328 Town Farm Rd · Farmington, ME 04938

$319,000

5 bd · 1.5 ba · 3,154 sqft · SingleFamily public records · 29 Days on market

Built 1900 8.00 ac 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 +21.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Schools +6.7/10.0
• 1% rule +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Step into the charm and possibilities of this classic 1870s farmhouse, ideally located just minutes from downtown Farmington while offering the peace and privacy of country living. Set on a beautiful 8 acre parcel featuring mature apple trees, open lawn, and wooded areas, this property provides the perfect setting to create your own homestead, hobby farm or retreat. Tucked away off Town Farm Road, the home offers timeless character along with major system updates, including a new foundation, new well (2015), and updated septic system (2015), providing a strong starting point for future improvements. With some minor exterior work and interior cosmetic updates, this property has tremendous potential to truly shine. A standout feature is the fully detached in law residence, offering 2 bedrooms and 2 bathrooms, ideal for guests, or potential rental income. The former milk house now serves as a wood shed, and an additional storage shed provides ample space for tools, equipment, and outdoor gear. With plenty of room to expand and endless possibilities, this unique property is ready for your vision, build your compound, create a small farm, or simply enjoy the space and privacy of rural Maine living, all just minutes from town conveniences.

Key facts

• Wood shed
• 8 acre parcel
• Former milk house

Tags

• 8 ACRE PARCEL
• MATURE APPLE TREES
• WOODED AREAS
• FORMER MILK HOUSE
• WOOD SHED
• ADDITIONAL STORAGE SHED

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $319k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $319k).
• Recommended offer: $314k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 4.8% in Farmington — 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 80/100 on livability (#18 in ME, #1,653 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment D-.
• RSU 09 (rural): math 78% / reading 82% proficiency, ranked #88 of 112 in ME (top 79%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Mt Blue Middle School (math 78% / reading 79%, grade A+, #69 of 85 statewide, top 82%, 488 students, 50% FRL); Mt Blue High School (math 87% / reading 95%, grade A+, #42 of 108 statewide, top 38%, 733 students, 45% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Franklin County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $89k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($314k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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 $240k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $314,215 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.00% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.12%
• DSCR: 1.27
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 3.27×
• Total profit: $202,696
• Equity at exit: $287,380

10-year hold

• IRR: 25.0%
• Equity multiple: 7.43×
• Total profit: $574,041
• Equity at exit: $619,747

Cash invested: $89,320 (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 04938

• Home prices YoY: 6.4%
• Active inventory: 92
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$267 /mo · $3,204/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $455

Break-even live

Break-even rent $2,624

Max offer price $319,000

Occupancy floor 81%

Sensitivity live

Price	-10% $636	-5% $546	+0% $455	+5% $365	+10% $275
Rent	-10% $202	-5% $329	+0% $455	+5% $582	+10% $708
Rate	-1.0pp $616	-0.5pp $536	base $455	+0.5pp $373	+1.0pp $288

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 High St Unit A Farmington, ME	5.0	3.0	2600	$3,200	$1.23	45d	1	0.99mi

Listing history 15 events

1. 2026-06-12
   statusdays on market $319,000 Pending 29 DOM
2. 2026-06-09
   days on market $319,000 Active 27 DOM
3. 2026-06-08
   days on market $319,000 Active 26 DOM
4. 2026-06-07
   days on market $319,000 Active 25 DOM
5. 2026-06-07
   days on market $319,000 Active 24 DOM
6. 2026-06-04
   status $319,000 Active 21 DOM
7. 2026-05-15
   price $319,000 1253-char remark

   Show marketing remark (1253 chars)

   Step into the charm and possibilities of this classic 1870s farmhouse, ideally located just minutes from downtown Farmington while offering the peace and privacy of country living. Set on a beautiful 8 acre parcel featuring mature apple trees, open lawn, and wooded areas, this property provides the perfect setting to create your own homestead, hobby farm or retreat. Tucked away off Town Farm Road, the home offers timeless character along with major system updates, including a new foundation, new well (2015), and updated septic system (2015), providing a strong starting point for future improvements. With some minor exterior work and interior cosmetic updates, this property has tremendous potential to truly shine. A standout feature is the fully detached in law residence, offering 2 bedrooms and 2 bathrooms, ideal for guests, or potential rental income. The former milk house now serves as a wood shed, and an additional storage shed provides ample space for tools, equipment, and outdoor gear. With plenty of room to expand and endless possibilities, this unique property is ready for your vision, build your compound, create a small farm, or simply enjoy the space and privacy of rural Maine living, all just minutes from town conveniences.

8. 2026-05-01
   status Active 1253-char remark

   Show marketing remark (1253 chars)

   Step into the charm and possibilities of this classic 1870s farmhouse, ideally located just minutes from downtown Farmington while offering the peace and privacy of country living. Set on a beautiful 8 acre parcel featuring mature apple trees, open lawn, and wooded areas, this property provides the perfect setting to create your own homestead, hobby farm or retreat. Tucked away off Town Farm Road, the home offers timeless character along with major system updates, including a new foundation, new well (2015), and updated septic system (2015), providing a strong starting point for future improvements. With some minor exterior work and interior cosmetic updates, this property has tremendous potential to truly shine. A standout feature is the fully detached in law residence, offering 2 bedrooms and 2 bathrooms, ideal for guests, or potential rental income. The former milk house now serves as a wood shed, and an additional storage shed provides ample space for tools, equipment, and outdoor gear. With plenty of room to expand and endless possibilities, this unique property is ready for your vision, build your compound, create a small farm, or simply enjoy the space and privacy of rural Maine living, all just minutes from town conveniences.

