$214	61
1 Edith Jeffords Rd	0.41mi	4/3.0	2,221 (+6%)	21mo	$535,000	$241	49
25 Holly Ln	0.51mi	4/2.0	1,921 (-8%)	24mo	$570,000	$297	43
10 Gunpowder Mill Rd	0.68mi	3/2.5 (-1)	1,784 (-15%)	14mo	$640,000	$359	25

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-49,664
• Equity at exit: $43,223

10-year hold

• IRR: -9.2%
• Equity multiple: 0.43×
• Total profit: $-46,398
• Equity at exit: $25,064

Cash invested: $81,169 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 41 Moderately Tenant-Leaning
• State Maine: 41 Moderately Tenant-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

Portland has rent control referendum (2020); strong habitability; security deposit caps.

Methodology + full state rankings →

ZIP-level market 04062

• Home prices YoY: -15.8%
• Active inventory: 125
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,630 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$425 /mo · $5,100/yr
• Insurance: −$121
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $-44

Break-even live

Break-even rent $2,685

Max offer price $282,117

Occupancy floor 97%

Sensitivity live

Price	-10% $120	-5% $38	+0% $-44	+5% $-126	+10% $-208
Rent	-10% $-252	-5% $-148	+0% $-44	+5% $60	+10% $164
Rate	-1.0pp $102	-0.5pp $30	base $-44	+0.5pp $-119	+1.0pp $-196

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $72,472
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-15
   status Pending 453-char remark

   Show marketing remark (453 chars)

   Really nice opportunity to live in a spacious old home on the river with century old character and charm on a large private lot. Conveniently located in the Little Falls area of South Windham. 'Good Bones' is what this house offers while there are a number of repairs needed inside and out. Unique property has not been offered to the market for 50+ years. Exact acreage is uncertain, no survey available. Listing data is per town records of 3.19 acres.

2. 2026-04-27
   price $289,888 453-char remark

   Show marketing remark (453 chars)

   Really nice opportunity to live in a spacious old home on the river with century old character and charm on a large private lot. Conveniently located in the Little Falls area of South Windham. 'Good Bones' is what this house offers while there are a number of repairs needed inside and out. Unique property has not been offered to the market for 50+ years. Exact acreage is uncertain, no survey available. Listing data is per town records of 3.19 acres.

3. 2026-04-07
   price $299,950 453-char remark

   Show marketing remark (453 chars)

   Really nice opportunity to live in a spacious old home on the river with century old character and charm on a large private lot. Conveniently located in the Little Falls area of South Windham. 'Good Bones' is what this house offers while there are a number of repairs needed inside and out. Unique property has not been offered to the market for 50+ years. Exact acreage is uncertain, no survey available. Listing data is per town records of 3.19 acres.

4. 2026-03-15
   listed $319,000 Active 453-char remark

   Show marketing remark (453 chars)

   Really nice opportunity to live in a spacious old home on the river with century old character and charm on a large private lot. Conveniently located in the Little Falls area of South Windham. 'Good Bones' is what this house offers while there are a number of repairs needed inside and out. Unique property has not been offered to the market for 50+ years. Exact acreage is uncertain, no survey available. Listing data is per town records of 3.19 acres.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ME · Partial reset (capped growth)

• Current annual tax: $5,100 · $425/mo
• Projected year-2 tax: $5,100 · $425/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,558
• − Mortgage interest: −$16,238
• − Property taxes: −$5,100
• − Insurance: −$2,116
• − Repairs & maintenance: −$2,525
• − Management: −$2,525
• − Depreciation: −$8,433
• Taxable loss: −$5,379
• Est. tax savings @ 24.0%: +$1,291
• After-tax cash flow: $763/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: RSU 14
• NCES district ID: 2314793
• Math proficiency: 82% ▲ 49.00%
• Reading proficiency: 84% ▲ 24.00%
• Median HH income: $65,406
• Composite: 71.62/100
• National rank: #219
• State rank: #55 of 112 in ME

Livability — South Windham

• Score: 69/100
• State rank: #79
• US rank: #8825

Category grades

Amenities F Commute F Cost of living C Crime A+ Employment B Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Windham, ME
• Population (ZIP): 19,041

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 313,805 people
• By 2030: 324,054 · +3.3%
• By 2040: 340,380 · +8.5%
• By 2050: 351,796 · +12.1%
• By 2075: 383,075 · +22.1%
• By 2100: 394,972 · +25.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 2% Asian 2%
• Common ancestry: Lithuanian 12% Slovak 4% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · French/Haitian/Cajun 2% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Cumberland

• 2024 margin: Solid D (+36.3) · D 66.9% · R 30.6% · Other 2.5%
• 2008→2024 swing: +6.4pp toward D · 2008: 29.9pp · 2024: 36.3pp
• All cycles: 2024: D+36.3 2020: D+35.7 2016: D+26.4 2012: D+26.3 2008: D+29.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.99%
• Current HPI: 355.5157
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-9.1% since first listed

4 events — show timeline

• 2026-05-15 Pending — MREIS
• 2026-04-27 Price Changed $289,888 MREIS
• 2026-04-07 Price Changed $299,950 MREIS
• 2026-03-15 Listed $319,000 MREIS

Property tax history

+4.1%/yr

Latest (2025): $5,100 · +11.8% YoY. Source: county tax records.