5 Oceanville Rd

Stonington, ME 04681

$79,900B+

2 bd · 1.0 ba · 1,057 sqft · Built 1950 · MultiFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,160/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $339/mo
• Annual: $4,067/yr
• Cap rate: 11.38%
• Cash-on-cash: 18.18%
• DSCR: 1.81
• 1% rule: 1.45%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $80k.
• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 101 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($552 loan paydown + $5k appreciation (6.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Deer Isle-Stonington CSD (rural): math 15% / reading 40% proficiency, ranked #173 of 185 in ME (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Deer Isle-Stonington Elementary Sch (math 62% / reading 77%, grade A-, #265 of 294 statewide, top 93%, 203 students, 35% FRL); Deer Isle-Stonington High Sch (math 84% / reading 84%, grade A, #75 of 108 statewide, top 83%, 115 students, 56% FRL).
• Zoned-school proficiency averages 77% at this address vs 28% district-wide (+50 pts) — the actual schools serving this property are materially stronger than the Deer Isle-Stonington CSD average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 270 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 79% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.