9. 2026-04-15
   status Pending 1253-char remark

   Show marketing remark (1253 chars)

   Step into the charm and possibilities of this classic 1870s farmhouse, ideally located just minutes from downtown Farmington while offering the peace and privacy of country living. Set on a beautiful 8 acre parcel featuring mature apple trees, open lawn, and wooded areas, this property provides the perfect setting to create your own homestead, hobby farm or retreat. Tucked away off Town Farm Road, the home offers timeless character along with major system updates, including a new foundation, new well (2015), and updated septic system (2015), providing a strong starting point for future improvements. With some minor exterior work and interior cosmetic updates, this property has tremendous potential to truly shine. A standout feature is the fully detached in law residence, offering 2 bedrooms and 2 bathrooms, ideal for guests, or potential rental income. The former milk house now serves as a wood shed, and an additional storage shed provides ample space for tools, equipment, and outdoor gear. With plenty of room to expand and endless possibilities, this unique property is ready for your vision, build your compound, create a small farm, or simply enjoy the space and privacy of rural Maine living, all just minutes from town conveniences.

10. 2026-04-13
    listed $325,000 Active 1253-char remark

    Show marketing remark (1253 chars)

    Step into the charm and possibilities of this classic 1870s farmhouse, ideally located just minutes from downtown Farmington while offering the peace and privacy of country living. Set on a beautiful 8 acre parcel featuring mature apple trees, open lawn, and wooded areas, this property provides the perfect setting to create your own homestead, hobby farm or retreat. Tucked away off Town Farm Road, the home offers timeless character along with major system updates, including a new foundation, new well (2015), and updated septic system (2015), providing a strong starting point for future improvements. With some minor exterior work and interior cosmetic updates, this property has tremendous potential to truly shine. A standout feature is the fully detached in law residence, offering 2 bedrooms and 2 bathrooms, ideal for guests, or potential rental income. The former milk house now serves as a wood shed, and an additional storage shed provides ample space for tools, equipment, and outdoor gear. With plenty of room to expand and endless possibilities, this unique property is ready for your vision, build your compound, create a small farm, or simply enjoy the space and privacy of rural Maine living, all just minutes from town conveniences.

11. 2022-11-04
    soldstatus $240,000 Closed 491-char remark

    Show marketing remark (491 chars)

    Come and check out this beautiful 1870's Farmhouse today! Located just a couple of minutes from downtown Farmington, you will find this amazing 8 acre home containing apple trees and plenty of lawn and woods to make your own! With some minor exterior updates and some interior cosmetic updates, this property could shine in the town of Farmington! Tucked back privately off of the Town Farm Road, with recently installed NEW septic, NEW well and brand NEW foundation! Make it your own today!

12. 2022-10-03
    status Pending 491-char remark

    Show marketing remark (491 chars)

    Come and check out this beautiful 1870's Farmhouse today! Located just a couple of minutes from downtown Farmington, you will find this amazing 8 acre home containing apple trees and plenty of lawn and woods to make your own! With some minor exterior updates and some interior cosmetic updates, this property could shine in the town of Farmington! Tucked back privately off of the Town Farm Road, with recently installed NEW septic, NEW well and brand NEW foundation! Make it your own today!

13. 2022-09-27
    listed $225,000 Active 491-char remark

    Show marketing remark (491 chars)

    Come and check out this beautiful 1870's Farmhouse today! Located just a couple of minutes from downtown Farmington, you will find this amazing 8 acre home containing apple trees and plenty of lawn and woods to make your own! With some minor exterior updates and some interior cosmetic updates, this property could shine in the town of Farmington! Tucked back privately off of the Town Farm Road, with recently installed NEW septic, NEW well and brand NEW foundation! Make it your own today!

14. 2011-10-14
    soldstatus $69,000
15. 2011-03-09
    listed $75,000

ⓘ 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: $3,204 · $267/mo
• Projected year-2 tax: $3,771 · $314/mo
• Expected delta: +$567/yr (+$47/mo · 17.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,400
• − Mortgage interest: −$17,869
• − Property taxes: −$3,204
• − Insurance: −$1,595
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$9,280
• Taxable income: $308
• Est. tax owed @ 24.0%: −$74
• After-tax cash flow: $5,389/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 09
• NCES district ID: 2314809
• Math proficiency: 78% ▲ 48.00%
• Reading proficiency: 82% ▲ 31.00%
• Median HH income: $40,202
• Composite: 66.71/100
• National rank: #409
• State rank: #88 of 112 in ME

Livability — Farmington

• Score: 80/100
• State rank: #18
• US rank: #1653

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,368

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 28,948 people
• By 2030: 27,889 · -3.7%
• By 2040: 25,275 · -12.7%
• By 2050: 22,770 · -21.3%
• By 2075: 18,980 · -34.4%
• By 2100: 16,816 · -41.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 11% Italian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+8.2) · D 44.8% · R 53.0% · Other 2.2%
• 2008→2024 swing: -28.5pp toward R · 2008: 20.3pp · 2024: -8.2pp
• All cycles: 2024: R+8.2 2020: R+3.9 2016: R+5.5 2012: D+18.5 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.53%
• Current HPI: 325.7666
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+325.3% since first listed

9 events — show timeline

• 2026-05-15 Price Changed $319,000 MREIS
• 2026-05-01 Relisted — MREIS
• 2026-04-15 Pending — MREIS
• 2026-04-13 Listed $325,000 MREIS
• 2022-11-04 Sold (MLS) $240,000 MREIS
• 2022-10-03 Pending — MREIS
• 2022-09-27 Listed $225,000 MREIS
• 2011-10-14 Sold (MLS) $69,000 MREIS
• 2011-03-09 Listed $75,000 MREIS

Property tax history

+4.2%/yr

Latest (2025): $3,204 · +34.2% YoY. Source: county tax records.