2408 U.s. 2 · Rumford, ME 04276

$119,000

3 bd · 1.0 ba · 2,016 sqft · SingleFamily · 97 Days on market

Built 1986 Fair condition 1.80 ac lot $59/sqft · 49% below area Est $235k · 49% under

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Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Schools +6.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Welcome to this Hanover, Maine property offering opportunity, flexibility, and potential for the right buyer. Being offered for the first time on the market, this home provides a chance to bring your vision to life while building equity along the way. Inside, the home features an open-concept living area that creates a spacious and connected feel for everyday living. A first-floor bedroom adds convenience and flexibility to the layout, while the existing floor plan offers a strong foundation for future improvements. For those looking toward investment possibilities, the property has a history of rental use and presents a range of options depending on your goals. The unfinished space above the attached two-car garage provides additional square footage ready to be customized--whether for expanded living space, a studio, or another creative use. Outside, the backyard offers room to relax, garden, or enjoy the surrounding Maine setting. While the home will benefit from updates and repairs, it offers solid potential for buyers ready to renovate and make it their own. Located in Hanover, this property provides a peaceful Western Maine setting while still offering access to nearby recreation and outdoor activities. Bring your ideas and discover the possibilities this property has to offer.

Key facts

• First-floor bedroom
• Backyard offers room
• 1.8 acre lot

Tags

• OPEN-CONCEPT LIVING AREA
• FIRST-FLOOR BEDROOM
• UNFINISHED SPACE ABOVE GARAGE
• BACKYARD OFFERS ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 5.5% in Rumford — 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 75/100 on livability (#39 in ME, #4,030 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D, schools F, amenities F.
• 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.
• Market conditions: 82 active listings in the ZIP; 329 units permitted in Oxford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($823 loan paydown + $12k appreciation (10.0% local appreciation)).
• Oxford County population projected at -21% 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 $33k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Recommended offer $108,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 11.41%
• Cash-on-cash: 18.29%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

• ARV (median comp): $235,262
• List price: $119,000
• Delta: -49.42%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
56 Ellis River Rd	0.52mi	3/1.5	1,844 (-8%)	8mo	$335,000	$182	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 37.9%
• Equity multiple: 3.92×
• Total profit: $97,179
• Equity at exit: $107,205

10-year hold

• IRR: 32.6%
• Equity multiple: 8.83×
• Total profit: $260,792
• Equity at exit: $231,191

Cash invested: $33,320 (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 04276

• Home prices YoY: 4.4%
• Active inventory: 82
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,684 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $508

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 65%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $119,000 Active 97 DOM
2. 2026-06-17
   days on market $119,000 Active 96 DOM
3. 2026-06-16
   days on market $119,000 Active 95 DOM
4. 2026-06-15
   days on market $119,000 Active 94 DOM
5. 2026-06-13
   days on market $119,000 Active 92 DOM
6. 2026-06-12
   days on market $119,000 Active 91 DOM
7. 2026-06-09
   days on market $119,000 Active 88 DOM
8. 2026-06-08
   days on market $119,000 Active 87 DOM
9. 2026-06-07
   days on market $119,000 Active 86 DOM
10. 2026-06-07
    days on market $119,000 Active 85 DOM
11. 2026-06-04
    days on market $119,000 Active 82 DOM
12. 2026-06-02
    days on market $119,000 Active 81 DOM
13. 2026-06-01
    days on market $119,000 Active 80 DOM
14. 2026-05-31
    days on market $119,000 Active 79 DOM
15. 2026-05-31
    days on market $119,000 Active 78 DOM
16. 2026-03-13
    listed $119,000 Active 1303-char remark

    Show marketing remark (1303 chars)

    Welcome to this Hanover, Maine property offering opportunity, flexibility, and potential for the right buyer. Being offered for the first time on the market, this home provides a chance to bring your vision to life while building equity along the way. Inside, the home features an open-concept living area that creates a spacious and connected feel for everyday living. A first-floor bedroom adds convenience and flexibility to the layout, while the existing floor plan offers a strong foundation for future improvements. For those looking toward investment possibilities, the property has a history of rental use and presents a range of options depending on your goals. The unfinished space above the attached two-car garage provides additional square footage ready to be customized--whether for expanded living space, a studio, or another creative use. Outside, the backyard offers room to relax, garden, or enjoy the surrounding Maine setting. While the home will benefit from updates and repairs, it offers solid potential for buyers ready to renovate and make it their own. Located in Hanover, this property provides a peaceful Western Maine setting while still offering access to nearby recreation and outdoor activities. Bring your ideas and discover the possibilities this property has to offer.

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

Taxation est. · year 1

• Rental income: $20,205
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − Depreciation: −$3,462
• Taxable income: $4,465
• Est. tax owed @ 24.0%: −$1,072
• After-tax cash flow: $5,022/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.

Condition & rehab AI · 14 photos

Fair 45/100 Extensive rehab

This property requires extensive renovations, including kitchen and bathroom updates, exterior painting, and landscaping, to improve its condition and value.

Repairs flagged

• Major Kitchen cabinets — Severe wear and tear, requiring replacement or major repair.
• Major Bathroom fixtures — Outdated and worn, requiring replacement.
• Major Exterior painting — Needs repainting to improve curb appeal.
• Major Flooring — Worn and outdated, requiring replacement.
• Major Interior walls — Peeling paint and exposed insulation, requiring repair or replacement.

Value-add opportunities

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the home's value.
• Resale Bathroom renovation — A modern bathroom will also attract more buyers and increase the home's value.
• Both Exterior painting — Improves curb appeal and can attract more buyers and renters.
• Both Landscaping — Enhances curb appeal and can attract more buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Severe wear and tear, requiring replacement or major repair.	Major	$15,000–50,000
Bathroom fixtures · Outdated and worn, requiring replacement.	Major	$15,000–50,000
Exterior painting · Needs repainting to improve curb appeal.	Major	$15,000–50,000
Flooring · Worn and outdated, requiring replacement.	Major	$15,000–50,000
Interior walls · Peeling paint and exposed insulation, requiring repair or replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the home's value. ↑
• Resale Bathroom renovation — A modern bathroom will also attract more buyers and increase the home's value. ↑
• Both Exterior painting — Improves curb appeal and can attract more buyers and renters. ↑
• Both Landscaping — Enhances curb appeal and can attract more buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: RSU 10
• NCES district ID: 2314795
• Math proficiency: 72% ▲ 50.00%
• Reading proficiency: 79% ▲ 34.00%
• Median HH income: $37,647
• Composite: 62.72/100
• National rank: #671
• State rank: #107 of 112 in ME

Livability — Rumford

• Score: 75/100
• State rank: #39
• US rank: #4030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,918

Population outlook (Oxford County) Hauer SSP2

• Today (2025): 55,853 people
• By 2030: 54,190 · -3.0%
• By 2040: 49,484 · -11.4%
• By 2050: 43,958 · -21.3%
• By 2075: 32,308 · -42.2%
• By 2100: 21,858 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4%
• Common ancestry: Lithuanian 27% Slovak 5% German 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1% Tagalog/Filipino 1%

Political lean MEDSL · Oxford

• 2024 margin: R (+12.9) · D 42.7% · R 55.6% · Other 1.7%
• 2008→2024 swing: -28.9pp toward R · 2008: 16.0pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+8.8 2016: R+13.0 2012: D+14.9 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.73%
• Current HPI: 301.2786
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-13 Listed $119,000 MREIS