12 Starboard Ln

Cousins Island, ME 04032

$49,900D+

3 bd · 1.0 ba · 672 sqft · Built 1971 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,512/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$40
• HOA: −$765
• Vac / Maint / Mgmt: −$527
• Net cashflow: $918/mo
• Annual: $11,013/yr
• Cap rate: 28.36%
• Cash-on-cash: 78.82%
• DSCR: 4.51
• 1% rule: 5.03%
• Cash to close: $13,972

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $50k.
• 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).
• It's been on market 22 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• 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.
• 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.
• Zoned schools: Freeport Middle School (math 92% / reading 95%, grade A+, #6 of 85 statewide, top 8%, 307 students, 23% FRL); Freeport High School (math 98% / reading 98%, grade A+, #1 of 108 statewide, top 9%, 620 students, 17% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: HOA is 30% of rent.
• 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).
• 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.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.