181 Main St #123 · Searsport, ME 04981

$149,900

None bd · None ba · 3,700 sqft · MultiFamily · 64 Days on market

Built 1871 Poor condition 2,613 sqft lot

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Bring this historic Stockton Springs gem back to life! Formerly the town hall, the basement serving as a jail for a short time, and a general storefront, this three-story, three-unit building is rich with local history and character, and now offers incredible potential for the right buyer. The building has been fully gutted, providing a clean slate for renovation and customization. The structure remains solid, with fire damage to the second and third floors presenting a clear path for restoration and rebuild. Major value-added improvements include TimberHP insulation to convey and a full solar array that is owned, offering long-term efficiency and energy savings. Just a short distance to Fort Point State Park, the beach, local restaurants, and shopping, the location adds tremendous appeal for future tenants or seasonal rentals. Whether you're looking to create long-term rental income, mixed-use possibilities, or explore short-term rental options, this property is a prime candidate for revitalization and value creation in the heart of town.

Key facts

• Fully gutted
• Full solar array
• Three story building

Tags

• THREE STORY BUILDING
• THREE UNIT BUILDING
• FULLY GUTTED
• TIMBERHP INSULATION
• FULL SOLAR ARRAY

What this means for you Summary

Snapshot

• This is a multifamily listed at $150k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.3% vs local median 2.4% in Searsport — 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.

Location & tenants

• Location reads 66/100 on livability (#107 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: health & safety C-, amenities F, commute F.
• RSU 20 (rural): math 75% / reading 82% proficiency, ranked #90 of 112 in ME (top 80%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Searsport Elementary (math 67% / reading 77%, grade A-, #253 of 294 statewide, top 90%, 214 students, 58% FRL); Searsport District Middle School (math 77% / reading 82%, grade A+, #63 of 85 statewide, top 77%, 101 students, 58% FRL); Searsport District High School (math 90% / reading 90%, grade A+, #44 of 108 statewide, top 44%, 133 students, 56% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 42 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1871 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1871 — 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 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.67% ✓
• Cap rate: 23.30%
• Cash-on-cash: 60.75%
• DSCR: 3.70
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 46.2%
• Equity multiple: 3.01×
• Total profit: $84,199
• Equity at exit: $22,351

10-year hold

• IRR: 52.0%
• Equity multiple: 6.10×
• Total profit: $213,912
• Equity at exit: $12,961

Cash invested: $41,972 (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 04981

• Home prices YoY: -5.0%
• Active inventory: 42
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $4,001 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$840
• Net cashflow: $1,698

Break-even live

Break-even rent $1,851

Max offer price $149,900

Occupancy floor 53%

Sensitivity live

Price	-10% $1,802	-5% $1,750	+0% $1,698	+5% $1,647	+10% $1,595
Rent	-10% $1,382	-5% $1,540	+0% $1,698	+5% $1,856	+10% $2,014
Rate	-1.0pp $1,774	-0.5pp $1,736	base $1,698	+0.5pp $1,659	+1.0pp $1,620

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,002
Total (3 units)			$4,001

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $149,900 Active 64 DOM
2. 2026-06-21
   days on market $149,900 Active 63 DOM
3. 2026-06-18
   days on market $149,900 Active 61 DOM
4. 2026-06-17
   days on market $149,900 Active 60 DOM
5. 2026-06-16
   days on market $149,900 Active 59 DOM
6. 2026-06-15
   days on market $149,900 Active 58 DOM
7. 2026-06-13
   days on market $149,900 Active 56 DOM
8. 2026-06-12
   days on market $149,900 Active 55 DOM
9. 2026-06-09
   days on market $149,900 Active 52 DOM
10. 2026-06-08
    days on market $149,900 Active 51 DOM
11. 2026-06-07
    days on market $149,900 Active 50 DOM
12. 2026-06-07
    days on market $149,900 Active 49 DOM
13. 2026-06-04
    days on market $149,900 Active 46 DOM
14. 2026-06-02
    days on market $149,900 Active 45 DOM
15. 2026-06-01
    days on market $149,900 Active 44 DOM
16. 2026-05-31
    days on market $149,900 Active 43 DOM
17. 2026-05-31
    days on market $149,900 Active 42 DOM
18. 2026-04-30
    status Active 1055-char remark

