24 Conejo Ln

Turner, ME 04220

$219,000C+

3 bd · 1.0 ba · 1,060 sqft · Built 1993 · MultiFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,020/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$424
• Net cashflow: $253/mo
• Annual: $3,040/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• 1% rule: 0.92%
• Cash to close: $61,320

Investor read

• This is a 3-bed/1.0-bath multifamily listed at $219k.
• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (7.7% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $202k (7.7% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• RSU 10 (rural): math 72% / reading 79% proficiency, ranked #107 of 112 in ME (top 96%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Hartford-Sumner Elementary School (math 77% / reading 82%, grade A, #182 of 294 statewide, top 69%, 303 students, 54% FRL); Mountain Valley Middle School (math 69% / reading 78%, grade A, #79 of 85 statewide, top 95%, 354 students, 76% FRL); Buckfield Jr-Sr High School (math 87% / reading 92%, grade A+, #56 of 108 statewide, top 60%, 222 students, 40% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 37 active listings in the ZIP; 329 units permitted in Oxford County in 2024 (0 in 5+ unit buildings).
• Oxford County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $99k; list at $219k implies a 121% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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.