77 Bartlett Dr

Searsmont, ME 04973

$129,700C-

2 bd · 1.0 ba · 997 sqft · Built 1970 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,087/mo
• Mortgage (P&I): −$680
• Tax + insurance: −$178
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $0/mo
• Annual: $2/yr
• Cap rate: 6.29%
• Cash-on-cash: 0.01%
• DSCR: 1.00
• 1% rule: 0.84%
• Cash to close: $36,316

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $0 ($2/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (16.2% below list).
• It's been on market 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (16.2% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($897 loan paydown + $9k appreciation (6.6% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• RSU 71 (town): math 79% / reading 82% proficiency, ranked #85 of 112 in ME (top 76%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Troy A Howard Middle School (math 82% / reading 82%, grade A+, #53 of 85 statewide, top 64%, 340 students, 45% FRL); Belfast Area High School (math 87% / reading 87%, grade A, #66 of 108 statewide, top 68%, 496 students, 37% FRL).
• Market conditions: 17 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.