    Show marketing remark (1055 chars)

    Bring this historic Stockton Springs gem back to life! Formerly the town hall, the basement serving as a jail for a short time, and a general storefront, this three-story, three-unit building is rich with local history and character, and now offers incredible potential for the right buyer. The building has been fully gutted, providing a clean slate for renovation and customization. The structure remains solid, with fire damage to the second and third floors presenting a clear path for restoration and rebuild. Major value-added improvements include TimberHP insulation to convey and a full solar array that is owned, offering long-term efficiency and energy savings. Just a short distance to Fort Point State Park, the beach, local restaurants, and shopping, the location adds tremendous appeal for future tenants or seasonal rentals. Whether you're looking to create long-term rental income, mixed-use possibilities, or explore short-term rental options, this property is a prime candidate for revitalization and value creation in the heart of town.

19. 2026-03-14
    historical 1055-char remark

    Show marketing remark (1055 chars)

    Bring this historic Stockton Springs gem back to life! Formerly the town hall, the basement serving as a jail for a short time, and a general storefront, this three-story, three-unit building is rich with local history and character, and now offers incredible potential for the right buyer. The building has been fully gutted, providing a clean slate for renovation and customization. The structure remains solid, with fire damage to the second and third floors presenting a clear path for restoration and rebuild. Major value-added improvements include TimberHP insulation to convey and a full solar array that is owned, offering long-term efficiency and energy savings. Just a short distance to Fort Point State Park, the beach, local restaurants, and shopping, the location adds tremendous appeal for future tenants or seasonal rentals. Whether you're looking to create long-term rental income, mixed-use possibilities, or explore short-term rental options, this property is a prime candidate for revitalization and value creation in the heart of town.

20. 2026-03-14
    status Active 1055-char remark

    Show marketing remark (1055 chars)

    Bring this historic Stockton Springs gem back to life! Formerly the town hall, the basement serving as a jail for a short time, and a general storefront, this three-story, three-unit building is rich with local history and character, and now offers incredible potential for the right buyer. The building has been fully gutted, providing a clean slate for renovation and customization. The structure remains solid, with fire damage to the second and third floors presenting a clear path for restoration and rebuild. Major value-added improvements include TimberHP insulation to convey and a full solar array that is owned, offering long-term efficiency and energy savings. Just a short distance to Fort Point State Park, the beach, local restaurants, and shopping, the location adds tremendous appeal for future tenants or seasonal rentals. Whether you're looking to create long-term rental income, mixed-use possibilities, or explore short-term rental options, this property is a prime candidate for revitalization and value creation in the heart of town.

21. 2026-03-05
    status Pending 1055-char remark

    Show marketing remark (1055 chars)

    Bring this historic Stockton Springs gem back to life! Formerly the town hall, the basement serving as a jail for a short time, and a general storefront, this three-story, three-unit building is rich with local history and character, and now offers incredible potential for the right buyer. The building has been fully gutted, providing a clean slate for renovation and customization. The structure remains solid, with fire damage to the second and third floors presenting a clear path for restoration and rebuild. Major value-added improvements include TimberHP insulation to convey and a full solar array that is owned, offering long-term efficiency and energy savings. Just a short distance to Fort Point State Park, the beach, local restaurants, and shopping, the location adds tremendous appeal for future tenants or seasonal rentals. Whether you're looking to create long-term rental income, mixed-use possibilities, or explore short-term rental options, this property is a prime candidate for revitalization and value creation in the heart of town.

