453 Station Rd

Patten, ME 04777

$14,500D+

2 bd · 1.0 ba · 1,100 sqft · Built — · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,223/mo
• Mortgage (P&I): −$76
• Tax + insurance: −$24
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $866/mo
• Annual: $10,396/yr
• Cap rate: 77.99%
• Cash-on-cash: 256.06%
• DSCR: 12.39
• 1% rule: 8.44%
• Cash to close: $4,060

Investor read

• This is a 2-bed/1.0-bath single-family listed at $14k.
• At list price, monthly cash flow is $866 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $14k).
• It's been on market 15 days — a 2% lower offer ($14k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $14k (1.5% below list) — sets the bar for market timing.
• In year one you build about $535 of equity ($100 loan paydown + $435 appreciation (3.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• RSU 89 (rural): math 30% / reading 45% proficiency, ranked #136 of 185 in ME (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.