69 Cleaves St · Island Falls, ME 04747

$12,900

2 bd · 1.5 ba · 730 sqft · MultiFamily public records · 2 Days on market

Built 1940 4,791 sqft lot ↓ 45% 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +7.2/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Tax foreclosure home in need of many repairs. Sold as is. It is unknown if any of the systems function. 2 Bedroom in town home with sunroom and attached carport.

Key facts

• 4,791 sq ft lot
• Built 1940
• Listed 2 days

Property features AI

Exterior

• Parking: On-site parking (no garage)
• Utilities: Circuit breaker electrical service; Private sewer
• Home design: New Englander style single-family home; Approximately 1,300 above-grade finished area; Lot approximately 0.11 acres; Zoned residential
• Construction: 1,300 building area
• Exterior features: Metal roof; Public water

Interior

• Kitchen: Kitchen on first level
• Bedrooms: Bedroom 1 on second level; Bedroom 2 on second level; Additional room on second level
• Flooring: Carpet; Wood
• Bathrooms: 1 full bathroom; 1 half bathroom (1.5 total)
• Heating & cooling: Forced air heating
• Interior features: 6 total rooms; Interior entry basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $13k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $13k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• RSU 50 (rural): math 30% / reading 55% proficiency, ranked #103 of 185 in ME (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 112 units permitted in Aroostook County in 2024 (45 in 5+ unit buildings).

Forward outlook

• In year one you build about $655 of equity ($89 loan paydown + $566 appreciation (4.4% local appreciation)).
• Aroostook County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $12,900

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 14.68% ✓
• Cap rate: 137.19%
• Cash-on-cash: 467.48%
• DSCR: 21.80
• GRM: 0.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 26.52×
• Total profit: $92,174
• Equity at exit: $6,835

10-year hold

• IRR: —
• Equity multiple: 56.77×
• Total profit: $201,446
• Equity at exit: $11,420

Cash invested: $3,612 (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 04747

• Home prices YoY: 2.6%
• Active inventory: 29
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $1,894 medium
• Mortgage (P&I): −$68
• Tax est. 1.5%: −$16 /mo · $194/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $1,407

Break-even live

Break-even rent $113

Max offer price $12,900

Occupancy floor 21%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,894
Total (2 units)			$1,894

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: $3,225
• Closing costs: $387
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-08
   status Pending 161-char remark
2. 2026-05-06
   listed $12,900 Active 161-char remark

ⓘ 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: $22,728
• − Mortgage interest: −$723
• − Property taxes: −$194
• − Insurance: −$64
• − Repairs & maintenance: −$1,818
• − Management: −$1,818
• − Depreciation: −$375
• Taxable income: $17,736
• Est. tax owed @ 24.0%: −$4,257
• After-tax cash flow: $12,629/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 50
• NCES district ID: 2314806
• Math proficiency: 30% ▼ -3.00%
• Reading proficiency: 55% ▲ 7.00%
• Median HH income: $36,091
• Composite: 37.51/100
• National rank: #8882
• State rank: #103 of 185 in ME

Livability — Island Falls

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Island Falls, ME
• Population (ZIP): 1,318

Population outlook (Aroostook County) Hauer SSP2

• Today (2025): 61,905 people
• By 2030: 57,815 · -6.6%
• By 2040: 49,240 · -20.5%
• By 2050: 41,386 · -33.1%
• By 2075: 27,664 · -55.3%
• By 2100: 18,974 · -69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Native American 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Slovak 12% Lithuanian 10% Polish 5%
• Foreign-born: 3% · China, Canada
• Languages at home: 96% English-only · Chinese 2% German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Aroostook

• 2024 margin: Strong R (+26.2) · D 36.2% · R 62.4% · Other 1.4%
• 2008→2024 swing: -35.8pp toward R · 2008: 9.6pp · 2024: -26.2pp
• All cycles: 2024: R+26.2 2020: R+19.9 2016: R+17.3 2012: D+7.7 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.39%
• Current HPI: 170.9479
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-45.4% since first listed

5 events — show timeline

• 2026-06-08 Sold (MLS) $16,100 MREIS
• 2026-05-08 Pending — MREIS
• 2026-05-06 Listed $12,900 MREIS
• 2016-01-22 Delisted — MREIS
• 2015-07-29 Listed $29,500 MREIS

Property tax history

+2.7%/yr

Latest (2021): $1,149 · +7.3% YoY. Source: county tax records.