22. 2026-02-21
    listed $149,900 Active 1055-char remark

    Show marketing remark (1055 chars)

    Bring this historic Stockton Springs gem back to life! Formerly the town hall, the basement serving as a jail for a short time, and a general storefront, this three-story, three-unit building is rich with local history and character, and now offers incredible potential for the right buyer. The building has been fully gutted, providing a clean slate for renovation and customization. The structure remains solid, with fire damage to the second and third floors presenting a clear path for restoration and rebuild. Major value-added improvements include TimberHP insulation to convey and a full solar array that is owned, offering long-term efficiency and energy savings. Just a short distance to Fort Point State Park, the beach, local restaurants, and shopping, the location adds tremendous appeal for future tenants or seasonal rentals. Whether you're looking to create long-term rental income, mixed-use possibilities, or explore short-term rental options, this property is a prime candidate for revitalization and value creation in the heart of town.

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,012
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$5,868
• − Repairs & maintenance: −$3,841
• − Management: −$3,841
• − Depreciation: −$4,361
• Taxable income: $19,456
• Est. tax owed @ 24.0%: −$4,669
• After-tax cash flow: $15,710/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.

Condition & rehab AI · 13 photos

Poor 20/100 Gut rehab

This historic multi-family property requires extensive repairs and renovations to bring it back to a livable condition. Significant exterior and interior work is needed to restore the property's value and appeal.

Repairs flagged

• Major Exterior brick facade — Significant damage and potential structural issues.
• Major Windows — Visible damage and potential structural issues.
• Major Roof — Visible damage and potential leaks.
• Major Interior walls — Exposed framing and no finished walls.
• Major Flooring — Exposed framing and no finished flooring.
• Major Kitchen — Missing fixtures and damaged surfaces.
• Major Bathrooms — Missing fixtures and damaged surfaces.

Value-add opportunities

• Both Exterior repairs and repainting — Improves curb appeal and enhances the property's value for both resale and rental.
• Both Interior repairs and finishing — Restores functionality and enhances the property's value for both resale and rental.
• Both Kitchen and bathroom updates — Modernizes the spaces and enhances the property's value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior brick facade · Significant damage and potential structural issues.	Major	$15,000–50,000
Windows · Visible damage and potential structural issues.	Major	$15,000–50,000
Roof · Visible damage and potential leaks.	Major	$15,000–50,000
Interior walls · Exposed framing and no finished walls.	Major	$15,000–50,000
Flooring · Exposed framing and no finished flooring.	Major	$15,000–50,000
Kitchen · Missing fixtures and damaged surfaces.	Major	$15,000–50,000
Bathrooms · Missing fixtures and damaged surfaces.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Exterior repairs and repainting — Improves curb appeal and enhances the property's value for both resale and rental. ↑
• Both Interior repairs and finishing — Restores functionality and enhances the property's value for both resale and rental. ↑
• Both Kitchen and bathroom updates — Modernizes the spaces and enhances the property's value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: RSU 20
• NCES district ID: 2314791
• Math proficiency: 75% ▲ 49.00%
• Reading proficiency: 82% ▲ 41.00%
• Median HH income: $41,249
• Composite: 65.56/100
• National rank: #467
• State rank: #90 of 112 in ME

Livability — Searsport

• Score: 66/100
• State rank: #107
• US rank: #12181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,649
• Population (ZIP): 2,584

Population outlook (Waldo County) Hauer SSP2

• Today (2025): 39,611 people
• By 2030: 39,475 · -0.3%
• By 2040: 38,245 · -3.4%
• By 2050: 36,078 · -8.9%
• By 2075: 29,774 · -24.8%
• By 2100: 22,172 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Native American 1%
• Common ancestry: Lithuanian 7% Slovak 4% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Waldo

• 2024 margin: Toss-up / Even · D 50.4% · R 47.0% · Other 2.6%
• 2008→2024 swing: -8.3pp toward R · 2008: 11.6pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+4.7 2016: D+0.3 2012: D+10.7 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.77%
• Current HPI: 168.5467
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-04-30 Relisted — MREIS
• 2026-03-14 Delisted — MREIS
• 2026-03-14 Relisted — MREIS
• 2026-03-05 Pending — MREIS
• 2026-02-21 Listed $149,900 MREIS