68 W West Broadway · Lincoln, ME 04457

$199,000

6 bd · 4.0 ba · 1,400 sqft · MultiFamily · 492 Days on market

Built 1900 Fair condition 9,583 sqft lot $142/sqft · 52% above area

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Why this score? — see what drove the C+ 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 +25.2/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• 1% rule +6.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

this 2 unit investment property is fully rented. Nice intown location. 40 minutes from Bangor. 5 Minutes from interstate. Walking distance to downtown and all of it's amenities

Key facts

• Intown location
• Investment property
• 9,583 sq ft lot

Tags

• INVESTMENT PROPERTY
• INTOWN LOCATION
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.5% in Lincoln — 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 72/100 on livability (#56 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools F, amenities F, commute F.
• RSU 67 (rural): math 79% / reading 85% proficiency, ranked #83 of 112 in ME (top 74%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 69 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 492 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $51k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $199k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 492 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. 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: 1.16% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $130,547
• List price: $199,000
• Delta: 52.44%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-3,976
• Equity at exit: $29,672

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $33,038
• Equity at exit: $17,206

Cash invested: $55,720 (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 04457

• Home prices YoY: -7.1%
• Active inventory: 69
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $2,302 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $443

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 76%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,302
Total (2 units)			$2,302

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $199,000 Active 492 DOM
2. 2026-06-17
   days on market $199,000 Active 491 DOM
3. 2026-06-16
   days on market $199,000 Active 490 DOM
4. 2026-06-15
   days on market $199,000 Active 489 DOM
5. 2026-06-13
   days on market $199,000 Active 487 DOM
6. 2026-06-12
   days on market $199,000 Active 486 DOM
7. 2026-06-09
   days on market $199,000 Active 483 DOM
8. 2026-06-08
   days on market $199,000 Active 482 DOM
9. 2026-06-07
   days on market $199,000 Active 481 DOM
10. 2026-06-07
    days on market $199,000 Active 480 DOM
11. 2026-06-04
    days on market $199,000 Active 477 DOM
12. 2026-06-02
    days on market $199,000 Active 476 DOM
13. 2026-06-01
    days on market $199,000 Active 475 DOM
14. 2026-05-31
    days on market $199,000 Active 474 DOM
15. 2026-05-31
    days on market $199,000 Active 473 DOM
16. 2025-08-11
    status Active 176-char remark

    Show marketing remark (176 chars)

    this 2 unit investment property is fully rented. Nice intown location. 40 minutes from Bangor. 5 Minutes from interstate. Walking distance to downtown and all of it's amenities

17. 2025-08-11
    price $199,000 176-char remark

    Show marketing remark (176 chars)

    this 2 unit investment property is fully rented. Nice intown location. 40 minutes from Bangor. 5 Minutes from interstate. Walking distance to downtown and all of it's amenities

18. 2025-08-10
    historical 176-char remark

    Show marketing remark (176 chars)

    this 2 unit investment property is fully rented. Nice intown location. 40 minutes from Bangor. 5 Minutes from interstate. Walking distance to downtown and all of it's amenities

19. 2025-05-01
    price $225,000 176-char remark

    Show marketing remark (176 chars)

    this 2 unit investment property is fully rented. Nice intown location. 40 minutes from Bangor. 5 Minutes from interstate. Walking distance to downtown and all of it's amenities

20. 2025-02-10
    listed $250,000 Active 176-char remark

    Show marketing remark (176 chars)

    this 2 unit investment property is fully rented. Nice intown location. 40 minutes from Bangor. 5 Minutes from interstate. Walking distance to downtown and all of it's amenities

21. 2023-06-02
    soldstatus $100,000 Closed 435-char remark

    Show marketing remark (435 chars)

    This two unit investment property is fully rented with lots of potential in a growing town. Downstairs is a two bedroom apartment currently used as a dog grooming business for nearly 10 years. Upstairs is a large one bedroom apartment. This is a great first investment property or an addition to a property portfolio. One hour to the International airport and close to all amenities including hospitals, shopping, many lakes and trails

22. 2022-12-12
    status Pending 435-char remark

    Show marketing remark (435 chars)

    This two unit investment property is fully rented with lots of potential in a growing town. Downstairs is a two bedroom apartment currently used as a dog grooming business for nearly 10 years. Upstairs is a large one bedroom apartment. This is a great first investment property or an addition to a property portfolio. One hour to the International airport and close to all amenities including hospitals, shopping, many lakes and trails

23. 2022-09-13
    listed $100,000 Active 435-char remark

    Show marketing remark (435 chars)

    This two unit investment property is fully rented with lots of potential in a growing town. Downstairs is a two bedroom apartment currently used as a dog grooming business for nearly 10 years. Upstairs is a large one bedroom apartment. This is a great first investment property or an addition to a property portfolio. One hour to the International airport and close to all amenities including hospitals, shopping, many lakes and trails

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,624
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,210
• − Management: −$2,210
• − Depreciation: −$5,789
• Taxable income: $2,288
• Est. tax owed @ 24.0%: −$549
• After-tax cash flow: $4,771/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate repairs and maintenance, with potential for significant value increase through painting and flooring replacement.

Repairs flagged

• Minor Paint — Some discoloration on siding
• Minor Flooring — Some wear on tile

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both Replace worn flooring — Improves living space and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Some discoloration on siding	Minor	$500–3,000
Flooring · Some wear on tile	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Replace worn flooring — Improves living space and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: RSU 67
• NCES district ID: 2314777
• Math proficiency: 79% ▲ 50.00%
• Reading proficiency: 85% ▲ 38.00%
• Median HH income: $36,167
• Composite: 67.98/100
• National rank: #357
• State rank: #83 of 112 in ME

Livability — Lincoln

• Score: 72/100
• State rank: #56
• US rank: #5896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, ME
• Population (ZIP): 5,755

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Lithuanian 12% Russian 2% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -19.76%
• Current HPI: 257.4607
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+99.0% since first listed

8 events — show timeline

• 2025-08-11 Relisted — MREIS
• 2025-08-11 Price Changed $199,000 MREIS
• 2025-08-10 Delisted — MREIS
• 2025-05-01 Price Changed $225,000 MREIS
• 2025-02-10 Listed $250,000 MREIS
• 2023-06-02 Sold (MLS) $100,000 MREIS
• 2022-12-12 Pending — MREIS
• 2022-09-13 Listed $100,000 MREIS