48 Dutch Gap Rd · Farmington, ME 04938

$60,000

3 bd · 1.0 ba · 1,332 sqft · MultiFamily public records · 169 Days on market

Built 1900 0.38 ac lot $45/sqft · 71% below area ↓ 33% since listing

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

Diamond in the rough! Investors take notice! Complete renovation needed. Great little lot with easy commute to all amenities in Farmington, and a local convenience store with gas and food, just a mile away. Local streams, ponds, and woods for fishing, boating, hunting, etc. ..

Key facts

• Complete renovation
• Easy commute
• 0.38 acre lot

Tags

• COMPLETE RENOVATION
• EASY COMMUTE
• LOCAL CONVENIENCE STORE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $691 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.4% vs local median 4.6% 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: schools D, 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.
• Market conditions: 92 active listings in the ZIP; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($415 loan paydown + $6k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 169 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; flood insurance adds $314/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 169 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.15% ✓
• Cap rate: 26.38%
• Cash-on-cash: 71.74%
• DSCR: 4.19
• GRM: 2.6

CMA / ARV

• ARV (median comp): $203,894
• List price: $60,000
• Delta: -70.57%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 63.2%
• Equity multiple: 5.58×
• Total profit: $76,930
• Equity at exit: $54,053

10-year hold

• IRR: 56.8%
• Equity multiple: 12.46×
• Total profit: $192,489
• Equity at exit: $116,567

Cash invested: $16,800 (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: 2.6×

Monthly cashflow live

• Estimated rent: $1,891 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$150 /mo · $1,801/yr
• Insurance: −$25
• Flood insurance flood zone: −$314 /mo · $3,765/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $691

Break-even live

Break-even rent $1,017

Max offer price $60,000

Occupancy floor 58%

Sensitivity live

Price	-10% $725	-5% $708	+0% $691	+5% $674	+10% $657
Rent	-10% $541	-5% $616	+0% $691	+5% $765	+10% $840
Rate	-1.0pp $721	-0.5pp $706	base $691	+0.5pp $675	+1.0pp $659

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-05
   price $60,000 277-char remark

   Show marketing remark (277 chars)

   Diamond in the rough! Investors take notice! Complete renovation needed. Great little lot with easy commute to all amenities in Farmington, and a local convenience store with gas and food, just a mile away. Local streams, ponds, and woods for fishing, boating, hunting, etc. ..

2. 2026-03-25
   price $75,000 277-char remark

   Show marketing remark (277 chars)

   Diamond in the rough! Investors take notice! Complete renovation needed. Great little lot with easy commute to all amenities in Farmington, and a local convenience store with gas and food, just a mile away. Local streams, ponds, and woods for fishing, boating, hunting, etc. ..

3. 2026-02-02
   price $82,500 277-char remark

   Show marketing remark (277 chars)

   Diamond in the rough! Investors take notice! Complete renovation needed. Great little lot with easy commute to all amenities in Farmington, and a local convenience store with gas and food, just a mile away. Local streams, ponds, and woods for fishing, boating, hunting, etc. ..

4. 2025-12-10
   listed $89,000 Active 277-char remark

   Show marketing remark (277 chars)

   Diamond in the rough! Investors take notice! Complete renovation needed. Great little lot with easy commute to all amenities in Farmington, and a local convenience store with gas and food, just a mile away. Local streams, ponds, and woods for fishing, boating, hunting, etc. ..

ⓘ 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: $1,801 · $150/mo
• Projected year-2 tax: $1,801 · $150/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $22,695
• − Mortgage interest: −$3,361
• − Property taxes: −$1,801
• − Insurance: −$4,065
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − Depreciation: −$1,745
• Taxable income: $8,091
• Est. tax owed @ 24.0%: −$1,942
• After-tax cash flow: $6,345/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

-32.6% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $60,000 MREIS
• 2026-03-25 Price Changed $75,000 MREIS
• 2026-02-02 Price Changed $82,500 MREIS
• 2025-12-10 Listed $89,000 MREIS

Property tax history

+4.5%/yr

Latest (2025): $1,801 · +3.1% YoY. Source: county tax records.