9 Settlers Ct #9 · North Windham, ME 04062

$289,900

2 bd · 2.0 ba · 1,668 sqft · Condo · 43 Days on market

Built 1986 $174/sqft · 23% below area Est $375k · 23% under $374/mo HOA · 16% of rent

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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 +15.0/15.0
• Schools +7.2/10.0
• Cash flow +6.4/30.0
• Livability +4.0/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Easy, low-maintenance living in Trailwood Village Condo Association. This 2-bedroom, 2-bath condo offers the ease of single-level living with a functional layout, dedicated laundry area, and additional basement storage to keep things organized. The association covers exterior maintenance, landscaping, and snow removal--making it a practical, low-stress option for those looking to simplify or downsize. Located in Windham, you'll have convenient access to shopping, dining, and outdoor recreation, including Sebago Lake and local trail systems, with an easy commute to Portland and surrounding areas.

Key facts

• Outdoor recreation
• Convenient access
• Single level living

Tags

• LOW MAINTENANCE LIVING
• SINGLE LEVEL LIVING
• DEDICATED LAUNDRY AREA
• ADDITIONAL BASEMENT STORAGE
• CONVENIENT ACCESS
• OUTDOOR RECREATION

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $290k.

Deal economics

• At list price, monthly cash flow is $-501 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (25.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (18.1% below list).
• Recommended offer: $217k (25.0% below list) — sets the bar for cash-flow.
• Cap rate 4.2% vs local median 2.2% in North Windham — 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 79/100 on livability (#19 in ME, #2,024 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: commute D, amenities F.
• RSU 14 (rural): math 82% / reading 84% proficiency, ranked #55 of 112 in ME (top 49%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Windham Primary School (math 82% / reading 87%, grade A+, #106 of 294 statewide, top 50%, 762 students, 26% FRL); Windham Middle School (math 90% / reading 70%, grade A+, #62 of 85 statewide, top 73%, 562 students, 26% FRL); Windham High School (math 90% / reading 70%, grade A, #96 of 108 statewide, top 91%, 978 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,405 units permitted in Cumberland County in 2024 (420 in 5+ unit buildings).

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.
• Cumberland County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $117k; list at $290k implies a 148% gain — meaningful room to come down on a strong offer.

Recommended offer $217,378 (25.0% 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 43 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 4.22%
• Cash-on-cash: -7.41%
• DSCR: 0.67
• GRM: 10.2

CMA / ARV

• ARV (median comp): $375,302
• List price: $289,900
• Delta: -22.76%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -29.1%
• Equity multiple: 0.03×
• Total profit: $-78,631
• Equity at exit: $43,225

10-year hold

• IRR: -28.7%
• Equity multiple: -0.34×
• Total profit: $-108,494
• Equity at exit: $25,065

Cash invested: $81,172 (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 04062

• Home prices YoY: -15.8%
• Active inventory: 129
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,375 medium
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$374
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-501

Break-even live

Break-even rent $3,009

Max offer price $217,378

Occupancy floor —

Sensitivity live

Price	-10% $-301	-5% $-401	+0% $-501	+5% $-601	+10% $-702
Rent	-10% $-689	-5% $-595	+0% $-501	+5% $-407	+10% $-314
Rate	-1.0pp $-355	-0.5pp $-427	base $-501	+0.5pp $-576	+1.0pp $-653

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Diane Way Windham, ME	2.0	3.0	1200	$2,375	$1.98	23d	1	0.13mi

HOA detail condo

• Monthly dues: $374 · $4,488/yr
• Likely covers: landscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-15
   historical Active Under Contract 602-char remark

   Show marketing remark (602 chars)

   Easy, low-maintenance living in Trailwood Village Condo Association. This 2-bedroom, 2-bath condo offers the ease of single-level living with a functional layout, dedicated laundry area, and additional basement storage to keep things organized. The association covers exterior maintenance, landscaping, and snow removal--making it a practical, low-stress option for those looking to simplify or downsize. Located in Windham, you'll have convenient access to shopping, dining, and outdoor recreation, including Sebago Lake and local trail systems, with an easy commute to Portland and surrounding areas.

2. 2026-04-16
   listed $289,900 Active 602-char remark

   Show marketing remark (602 chars)

   Easy, low-maintenance living in Trailwood Village Condo Association. This 2-bedroom, 2-bath condo offers the ease of single-level living with a functional layout, dedicated laundry area, and additional basement storage to keep things organized. The association covers exterior maintenance, landscaping, and snow removal--making it a practical, low-stress option for those looking to simplify or downsize. Located in Windham, you'll have convenient access to shopping, dining, and outdoor recreation, including Sebago Lake and local trail systems, with an easy commute to Portland and surrounding areas.

3. 2013-08-30
   soldstatus $117,000 126-char remark

   Show marketing remark (126 chars)

   COMPLETELY RENOVATED, SHOWS BEAUTIFULLY, A PLEASURE! ONE LEVEL END UNIT CLOSE TO EVERYTHING WITH LOW CONDO FEES. EASY TO SHOW!

4. 2011-03-01
   soldstatus $90,000
5. 2010-08-12
   listed $99,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,500
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,280
• − Management: −$2,280
• − HOA: −$4,488
• − Depreciation: −$8,433
• Taxable loss: −$11,018
• Est. tax savings @ 24.0%: +$2,644
• After-tax cash flow: $-3,370/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 14
• NCES district ID: 2314793
• Math proficiency: 82% ▲ 49.00%
• Reading proficiency: 84% ▲ 24.00%
• Median HH income: $65,406
• Composite: 71.62/100
• National rank: #219
• State rank: #55 of 112 in ME

Livability — North Windham

• Score: 79/100
• State rank: #19
• US rank: #2024

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Windham, ME
• Population (ZIP): 19,041

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 313,805 people
• By 2030: 324,054 · +3.3%
• By 2040: 340,380 · +8.5%
• By 2050: 351,796 · +12.1%
• By 2075: 383,075 · +22.1%
• By 2100: 394,972 · +25.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 2% Asian 2%
• Common ancestry: Lithuanian 12% Slovak 4% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · French/Haitian/Cajun 2% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Cumberland

• 2024 margin: Solid D (+36.3) · D 66.9% · R 30.6% · Other 2.5%
• 2008→2024 swing: +6.4pp toward D · 2008: 29.9pp · 2024: 36.3pp
• All cycles: 2024: D+36.3 2020: D+35.7 2016: D+26.4 2012: D+26.3 2008: D+29.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.99%
• Current HPI: 355.5157
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+192.8% since first listed

5 events — show timeline

• 2026-05-15 Contingent — MREIS
• 2026-04-16 Listed $289,900 MREIS
• 2013-08-30 Sold (MLS) $117,000 MREIS
• 2011-03-01 Sold (MLS) $90,000 MREIS
• 2010-08-12 Listed $99,000 MREIS