12 Starboard Ln · Cousins Island, ME 04032

$49,900

3 bd · 1.0 ba · 672 sqft · Manufactured public records · 22 Days on market

Built 1971 $765/mo HOA · 30% of rent

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Why this score? — see what drove the D+ 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 +15.0/30.0
• Schools +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Location, location, location!!! Located just feet from the edge of the ocean waters and walking distance to Winslow park for recreational enjoyment. Looking for an affordable home that you can make your own? Brand new windows throughout, new sub floors throughout, new cabinets, new butcher bock counter tops, new shower, vanity and toilet. What does this property need to make it your own style and comfort? Sheetrock and paint or do shiplap, flooring: hardwood, vinyl, carpet, your choice, new heating system: heat pump or forced hot air? Home also needs electrical work and a new roof.

Key facts

• New vanity
• New shower
• New sub floors

Tags

• BRAND NEW WINDOWS
• NEW SUB FLOORS
• NEW CABINETS
• NEW BUTCHER BLOCK COUNTER TOPS
• NEW SHOWER
• NEW VANITY

Property features AI

Finance

• Financial info: Property located on land lease
• HOA & community: Has association; Monthly association fee of $765; Pets allowed with other restrictions

Exterior

• Parking: Gravel parking; 1–4 parking spaces
• Utilities: Electric service with circuit breakers; Private water; Shared septic; Electric water heater
• Home design: Mobile home (single wide); Built in 1971; Shingle roof; Gravel/pad foundation
• Construction: Mobile construction
• Exterior features: Shed(s); Located in a mobile home park; Near public beach; Neighborhood setting; Level lot; Private road frontage

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Bedroom on the first floor
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating
• Interior features: One-floor living; First-floor bedroom; Double-pane windows; Internet access available; Negotiable furnishing
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#114 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• RSU 05 (suburban): math 92% / reading 94% proficiency, ranked #12 of 112 in ME (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 45 active listings in the ZIP; solid renter incomes; 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 $345 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 5.03% ✓
• Cap rate: 28.36%
• Cash-on-cash: 78.82%
• DSCR: 4.51
• GRM: 1.7

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: 79.2%
• Equity multiple: 4.64×
• Total profit: $50,845
• Equity at exit: $7,440

10-year hold

• IRR: 82.8%
• Equity multiple: 9.70×
• Total profit: $121,494
• Equity at exit: $4,314

Cash invested: $13,972 (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 04032

• Home prices YoY: -27.7%
• Active inventory: 45
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $2,512 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$19 /mo · $227/yr
• Insurance: −$21
• HOA: −$765
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $918

Break-even live

Break-even rent $1,350

Max offer price $49,900

Occupancy floor 58%

Sensitivity live

Price	-10% $946	-5% $932	+0% $918	+5% $904	+10% $889
Rent	-10% $719	-5% $819	+0% $918	+5% $1,017	+10% $1,116
Rate	-1.0pp $943	-0.5pp $930	base $918	+0.5pp $905	+1.0pp $892

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $765 · $9,180/yr
• Likely covers: waterelectric

Listing history 16 events

1. 2026-06-19
   days on market $49,900 Active 22 DOM
2. 2026-06-18
   days on market $49,900 Active 21 DOM
3. 2026-06-17
   days on market $49,900 Active 20 DOM
4. 2026-06-16
   days on market $49,900 Active 19 DOM
5. 2026-06-15
   days on market $49,900 Active 18 DOM
6. 2026-06-14
   pricedays on market $49,900 Active 16 DOM
7. 2026-06-13
   days on market $59,900 Active 15 DOM
8. 2026-06-10
   days on market $59,900 Active 13 DOM
9. 2026-06-09
   days on market $59,900 Active 12 DOM
10. 2026-06-08
    days on market $59,900 Active 11 DOM
11. 2026-06-07
    days on market $59,900 Active 10 DOM
12. 2026-06-02
    days on market $59,900 Active 5 DOM
13. 2026-06-01
    days on market $59,900 Active 4 DOM
14. 2026-05-31
    days on market $59,900 Active 3 DOM
15. 2026-05-30
    days on market $59,900 Active 2 DOM
16. 2026-05-28
    listed $59,900 Active

ⓘ 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: $227 · $19/mo
• Projected year-2 tax: $453 · $38/mo
• Expected delta: +$226/yr (+$19/mo · 99.5%)

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

Taxation est. · year 1

• Rental income: $30,138
• − Mortgage interest: −$2,795
• − Property taxes: −$227
• − Insurance: −$250
• − Repairs & maintenance: −$2,411
• − Management: −$2,411
• − HOA: −$9,180
• − Depreciation: −$1,452
• Taxable income: $11,413
• Est. tax owed @ 24.0%: −$2,739
• After-tax cash flow: $8,274/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 05
• NCES district ID: 2314789
• Math proficiency: 92% ▲ 37.00%
• Reading proficiency: 94% ▲ 24.00%
• Median HH income: $68,743
• Composite: 80.23/100
• National rank: #52
• State rank: #12 of 112 in ME

Livability — Cousins Island

• Score: 63/100
• State rank: #114
• US rank: #15957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cumberland County · 197,083 people
• Metro: Portland-South Portland, ME
• Population (ZIP): 8,802
• Household income: $107,326
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 277.0

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 6% Asian 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 8% Slovak 4% Romanian 2%
• Foreign-born: 5% · Canada, China, Jamaica
• Languages at home: 94% English-only · Chinese 2% French/Haitian/Cajun 2% German/W. Germanic 2%

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: ▼ -92.21%
• Current HPI: 240.2598
• Rent YoY: —
• Metro: Portland-South Portland, ME
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-28 Listed $59,900 MREIS

Property tax history

+0.5%/yr

Latest (2025): $227 · +3.7% YoY. Source: county tax records.