302 Stillwater Ave · Old Town, ME 04468

$299,100

4 bd · 2.0 ba · 2,816 sqft · SingleFamily public records · 105 Days on market

Built 1870 0.56 ac lot $106/sqft · 6% below area Est $318k · 6% under

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Why this score? — see what drove the D 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).

• ARV discount +10.2/15.0
• Cash flow +8.9/30.0
• Schools +6.8/10.0
• Livability +3.8/5.0
• 1% rule +3.1/10.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0

Listing remarks MLS

Conveniently located in Old Town, this spacious farmhouse offers easy access to shopping, downtown restaurants, the scenic waterfront at Riverside Park, and the University of Maine. With five bedrooms and two bathrooms, there's plenty of room to spread out. Many updates have already been completed, and much of the prep work for painting has been done, giving the next owner a great opportunity to bring their own style and finishing touches to the space. A new natural gas furnace was installed in 2025 along with on-demand hot water for added efficiency. Other recent improvements include new appliances in 2024--washer, refrigerator, stove, and dishwasher--along with a quartz kitchen counter. Electric heaters were also added to the third floor in 2025 to provide additional comfort. If you're looking for a large home in a convenient location with room to make it your own, this property offers plenty of possibilities.

Key facts

• Scenic waterfront
• New appliances
• On-demand hot water

Tags

• EASY ACCESS TO SHOPPING
• SCENIC WATERFRONT
• NATURAL GAS FURNACE
• ON-DEMAND HOT WATER
• NEW APPLIANCES
• QUARTZ KITCHEN COUNTER

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-241 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (14.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $244k (18.5% below list).
• Recommended offer: $244k (18.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#38 in ME, #3,905 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• RSU 34 (suburban): math 81% / reading 83% proficiency, ranked #80 of 112 in ME (top 71%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• At $2,436/mo this rent would consume 52% of the median local household income ($56k/yr) (locally 334% of renters already pay >50% of income on rent) — 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $174k; list at $299k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $243,644 (18.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.32%
• Cash-on-cash: -3.46%
• DSCR: 0.85
• GRM: 10.2

CMA / ARV

• ARV (median comp): $317,919
• List price: $299,100
• Delta: -5.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Hilliard St	0.38mi	4/3.5	2,579 (-8%)	8mo	$499,000	$193	55
19 Cedar St	0.59mi	3/2.0 (-1)	2,548 (-10%)	11mo	$340,000	$133	42
25 Sunset Dr	0.53mi	4/3.5	2,600 (-8%)	18mo	$399,000	$153	41

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: -22.0%
• Equity multiple: 0.24×
• Total profit: $-63,741
• Equity at exit: $44,597

10-year hold

• IRR: -15.9%
• Equity multiple: 0.11×
• Total profit: $-74,901
• Equity at exit: $25,861

Cash invested: $83,748 (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 04468

• Home prices YoY: -1.8%
• Active inventory: 46
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,436 medium
• Mortgage (P&I): −$1,569
• Tax from tax record: −$473 /mo · $5,676/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $-241

Break-even live

Break-even rent $2,742

Max offer price $256,464

Occupancy floor —

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: $74,775
• Closing costs: $8,973
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $299,100 Active 105 DOM
2. 2026-06-18
   days on market $299,100 Active 104 DOM
3. 2026-06-17
   days on market $299,100 Active 103 DOM
4. 2026-06-16
   days on market $299,100 Active 102 DOM
5. 2026-06-15
   days on market $299,100 Active 101 DOM
6. 2026-06-14
   days on market $299,100 Active 99 DOM
7. 2026-06-13
   days on market $299,100 Active 98 DOM
8. 2026-06-10
   days on market $299,100 Active 96 DOM
9. 2026-06-09
   days on market $299,100 Active 95 DOM
10. 2026-06-08
    days on market $299,100 Active 94 DOM
11. 2026-06-07
    days on market $299,100 Active 93 DOM
12. 2026-06-02
    days on market $299,100 Active 88 DOM
13. 2026-06-01
    days on market $299,100 Active 87 DOM
14. 2026-05-31
    days on market $299,100 Active 86 DOM
15. 2026-05-30
    days on market $299,100 Active 85 DOM
16. 2026-03-06
    listed $299,100 Active 925-char remark

    Show marketing remark (925 chars)

    Conveniently located in Old Town, this spacious farmhouse offers easy access to shopping, downtown restaurants, the scenic waterfront at Riverside Park, and the University of Maine. With five bedrooms and two bathrooms, there's plenty of room to spread out. Many updates have already been completed, and much of the prep work for painting has been done, giving the next owner a great opportunity to bring their own style and finishing touches to the space. A new natural gas furnace was installed in 2025 along with on-demand hot water for added efficiency. Other recent improvements include new appliances in 2024--washer, refrigerator, stove, and dishwasher--along with a quartz kitchen counter. Electric heaters were also added to the third floor in 2025 to provide additional comfort. If you're looking for a large home in a convenient location with room to make it your own, this property offers plenty of possibilities.

