1051 Gardiner Rd #29

Wiscasset, ME 04578

$98,900C-

3 bd · 2.0 ba · 1,216 sqft · Built 1999 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,565/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$103
• HOA: −$690
• Vac / Maint / Mgmt: −$329
• Net cashflow: $-76/mo
• Annual: $-911/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.29%
• DSCR: 0.85
• 1% rule: 1.58%
• Cash to close: $27,692

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $-76 ($-911/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (13.6% below list).
• Meets the 1% rule at list price ($2k rent vs $99k).
• It's been on market 16 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (13.6% below list) — sets the bar for cash-flow.
• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#52 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wiscasset Public Schools (rural): math 17% / reading 43% proficiency, ranked #169 of 185 in ME (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wiscasset Elementary School (204 students, 47% FRL); Wiscasset Middle/High School (math 72% / reading 87%, grade A-, #99 of 108 statewide, top 95%, 257 students, 34% FRL).
• Zoned-school proficiency averages 80% at this address vs 30% district-wide (+50 pts) — the actual schools serving this property are materially stronger than the Wiscasset Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 44% of rent.
• Market conditions: 62 active listings in the ZIP; 158 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -18% 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.4% vs local median 1.8% in Wiscasset — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.