342 Corinna Center Rd · Corinna, ME 04928

$124,000

3 bd · 1.0 ba · 1,275 sqft · MultiFamily public records · 22 Days on market

Built 1868 2.05 ac lot

---

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 +9.1/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Rent growth +2.5/5.0
• Livability +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

Classic Maine Farmhouse with 3 bedrooms, 1.5 baths, and 2.05 acres offers plenty of charm, character, and opportunity. Set in a quiet country location, this property features mature fruit trees, a garden spot, detached 2-car garage, and a chicken coop or garden shed for hobbies, storage, or small homesteading dreams. Inside, you'll find beautiful wood floors ready to shine again with refinishing, along with an impressive fireplace setup that adds warmth and character to the home. The walk-out basement includes a partially finished room and workshop space, offering additional storage, hobby, or workspace potential. This property is a true fixer-upper and is being offered with full transparen

Key facts

• Mature fruit trees
• Walk-out basement
• Garden spot

Tags

• MATURE FRUIT TREES
• GARDEN SPOT
• DETACHED 2-CAR GARAGE
• CHICKEN COOP
• IMPRESSIVE FIREPLACE SETUP
• WALK-OUT BASEMENT

Property features AI

Exterior

• Parking: Detached 2-car garage with storage above; Gravel parking; On-site off-street parking for 5–10 vehicles
• Utilities: Private well water; Cesspool sewer; Electric service with circuit breakers; Water heater off heating system
• Home design: Single family residence; Built in 1868; Shingle roof; Wood frame with wood siding; Block foundation
• Construction: Wood frame construction; Wood siding; Block foundation; Shingle roof; Year built: 1868
• Exterior features: Rural, level lot; Approximately 2.05 acres; Lot recorded in public records; Rural residential zoning

Interior

• Kitchen: Kitchen on first floor
• Bedrooms: Bedroom on second level (Bedroom 1); Bedroom on second level (Bedroom 2); Bedroom on second level (Bedroom 3); Additional first-floor room (Other Room 2); Basement-level other room
• Flooring: Wood flooring; Linoleum flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating; Wood stove
• Interior features: Partially furnished; 1st floor bedroom; 8 total rooms; Interior entry to basement; Unfinished full basement; Wood and linoleum flooring; One fireplace
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $124k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $124k).
• Recommended offer: $122k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• RSU 19 (rural): math 73% / reading 81% proficiency, ranked #96 of 112 in ME (top 86%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 9 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($857 loan paydown + $10k appreciation (8.3% local appreciation)).
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.3% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1868 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,140 (1.5% below list)

Questions for the listing agent

1. Built in 1868 — 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. 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.
4. 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.
5. 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: 2.36% ✓
• Cap rate: 20.26%
• Cash-on-cash: 49.89%
• DSCR: 3.22
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.27% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 61.4%
• Equity multiple: 5.18×
• Total profit: $145,221
• Equity at exit: $96,505

10-year hold

• IRR: 56.4%
• Equity multiple: 11.17×
• Total profit: $353,267
• Equity at exit: $193,796

Cash invested: $34,720 (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 04928

• Home prices YoY: 2.8%
• Active inventory: 9
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,926 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$166 /mo · $1,995/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $1,443

Break-even live

Break-even rent $1,099

Max offer price $124,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,926
Total (2 units)			$2,926

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   status $124,000 Pending 22 DOM
2. 2026-06-18
   days on market $124,000 Active 22 DOM
3. 2026-06-17
   days on market $124,000 Active 21 DOM
4. 2026-06-16
   days on market $124,000 Active 20 DOM
5. 2026-06-15
   days on market $124,000 Active 19 DOM
6. 2026-06-14
   days on market $124,000 Active 17 DOM
7. 2026-06-13
   days on market $124,000 Active 16 DOM
8. 2026-06-10
   days on market $124,000 Active 14 DOM
9. 2026-06-09
   days on market $124,000 Active 13 DOM
10. 2026-06-08
    days on market $124,000 Active 12 DOM
11. 2026-06-07
    days on market $124,000 Active 11 DOM
12. 2026-06-05
    days on market $124,000 Active 8 DOM
13. 2026-06-03
    days on market $124,000 Active 7 DOM
14. 2026-06-02
    days on market $124,000 Active 6 DOM
15. 2026-06-01
    days on market $124,000 Active 5 DOM
16. 2026-05-31
    days on market $124,000 Active 4 DOM
17. 2026-05-30
    days on market $124,000 Active 3 DOM
18. 2026-05-27
    listed $124,000 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: $1,995 · $166/mo
• Projected year-2 tax: $1,995 · $166/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $35,112
• − Mortgage interest: −$6,946
• − Property taxes: −$1,995
• − Insurance: −$620
• − Repairs & maintenance: −$2,809
• − Management: −$2,809
• − Depreciation: −$3,607
• Taxable income: $16,326
• Est. tax owed @ 24.0%: −$3,918
• After-tax cash flow: $13,402/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 19
• NCES district ID: 2314785
• Math proficiency: 73% ▲ 53.00%
• Reading proficiency: 81% ▲ 39.00%
• Median HH income: $41,866
• Composite: 64.37/100
• National rank: #548
• State rank: #96 of 112 in ME

Livability — Corinna

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,079

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 11% Serbian 5% Slovak 3%
• Foreign-born: 2% · Canada

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: ▲ 8.27%
• Current HPI: 306.6748
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-27 Listed $124,000 MREIS

Property tax history

+1.2%/yr

Latest (2025): $1,995 · +1.3% YoY. Source: county tax records.