342 Corinna Center Rd

Corinna, ME 04928

$124,000A-

3 bd · 1.0 ba · 1,275 sqft · Built 1868 · MultiFamily · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,926/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$218
• HOA: −$0
• Vac / Maint / Mgmt: −$614
• Net cashflow: $1,443/mo
• Annual: $17,320/yr
• Cap rate: 20.26%
• Cash-on-cash: 49.89%
• DSCR: 3.22
• 1% rule: 2.36%
• Cash to close: $34,720

Investor read

• This is a 3-bed/1.0-bath multifamily listed at $124k.
• 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).
• It's been on market 22 days — a 2% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (1.5% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($857 loan paydown + $10k appreciation (8.3% local appreciation)).
• 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.
• Watch-outs: built in 1868 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• 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.

Questions for listing agent

• Built in 1868 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.