17. 2019-06-28
    soldstatus $173,500 Closed 398-char remark

    Show marketing remark (398 chars)

    Extremely well maintained New England Style home in town on 0.56 acres. 9+ rooms, 5 BR's with a bonus family room on the 3rd floor. Natural gas furnace and heat stove (Yotul). Wiring completely updated. Kitchen and baths updated, vinyl replacement windows. Newer roof and two sweet side porches with recent sill and floor joist work. Attached barn and turn around driveway for easy access and exit.

18. 2019-05-23
    status Pending 398-char remark

    Show marketing remark (398 chars)

    Extremely well maintained New England Style home in town on 0.56 acres. 9+ rooms, 5 BR's with a bonus family room on the 3rd floor. Natural gas furnace and heat stove (Yotul). Wiring completely updated. Kitchen and baths updated, vinyl replacement windows. Newer roof and two sweet side porches with recent sill and floor joist work. Attached barn and turn around driveway for easy access and exit.

19. 2019-04-23
    status Pending - Continue to Show 398-char remark

    Show marketing remark (398 chars)

    Extremely well maintained New England Style home in town on 0.56 acres. 9+ rooms, 5 BR's with a bonus family room on the 3rd floor. Natural gas furnace and heat stove (Yotul). Wiring completely updated. Kitchen and baths updated, vinyl replacement windows. Newer roof and two sweet side porches with recent sill and floor joist work. Attached barn and turn around driveway for easy access and exit.

20. 2019-04-23
    status Pending 398-char remark

    Show marketing remark (398 chars)

    Extremely well maintained New England Style home in town on 0.56 acres. 9+ rooms, 5 BR's with a bonus family room on the 3rd floor. Natural gas furnace and heat stove (Yotul). Wiring completely updated. Kitchen and baths updated, vinyl replacement windows. Newer roof and two sweet side porches with recent sill and floor joist work. Attached barn and turn around driveway for easy access and exit.

21. 2019-03-08
    listed $189,900 Active 398-char remark

    Show marketing remark (398 chars)

    Extremely well maintained New England Style home in town on 0.56 acres. 9+ rooms, 5 BR's with a bonus family room on the 3rd floor. Natural gas furnace and heat stove (Yotul). Wiring completely updated. Kitchen and baths updated, vinyl replacement windows. Newer roof and two sweet side porches with recent sill and floor joist work. Attached barn and turn around driveway for easy access and exit.

ⓘ 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: $5,676 · $473/mo
• Projected year-2 tax: $5,676 · $473/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,237
• − Mortgage interest: −$16,754
• − Property taxes: −$5,676
• − Insurance: −$1,496
• − Repairs & maintenance: −$2,339
• − Management: −$2,339
• − Depreciation: −$8,701
• Taxable loss: −$8,068
• Est. tax savings @ 24.0%: +$1,936
• After-tax cash flow: $-960/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 34
• NCES district ID: 2314782
• Math proficiency: 81% ▲ 48.00%
• Reading proficiency: 83% ▲ 31.00%
• Median HH income: $39,466
• Composite: 68.31/100
• National rank: #351
• State rank: #80 of 112 in ME

Livability — Old Town

• Score: 75/100
• State rank: #38
• US rank: #3905

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Town, ME
• County: Penobscot County · 81,539 people
• City population: 9,291
• Metro: Bangor, ME
• Population (ZIP): 9,291
• Household income: $56,358
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 334.0

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 (88%)
• Race & ethnicity: White 88% Native American 6% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Other Indo-European 1%

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: ▼ -5.29%
• Current HPI: 285.3183
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+57.5% since first listed

6 events — show timeline

• 2026-03-06 Listed $299,100 MREIS
• 2019-06-28 Sold (MLS) $173,500 MREIS
• 2019-05-23 Pending — MREIS
• 2019-04-23 Pending — MREIS
• 2019-04-23 Pending — MREIS
• 2019-03-08 Listed $189,900 MREIS

Property tax history

+4.3%/yr

Latest (2025): $5,676 · +12.9% YoY. Source: county tax records.