28 North St · Mechanic Falls, ME 04256

$40,000

2 bd · 1.0 ba · 700 sqft · MultiFamily · 3 Days on market

Built 1980 $57/sqft · 50% below area Est $80k · 50% under $350/mo HOA · 33% of rent ↓ 5% 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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +6.9/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• 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

Cute, clean, and affordable! This well-maintained 2-bedroom, 1-bath home offers easy, low-cost living in the heart of Mechanic Falls. Enjoy an updated bathroom with a walk-in shower. Conveniently located close to the local grocery store, gas station, and restaurants, with Range Ponds State Park just about 10 minutes away for swimming, boating, and outdoor fun. Plus, you're only approximately 20 minutes to downtown Lewiston and Auburn, making this a great option for anyone looking for comfort, convenience, and value.

Key facts

• Close to gas station
• Close to restaurants
• Walk-in shower

Tags

• UPDATED BATHROOM
• WALK-IN SHOWER
• CLOSE TO GROCERY STORE
• CLOSE TO GAS STATION
• CLOSE TO RESTAURANTS
• NEAR RANGE PONDS STATE PARK

Property features AI

Finance

• HOA & community: Association fee $350 monthly; Association allows pets with size limits; Land lease (yes)

Exterior

• Parking: Gravel parking with space for 1–4 vehicles
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Electric water heater
• Home design: Mobile home (single wide); Titan Concord model 147; Built in 1980
• Construction: Steel frame with vinyl siding; Rolled/hot mop roof; Mobile home construction
• Exterior features: Located in a mobile home park; Near town; Level lot; Shed on the property

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom 1 on the first floor (approx. 9.1 x 8 ft); Bedroom 2 on the first floor (approx. 9.01 x 13 ft)
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: One-floor living; First-floor bedrooms; Shower; Walk-in closet
• Laundry & utility: Washer; Dryer located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $40k.

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 ($2k rent vs $40k).
• Cap rate 39.1% vs local median 2.4% in Mechanic Falls — 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 69/100 on livability (#78 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• RSU 16 (rural): math 79% / reading 83% proficiency, ranked #73 of 112 in ME (top 65%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 21 active listings in the ZIP; 358 units permitted in Androscoggin County in 2024 (57 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($277 loan paydown + $4k appreciation (10.0% local appreciation)).
• Androscoggin County population projected at -19% 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $40,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-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: 5.38% ✓
• Cap rate: 39.12%
• Cash-on-cash: 117.26%
• DSCR: 6.22
• GRM: 1.5

CMA / ARV

• ARV (median comp): $80,000
• List price: $40,000
• Delta: -50.00%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.19×
• Total profit: $91,723
• Equity at exit: $36,035

10-year hold

• IRR: —
• Equity multiple: 20.26×
• Total profit: $215,761
• Equity at exit: $77,711

Cash invested: $11,200 (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 04256

• Home prices YoY: 4.0%
• Active inventory: 21
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,152 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$29 /mo · $351/yr
• Insurance: −$17
• HOA: −$350
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $1,094

Break-even live

Break-even rent $767

Max offer price $40,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,117	-5% $1,106	+0% $1,094	+5% $1,083	+10% $1,072
Rent	-10% $924	-5% $1,009	+0% $1,094	+5% $1,179	+10% $1,264
Rate	-1.0pp $1,115	-0.5pp $1,105	base $1,094	+0.5pp $1,084	+1.0pp $1,073

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,152
Total (2 units)			$2,152

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $350 · $4,200/yr
• Likely covers: gas

Listing history 2 events

1. 2026-05-16
   status Pending 521-char remark
2. 2026-05-13
   listed $40,000 Active 521-char remark

ⓘ 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: $351 · $29/mo
• Projected year-2 tax: $448 · $37/mo
• Expected delta: +$96/yr (+$8/mo · 27.5%)

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

Taxation est. · year 1

• Rental income: $25,824
• − Mortgage interest: −$2,241
• − Property taxes: −$351
• − Insurance: −$200
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − HOA: −$4,200
• − Depreciation: −$1,164
• Taxable income: $13,537
• Est. tax owed @ 24.0%: −$3,249
• After-tax cash flow: $9,884/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 16
• NCES district ID: 2314775
• Math proficiency: 79% ▲ 40.00%
• Reading proficiency: 83% ▲ 29.00%
• Median HH income: $58,651
• Composite: 69.31/100
• National rank: #315
• State rank: #73 of 112 in ME

Livability — Mechanic Falls

• Score: 69/100
• State rank: #78
• US rank: #8822

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: Mechanic Falls, ME
• Population (ZIP): 3,108

Population outlook (Androscoggin County) Hauer SSP2

• Today (2025): 103,965 people
• By 2030: 101,004 · -2.8%
• By 2040: 93,218 · -10.3%
• By 2050: 84,222 · -19.0%
• By 2075: 63,391 · -39.0%
• By 2100: 43,273 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 16% Black 4% Asian 2%
• Common ancestry: Lithuanian 5% Slovak 3% Romanian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Chinese 2%

Political lean MEDSL · Androscoggin

• 2024 margin: Lean R (+6.1) · D 45.9% · R 52.0% · Other 2.1%
• 2008→2024 swing: -21.3pp toward R · 2008: 15.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+2.8 2016: R+9.4 2012: D+12.8 2008: D+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.44%
• Current HPI: 327.6966
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-5.0% since first listed

3 events — show timeline

• 2026-06-04 Sold (MLS) $38,000 MREIS
• 2026-05-16 Pending — MREIS
• 2026-05-13 Listed $40,000 MREIS

Property tax history

+11.2%/yr

Latest (2025): $351 · -3.3% YoY. Source: county tax records.