1380 Kirkland Rd · Old Town, ME 04468

$350,000

4 bd · 2.5 ba · 1,493 sqft · MultiFamily public records · 264 Days on market

Built 1990 3.21 ac lot ↓ 24% since listing

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Why this score? — see what drove the C+ 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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• 1% rule +5.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to a home that blends modern updates with charm, set on a spacious 3.21-acre lot. This beautifully refreshed 3-bedroom, 2-bath home features a fully remodeled kitchen with stylish, modern finishes that make both everyday living and entertaining a joy. The bathrooms have been tastefully updated, and gleaming hardwood floors run throughout the home, complemented by elegant tile in the baths. Step outside and enjoy the peaceful surroundings. The charming front porch is the perfect spot for your morning coffee, while the back patio deck overlooks a large backyard ideal for relaxing, entertaining, or simply enjoying the extra space. With room to spread out inside and plenty of land to enjoy outdoors, this property offers the comfort, privacy, and lifestyle you've been looking for.

Key facts

• Front porch
• Back patio deck
• Updated bathrooms

Tags

• FULLY REMODELED KITCHEN
• UPDATED BATHROOMS
• HARDWOOD FLOORS
• TILE IN THE BATHS
• FRONT PORCH
• BACK PATIO DECK

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 6.0% in Old Town — 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 (#38 in ME, #3,905 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• RSU 34 (suburban): math 81% / reading 83% proficiency, ranked #80 of 112 in ME (top 71%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• At $3,821/mo this rent would consume 81% of the median local household income ($56k/yr) (locally 334% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 264 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 264 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.84%
• DSCR: 1.35
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-15,916
• Equity at exit: $52,186

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $38,768
• Equity at exit: $30,262

Cash invested: $98,000 (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 04468

• Home prices YoY: -1.8%
• Active inventory: 46
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $3,821 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$397 /mo · $4,767/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$802
• Net cashflow: $640

Break-even live

Break-even rent $3,011

Max offer price $350,000

Occupancy floor 78%

Sensitivity live

Price	-10% $838	-5% $739	+0% $640	+5% $541	+10% $442
Rent	-10% $338	-5% $489	+0% $640	+5% $791	+10% $942
Rate	-1.0pp $816	-0.5pp $729	base $640	+0.5pp $549	+1.0pp $457

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,822
Total (2 units)			$3,821

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-18
   price $350,000 794-char remark

   Show marketing remark (794 chars)

   Welcome to a home that blends modern updates with charm, set on a spacious 3.21-acre lot. This beautifully refreshed 3-bedroom, 2-bath home features a fully remodeled kitchen with stylish, modern finishes that make both everyday living and entertaining a joy. The bathrooms have been tastefully updated, and gleaming hardwood floors run throughout the home, complemented by elegant tile in the baths. Step outside and enjoy the peaceful surroundings. The charming front porch is the perfect spot for your morning coffee, while the back patio deck overlooks a large backyard ideal for relaxing, entertaining, or simply enjoying the extra space. With room to spread out inside and plenty of land to enjoy outdoors, this property offers the comfort, privacy, and lifestyle you've been looking for.

2. 2026-04-02
   price $375,000 794-char remark

   Show marketing remark (794 chars)

   Welcome to a home that blends modern updates with charm, set on a spacious 3.21-acre lot. This beautifully refreshed 3-bedroom, 2-bath home features a fully remodeled kitchen with stylish, modern finishes that make both everyday living and entertaining a joy. The bathrooms have been tastefully updated, and gleaming hardwood floors run throughout the home, complemented by elegant tile in the baths. Step outside and enjoy the peaceful surroundings. The charming front porch is the perfect spot for your morning coffee, while the back patio deck overlooks a large backyard ideal for relaxing, entertaining, or simply enjoying the extra space. With room to spread out inside and plenty of land to enjoy outdoors, this property offers the comfort, privacy, and lifestyle you've been looking for.

