4 Bowen Rd · Searsport, ME 04974

$84,000

2 bd · 1.0 ba · 702 sqft · MultiFamily · 212 Days on market

Built 1872 0.50 ac lot $120/sqft · 38% below area Est $136k · 38% under ↓ 16% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Schools +6.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

Key facts

• Screened in porch
• Walk-in closet
• Laundry room area

Tags

• SCREENED IN PORCH
• LAUNDRY ROOM AREA
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $84k.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 2.4% in Searsport — 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 66/100 on livability (#107 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: health & safety C-, schools D-, amenities F.
• RSU 20 (rural): math 75% / reading 82% proficiency, ranked #90 of 112 in ME (top 80%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 37 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $581 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $16k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1872 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1872 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.48% ✓
• Cap rate: 11.28%
• Cash-on-cash: 17.82%
• DSCR: 1.79
• GRM: 5.6

CMA / ARV

• ARV (median comp): $135,708
• List price: $84,000
• Delta: -38.10%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.4%
• Equity multiple: 1.37×
• Total profit: $8,689
• Equity at exit: $12,525

10-year hold

• IRR: 18.6%
• Equity multiple: 2.55×
• Total profit: $36,422
• Equity at exit: $7,263

Cash invested: $23,520 (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 04974

• Home prices YoY: -8.6%
• Active inventory: 37
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,243 medium
• Mortgage (P&I): −$441
• Tax from tax record: −$157 /mo · $1,889/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $349

Break-even live

Break-even rent $801

Max offer price $84,000

Occupancy floor 67%

Sensitivity live

Price	-10% $397	-5% $373	+0% $349	+5% $326	+10% $302
Rent	-10% $251	-5% $300	+0% $349	+5% $398	+10% $448
Rate	-1.0pp $392	-0.5pp $371	base $349	+0.5pp $328	+1.0pp $305

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $84,000 Active 212 DOM
2. 2026-06-18
   days on market $84,000 Active 210 DOM
3. 2026-06-17
   days on market $84,000 Active 209 DOM
4. 2026-06-16
   days on market $84,000 Active 208 DOM
5. 2026-06-15
   days on market $84,000 Active 207 DOM
6. 2026-06-13
   days on market $84,000 Active 205 DOM
7. 2026-06-12
   days on market $84,000 Active 204 DOM
8. 2026-06-09
   days on market $84,000 Active 201 DOM
9. 2026-06-08
   days on market $84,000 Active 200 DOM
10. 2026-06-07
    days on market $84,000 Active 199 DOM
11. 2026-06-07
    days on market $84,000 Active 198 DOM
12. 2026-06-04
    days on market $84,000 Active 195 DOM
13. 2026-06-02
    days on market $84,000 Active 194 DOM
14. 2026-06-01
    days on market $84,000 Active 193 DOM
15. 2026-05-31
    days on market $84,000 Active 192 DOM
16. 2026-05-31
    days on market $84,000 Active 191 DOM
17. 2026-04-27
    status Active 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

18. 2026-04-24
    historical 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

19. 2026-04-22
    status Active 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

20. 2026-02-27
    status Pending 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

21. 2026-01-02
    price $84,000 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

22. 2025-11-17
    price $89,000 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

23. 2025-09-24
    listed $100,000 Active 475-char remark

    Show marketing remark (475 chars)

    Back on the market at no fault of the seller! This cozy 2 bed 1 bath Bungalow is just minutes to Belfast, 45 minutes to Bangor and 1 hour from Bar Harbor for all your coastal adventures! Original structure was built in 1872 with some add ons over the years. The home offers a screened in porch, laundry room area, 1st floor bath and a spacious walk-in closet in the primary bedroom. Home needs some TLC and repairs/updates. Bring your ideas and bring this home back to life!

ⓘ 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: $1,889 · $157/mo
• Projected year-2 tax: $1,889 · $157/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $14,920
• − Mortgage interest: −$4,705
• − Property taxes: −$1,889
• − Insurance: −$420
• − Repairs & maintenance: −$1,194
• − Management: −$1,194
• − Depreciation: −$2,444
• Taxable income: $3,075
• Est. tax owed @ 24.0%: −$738
• After-tax cash flow: $3,454/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 20
• NCES district ID: 2314791
• Math proficiency: 75% ▲ 49.00%
• Reading proficiency: 82% ▲ 41.00%
• Median HH income: $41,249
• Composite: 65.56/100
• National rank: #467
• State rank: #90 of 112 in ME

Livability — Searsport

• Score: 66/100
• State rank: #107
• US rank: #12181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,649
• Population (ZIP): 2,649

Population outlook (Waldo County) Hauer SSP2

• Today (2025): 39,611 people
• By 2030: 39,475 · -0.3%
• By 2040: 38,245 · -3.4%
• By 2050: 36,078 · -8.9%
• By 2075: 29,774 · -24.8%
• By 2100: 22,172 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 8% Two or more races 3%
• Hispanic origin (detail): Puerto Rican 5% Cuban 1%
• Common ancestry: Slovak 11% Lithuanian 9% Serbian 5%
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Waldo

• 2024 margin: Toss-up / Even · D 50.4% · R 47.0% · Other 2.6%
• 2008→2024 swing: -8.3pp toward R · 2008: 11.6pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+4.7 2016: D+0.3 2012: D+10.7 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -20.07%
• Current HPI: 214.4219
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-16.0% since first listed

7 events — show timeline

• 2026-04-27 Relisted — MREIS
• 2026-04-24 Delisted — MREIS
• 2026-04-22 Relisted — MREIS
• 2026-02-27 Pending — MREIS
• 2026-01-02 Price Changed $84,000 MREIS
• 2025-11-17 Price Changed $89,000 MREIS
• 2025-09-24 Listed $100,000 MREIS

Property tax history

+2.9%/yr

Latest (2025): $1,889 · +12.8% YoY. Source: county tax records.