16 Larboard Ln #6 · Kennebunk, ME 04043

$649,000

3 bd · 2.5 ba · 1,872 sqft · Condo · 186 Days on market

Built 1987 Fair condition $347/sqft · 13% below area Est $744k · 13% under $520/mo HOA · 4% of rent

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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
• ARV discount +13.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +9.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A rare opportunity in a truly special setting. Tucked away in a prime, private location yet just minutes from Kennebunkport Village and Kennebunk Beach, this end-unit condominium overlooks Upper Gooch's Creek and its picturesque estuary. Units in this small, peaceful community seldom come to market. While the home is ready for complete updating, the setting, views, privacy, and highly sought-after location make it an exceptional chance to create something truly special.

Key facts

• Peaceful location
• $520 HOA
• 2 garage spots

Tags

• PEACEFUL LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $649k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $649k).
• Recommended offer: $571k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 2.5% in Kennebunk — 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 79/100 on livability (#20 in ME, #2,049 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• RSU 21 (rural): math 91% / reading 94% proficiency, ranked #13 of 112 in ME (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Kennebunk Elementary School (358 students, 9% FRL); Middle School of The Kennebunks (math 92% / reading 96%, grade A+, #5 of 85 statewide, top 5%, 479 students, 11% FRL); Kennebunk High School (math 98% / reading 92%, grade A+, #18 of 108 statewide, top 22%, 756 students, 11% FRL).
• Market conditions: 182 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At $11,628/mo this rent would consume 138% of the median local household income ($101k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($571k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $571,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.79% ✓
• Cap rate: 14.02%
• Cash-on-cash: 27.61%
• DSCR: 2.23
• GRM: 4.7

CMA / ARV

• ARV (median comp): $744,039
• List price: $649,000
• Delta: -12.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
87 Boothby Rd	0.17mi	4/3.5 (+1)	1,749 (-7%)	4mo	$1,745,000	$998	69
21 Surf Ln	0.49mi	3/2.5	1,930 (+3%)	9mo	$1,100,000	$570	64
1 Ephraim Tyler Way Unit E-1	0.69mi	2/2.5 (-1)	1,906 (+2%)	0mo	$575,000	$302	59
5 School St	0.78mi	3/2.0	1,974 (+5%)	2mo	$835,000	$423	52
24 School St	0.96mi	4/2.0 (+1)	1,820 (-3%)	3mo	$875,000	$481	51
47 Maine St #4	0.78mi	2/2.0 (-1)	1,760 (-6%)	5mo	$700,000	$398	44
47 Ocean Ave #8	0.60mi	3/2.0	1,479 (-21%)	5mo	$1,487,500	$1,006	41
3 Magnolia Dr	1.17mi	3/2.5	2,295 (+23%)	0mo	$950,000	$414	40
20 Rachel Dr	1.24mi	3/2.5	2,308 (+23%)	1mo	$880,000	$381	39
6 School St	0.78mi	3/2.0	1,630 (-13%)	3mo	$1,360,000	$834	39
22 River Locks Rd	0.82mi	3/2.0	1,564 (-16%)	3mo	$675,000	$432	36
9 Arundel Rd	1.46mi	2/2.5 (-1)	1,540 (-18%)	7mo	$755,000	$490	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 21.7%
• Equity multiple: 1.89×
• Total profit: $161,621
• Equity at exit: $96,768

10-year hold

• IRR: 29.8%
• Equity multiple: 3.67×
• Total profit: $485,641
• Equity at exit: $56,114

Cash invested: $181,720 (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 04043

• Home prices YoY: -21.4%
• Active inventory: 182
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $11,628 medium
• Mortgage (P&I): −$3,403
• Tax est. 1.5%: −$811 /mo · $9,735/yr
• Insurance: −$270
• HOA: −$520
• Vacancy / Maint / Mgmt: −$2,442
• Net cashflow: $4,181

Break-even live

Break-even rent $6,336

Max offer price $649,000

Occupancy floor 59%

Sensitivity live

Price	-10% $4,630	-5% $4,405	+0% $4,181	+5% $3,957	+10% $3,733
Rent	-10% $3,262	-5% $3,722	+0% $4,181	+5% $4,640	+10% $5,100
Rate	-1.0pp $4,508	-0.5pp $4,346	base $4,181	+0.5pp $4,013	+1.0pp $3,842

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: $162,250
• Closing costs: $19,470
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18 Seagrass Ln Unit 1532196P Kennebunk, ME	4.0	3.5	2174	$11,628	$5.35	70d	1	0.80mi

