81 Bowman St · Farmingdale, ME 04344

$349,900

4 bd · 2.0 ba · 3,548 sqft · MultiFamily · 6 Days on market

Built 1950 0.28 ac lot

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Why this score? — see what drove the B+ 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 +27.6/30.0
• Appreciation +10.0/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• 1% rule +7.0/10.0
• Livability +3.4/5.0
• Rent growth +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 MLS

Immaculate 3 Br 2 bath home in desirable Farmingdale with over 2000 square feet of living space . All new remodeled in 2015 with contemporary open concept floor plan . Charming and bathed in natural light One level living with Hardwood floors, tile, stainless appliances, central vacuum, and a generator. Finished room downstairs with a full bath and work shop area. Super insulated while remodel going on with high efficiency and spay foam . All new roof, shingles, plumbing , appliances, floors and almost all new windows! . Two screened in porches and privacy in the back yard . This location is ideal and close to everything . The low taxes and low heating costs will amaze you . Remodel after a fire so all new house . Garage from before . .

Key facts

• Efficient heat pumps
• Paved driveway space
• Finished basement

Tags

• FULLY CONVERTED GARAGE
• FINISHED BASEMENT
• PAVED DRIVEWAY SPACE
• BACKYARD SHED
• EFFICIENT HEAT PUMPS
• ON-DEMAND HOT WATER

Property features AI

Exterior

• Parking: Paved parking with 1–4 spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers; On-demand water heater
• Home design: Single-family residence; Built in 1950
• Construction: Wood frame with vinyl and wood siding; Shingle roof; Appraiser-sourced building area
• Exterior features: Deck; Porch; Above-ground pool; Shed(s); Level lot, near shopping, near town, near turnpike/interstate, neighborhood setting; Paved road

Interior

• Kitchen: Dishwasher; Microwave; Gas range; Refrigerator
• Bedrooms: Bedroom on the main level
• Flooring: Tile; Wood; Luxury vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Heat pump for heating and cooling; Direct vent heater; Circuit breaker electrical; On-demand water heater
• Interior features: One-floor living; First-floor bedroom; Shower; Two fireplaces; 12 total rooms; Finished full walk-out basement with interior entry and sump pump
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).

Location & tenants

• Location reads 67/100 on livability (#90 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• RSU 02 (rural): math 83% / reading 87% proficiency, ranked #52 of 112 in ME (top 46%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Richmond Middle School (math 77% / reading 82%, grade A+, #63 of 85 statewide, top 77%, 107 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 11 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Kennebec County population projected at -17% 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 $98k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $192k; list at $350k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,900

Questions for the listing agent

1. Built in 1950 — 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. 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?
4. 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.
5. 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.
6. 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: 1.20% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.82%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 3.63×
• Total profit: $257,192
• Equity at exit: $315,218

10-year hold

• IRR: 29.1%
• Equity multiple: 8.20×
• Total profit: $704,922
• Equity at exit: $679,779

Cash invested: $97,972 (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 04344

• Home prices YoY: 7.0%
• Active inventory: 11
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $4,203 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$293 /mo · $3,518/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$883
• Net cashflow: $1,046

Break-even live

Break-even rent $2,878

Max offer price $349,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,245	-5% $1,146	+0% $1,046	+5% $947	+10% $848
Rent	-10% $714	-5% $880	+0% $1,046	+5% $1,213	+10% $1,379
Rate	-1.0pp $1,223	-0.5pp $1,135	base $1,046	+0.5pp $956	+1.0pp $864

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,202
Total (2 units)			$4,203

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-15
   statusdays on market $349,900 Pending 6 DOM
2. 2026-06-14
   days on market $349,900 Active 5 DOM
3. 2026-06-12
   days on market $349,900 Active 4 DOM
4. 2026-06-09
   remarks 699-char remark
5. 2026-06-09
   listed $349,900 Active 1 DOM

ⓘ 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: $3,518 · $293/mo
• Projected year-2 tax: $4,138 · $345/mo
• Expected delta: +$620/yr (+$52/mo · 17.6%)

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

Taxation est. · year 1

• Rental income: $50,436
• − Mortgage interest: −$19,600
• − Property taxes: −$3,518
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,035
• − Management: −$4,035
• − Depreciation: −$10,179
• Taxable income: $7,320
• Est. tax owed @ 24.0%: −$1,757
• After-tax cash flow: $10,801/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 02
• NCES district ID: 2314776
• Math proficiency: 83% ▲ 56.00%
• Reading proficiency: 87% ▲ 34.00%
• Median HH income: $52,565
• Composite: 72.04/100
• National rank: #208
• State rank: #52 of 112 in ME

Livability — Farmingdale

• Score: 67/100
• State rank: #90
• US rank: #10153

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmingdale, ME
• Population (ZIP): 3,001

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Lithuanian 16% Slovak 6% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Other Indo-European 5% Spanish 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.33%
• Current HPI: 281.8416
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+77.2% since first listed

7 events — show timeline

• 2026-06-08 Listed $349,900 MREIS
• 2025-05-26 Delisted — MREIS
• 2025-04-16 Price Changed $360,000 MREIS
• 2025-03-11 Listed $375,000 MREIS
• 2018-05-30 Sold (MLS) $192,500 MREIS
• 2018-04-25 Pending — MREIS
• 2018-03-01 Listed $197,500 MREIS

Property tax history

+7.0%/yr

Latest (2025): $3,518 · +6.7% YoY. Source: county tax records.