3. 2026-02-01
   price $397,000 794-char remark

   Show marketing remark (794 chars)

   Welcome to a home that blends modern updates with charm, set on a spacious 3.21-acre lot. This beautifully refreshed 3-bedroom, 2-bath home features a fully remodeled kitchen with stylish, modern finishes that make both everyday living and entertaining a joy. The bathrooms have been tastefully updated, and gleaming hardwood floors run throughout the home, complemented by elegant tile in the baths. Step outside and enjoy the peaceful surroundings. The charming front porch is the perfect spot for your morning coffee, while the back patio deck overlooks a large backyard ideal for relaxing, entertaining, or simply enjoying the extra space. With room to spread out inside and plenty of land to enjoy outdoors, this property offers the comfort, privacy, and lifestyle you've been looking for.

4. 2025-09-12
   price $447,700 794-char remark

   Show marketing remark (794 chars)

   Welcome to a home that blends modern updates with charm, set on a spacious 3.21-acre lot. This beautifully refreshed 3-bedroom, 2-bath home features a fully remodeled kitchen with stylish, modern finishes that make both everyday living and entertaining a joy. The bathrooms have been tastefully updated, and gleaming hardwood floors run throughout the home, complemented by elegant tile in the baths. Step outside and enjoy the peaceful surroundings. The charming front porch is the perfect spot for your morning coffee, while the back patio deck overlooks a large backyard ideal for relaxing, entertaining, or simply enjoying the extra space. With room to spread out inside and plenty of land to enjoy outdoors, this property offers the comfort, privacy, and lifestyle you've been looking for.

5. 2025-09-05
   listed $459,000 Active 794-char remark

   Show marketing remark (794 chars)

   Welcome to a home that blends modern updates with charm, set on a spacious 3.21-acre lot. This beautifully refreshed 3-bedroom, 2-bath home features a fully remodeled kitchen with stylish, modern finishes that make both everyday living and entertaining a joy. The bathrooms have been tastefully updated, and gleaming hardwood floors run throughout the home, complemented by elegant tile in the baths. Step outside and enjoy the peaceful surroundings. The charming front porch is the perfect spot for your morning coffee, while the back patio deck overlooks a large backyard ideal for relaxing, entertaining, or simply enjoying the extra space. With room to spread out inside and plenty of land to enjoy outdoors, this property offers the comfort, privacy, and lifestyle you've been looking for.

ⓘ 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: $4,767 · $397/mo
• Projected year-2 tax: $4,767 · $397/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,852
• − Mortgage interest: −$19,605
• − Property taxes: −$4,767
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,668
• − Management: −$3,668
• − Depreciation: −$10,182
• Taxable income: $2,211
• Est. tax owed @ 24.0%: −$531
• After-tax cash flow: $7,150/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 34
• NCES district ID: 2314782
• Math proficiency: 81% ▲ 48.00%
• Reading proficiency: 83% ▲ 31.00%
• Median HH income: $39,466
• Composite: 68.31/100
• National rank: #351
• State rank: #80 of 112 in ME

Livability — Old Town

• Score: 75/100
• State rank: #38
• US rank: #3905

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: Old Town, ME
• County: Penobscot County · 81,539 people
• City population: 9,291
• Metro: Bangor, ME
• Population (ZIP): 9,291
• Household income: $56,358
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 334.0

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Native American 6% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.29%
• Current HPI: 285.3183
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

-23.7% since first listed

5 events — show timeline

• 2026-04-18 Price Changed $350,000 MREIS
• 2026-04-02 Price Changed $375,000 MREIS
• 2026-02-01 Price Changed $397,000 MREIS
• 2025-09-12 Price Changed $447,700 MREIS
• 2025-09-05 Listed $459,000 MREIS

Property tax history

+3.8%/yr

Latest (2025): $4,767 · +11.7% YoY. Source: county tax records.