HOA detail $520/mo · $6,240/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $649,000 Active 186 DOM
2. 2026-08-07
   days on market $649,000 Active 185 DOM
3. 2026-08-06
   days on market $649,000 Active 184 DOM
4. 2026-08-05
   days on market $649,000 Active 183 DOM
5. 2026-08-04
   days on market $649,000 Active 182 DOM
6. 2026-08-03
   days on market $649,000 Active 181 DOM
7. 2026-07-31
   days on market $649,000 Active 178 DOM
8. 2026-07-30
   days on market $649,000 Active 177 DOM
9. 2026-07-30
   price $649,000 Active 176 DOM
10. 2026-07-29
    days on market $699,000 Active 176 DOM
11. 2026-07-27
    days on market $699,000 Active 174 DOM
12. 2026-07-25
    days on market $699,000 Active 172 DOM
13. 2026-07-23
    days on market $699,000 Active 170 DOM
14. 2026-07-22
    days on market $699,000 Active 169 DOM
15. 2026-07-21
    days on market $699,000 Active 168 DOM
16. 2026-07-18
    days on market $699,000 Active 165 DOM
17. 2026-07-16
    days on market $699,000 Active 163 DOM
18. 2026-07-16
    days on market $699,000 Active 162 DOM
19. 2026-07-14
    days on market $699,000 Active 161 DOM
20. 2026-07-14
    days on market $699,000 Active 160 DOM
21. 2026-07-12
    days on market $699,000 Active 159 DOM
22. 2026-07-11
    days on market $699,000 Active 158 DOM
23. 2026-07-10
    days on market $699,000 Active 157 DOM
24. 2026-07-09
    days on market $699,000 Active 156 DOM
25. 2026-07-08
    days on market $699,000 Active 155 DOM
26. 2026-07-07
    days on market $699,000 Active 154 DOM
27. 2026-07-06
    days on market $699,000 Active 153 DOM
28. 2026-07-05
    days on market $699,000 Active 152 DOM
29. 2026-07-04
    days on market $699,000 Active 151 DOM
30. 2026-07-03
    days on market $699,000 Active 150 DOM
31. 2026-07-02
    days on market $699,000 Active 149 DOM
32. 2026-07-01
    price $699,000 Active 148 DOM
33. 2026-07-01
    days on market $775,000 Active 148 DOM
34. 2026-06-30
    days on market $775,000 Active 147 DOM
35. 2026-06-29
    days on market $775,000 Active 146 DOM
36. 2026-06-28
    days on market $775,000 Active 145 DOM
37. 2026-06-28
    days on market $775,000 Active 144 DOM
38. 2026-06-27
    days on market $775,000 Active 143 DOM
39. 2026-06-25
    days on market $775,000 Active 141 DOM
40. 2026-06-23
    days on market $775,000 Active 139 DOM
41. 2026-06-22
    days on market $775,000 Active 138 DOM
42. 2026-06-18
    days on market $775,000 Active 135 DOM
43. 2026-06-17
    days on market $775,000 Active 134 DOM
44. 2026-06-16
    days on market $775,000 Active 133 DOM
45. 2026-06-15
    days on market $775,000 Active 132 DOM
46. 2026-06-14
    days on market $775,000 Active 130 DOM
47. 2026-06-10
    days on market $775,000 Active 127 DOM
48. 2026-06-09
    days on market $775,000 Active 126 DOM
49. 2026-06-08
    days on market $775,000 Active 125 DOM
50. 2026-06-07
    days on market $775,000 Active 124 DOM

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $139,536
• − Mortgage interest: −$36,354
• − Property taxes: −$9,735
• − Insurance: −$3,245
• − Repairs & maintenance: −$11,163
• − Management: −$11,163
• − HOA: −$6,240
• − Depreciation: −$18,880
• Taxable income: $42,756
• Est. tax owed @ 24.0%: −$10,261
• After-tax cash flow: $39,911/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 · 1 photo

Fair 45/100 Moderate rehab Est. rehab $46,800–$84,240 screening

This end-unit condominium requires significant exterior and roof repairs due to snow and potential ice dam. Immediate snow removal and roof inspection are critical. Updates to the interior, including painting and kitchen/bathroom renovations, would significantly increase its resale and rental value.

Repairs flagged

• Major roof — Snow and potential ice dam
• Major exterior — Snow and potential ice dam

Value-add opportunities

• Both Snow removal and roof inspection — Improves safety and appearance ↑
• Both Exterior painting — Enhances curb appeal and value ↑
• Both Kitchen and bathroom updates — Modernizes and increases value ↑
• Both HVAC maintenance — Ensures comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

A Composite school gradezoned avg 93/100

Zoned Schools

Elementary Sea Road School A+ ME #40/294 Nat'l #143/41,679 Middle Middle School Of The Kennebunks A+ ME #5/85 Nat'l #20/14,009 High Kennebunk High School A+ ME #18/108 Nat'l #152/17,239

Schools (NCES district)

• District: RSU 21
• NCES district ID: 2314773
• Math proficiency: 91% ▲ 34.00%
• Reading proficiency: 94% ▲ 20.00%
• Median HH income: $68,462
• Composite: 79.78/100
• National rank: #55
• State rank: #13 of 112 in ME

B Composite livability gradescore 79/100

Livability — Kennebunk

• Score: 79/100
• State rank: #20
• US rank: #2049

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: York · 209,961 people
• Metro: Portland-South Portland, ME
• Population (ZIP): 11,692
• Household income: $101,204
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 13% of renters

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Population outlook (York County) Hauer SSP2

• Today (2025): 209,961 people
• By 2030: 212,816 · +1.4%
• By 2040: 214,360 · +2.1%
• By 2050: 210,350 · +0.2%
• By 2075: 201,686 · -3.9%
• By 2100: 183,392 · -12.7%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2% Asian 2%
• Common ancestry: Lithuanian 8% Slovak 5% Serbian 3%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 95% English-only · French/Haitian/Cajun 2% Spanish 2% German/W. Germanic 1%

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Political lean MEDSL · York

• 2024 margin: D (+10.5) · D 54.3% · R 43.8% · Other 1.9%
• 2008→2024 swing: -10.1pp toward R · 2008: 20.5pp · 2024: 10.5pp
• All cycles: 2024: D+10.5 2020: D+12.6 2016: D+4.8 2012: D+16.4 2008: D+20.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.54%
• Current HPI: 398.495
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-02-03 Listed $775,000 MREIS