185 W Main St · Searsport, ME 04981

$475,000

6 bd · 3.5 ba · 2,828 sqft · MultiFamily public records · 34 Days on market

Built 1870 0.40 ac lot

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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 +19.0/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• DSCR +6.0/10.0
• 1% rule +4.8/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Perfect opportunity to live rent free or add to your investment portfolio. This is a well maintained 4-Unit building with strong rental track record. Known as the Griffin building designed & constructed by ship builders. Totally renovated in 2003 including plumbing, electrical & windows. Asphalt roof done in 2011 and metal roof 2014. Owners have started on replacing windows again as needed. Furnace always maintained annually. Short walk to the ocean, close to Belfast, Bucksport, and Bangor. First floor (front) 1 bed/1 bath, first floor(back) 1 bed/1bath, second floor 2 bed/1bath, third floor oversized studio apartment w/ 1 bath. On site coin operated laundry. Dishwashers in 2 of

Key facts

• Renovated in 2003
• Metal roof 2014
• 0.4 acre lot

Tags

• STRONG RENTAL TRACK RECORD
• RENOVATED IN 2003
• ASPHALT ROOF DONE IN 2001
• METAL ROOF 2014
• ON SITE COIN OPERATED LAUNDRY
• DISHWASHERS IN 2 UNITS

Property features AI

Finance

• Financial info: Four total rental units; Gross income reported at $59,100; Operating expenses reported at $5,735.30; Individual actual rents listed: $1,350, $1,300, $1,225, $1,050

Exterior

• Parking: Gravel parking with 5–10 spaces
• Utilities: Public water; Private sewer; Circuit breakers for electric; Generator hookup; Water heater tied to heating system; Utilities currently on
• Home design: Multi-level building; Originally built in 1870
• Construction: Wood frame construction with wood siding; Granite foundation; Metal and shingle roof
• Exterior features: Deck; Intown location; Corner lot; Paved road

Interior

• Kitchen: Refrigerators in all units
• Bedrooms: Three 1-bedroom units; One 2-bedroom unit (one unit located on second level)
• Flooring: Carpet; Vinyl; Wood; Hardwood; Luxury vinyl
• Bathrooms: Four full bathrooms
• Heating & cooling: Has heating; Baseboard heating; Hot water heating; Zoned heating
• Interior features: Attic; Accessible approach with ramp; Double-pane windows
• Laundry & utility: Main-level coin laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive. Per door: $125/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $464k (2.3% below list).
• Recommended offer: $461k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.4% in Searsport — 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 66/100 on livability (#107 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: health & safety C-, schools D-, amenities F.
• RSU 20 (rural): math 75% / reading 82% proficiency, ranked #90 of 112 in ME (top 80%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 42 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $460,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.5

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-45,139
• Equity at exit: $70,824

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $1,677
• Equity at exit: $41,069

Cash invested: $133,000 (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 04981

• Home prices YoY: -5.0%
• Active inventory: 42
• Price-to-rent: 34.1×

Monthly cashflow live

• Estimated rent: $4,640 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$477 /mo · $5,723/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$974
• Net cashflow: $500

Break-even live

Break-even rent $4,007

Max offer price $475,000

Occupancy floor 84%

Sensitivity live

Price	-10% $769	-5% $634	+0% $500	+5% $365	+10% $231
Rent	-10% $133	-5% $317	+0% $500	+5% $683	+10% $866
Rate	-1.0pp $739	-0.5pp $621	base $500	+0.5pp $377	+1.0pp $252

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$4,640
Total (4 units)			$4,640

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $475,000 Active 34 DOM
2. 2026-06-21
   days on market $475,000 Active 33 DOM
3. 2026-06-18
   pricedays on market $475,000 Active 31 DOM
4. 2026-06-17
   days on market $485,000 Active 30 DOM
5. 2026-06-16
   days on market $485,000 Active 29 DOM
6. 2026-06-15
   days on market $485,000 Active 28 DOM
7. 2026-06-13
   days on market $485,000 Active 26 DOM
8. 2026-06-12
   days on market $485,000 Active 25 DOM
9. 2026-06-09
   days on market $485,000 Active 22 DOM
10. 2026-06-08
    days on market $485,000 Active 21 DOM
11. 2026-06-07
    days on market $485,000 Active 20 DOM
12. 2026-06-07
    days on market $485,000 Active 19 DOM
13. 2026-06-04
    days on market $485,000 Active 16 DOM
14. 2026-06-02
    days on market $485,000 Active 15 DOM
15. 2026-06-01
    days on market $485,000 Active 14 DOM
16. 2026-05-31
    days on market $485,000 Active 13 DOM
17. 2026-05-31
    days on market $485,000 Active 12 DOM
18. 2026-05-18
    listed $499,000 Active

ⓘ 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: $5,723 · $477/mo
• Projected year-2 tax: $6,092 · $508/mo
• Expected delta: +$368/yr (+$31/mo · 6.4%)

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

Taxation est. · year 1

• Rental income: $55,680
• − Mortgage interest: −$26,607
• − Property taxes: −$5,723
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,454
• − Management: −$4,454
• − Depreciation: −$13,818
• Taxable loss: −$1,752
• Est. tax savings @ 24.0%: +$421
• After-tax cash flow: $6,418/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 20
• NCES district ID: 2314791
• Math proficiency: 75% ▲ 49.00%
• Reading proficiency: 82% ▲ 41.00%
• Median HH income: $41,249
• Composite: 65.56/100
• National rank: #467
• State rank: #90 of 112 in ME

Livability — Searsport

• Score: 66/100
• State rank: #107
• US rank: #12181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,649
• Population (ZIP): 2,584

Population outlook (Waldo County) Hauer SSP2

• Today (2025): 39,611 people
• By 2030: 39,475 · -0.3%
• By 2040: 38,245 · -3.4%
• By 2050: 36,078 · -8.9%
• By 2075: 29,774 · -24.8%
• By 2100: 22,172 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Native American 1%
• Common ancestry: Lithuanian 7% Slovak 4% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Waldo

• 2024 margin: Toss-up / Even · D 50.4% · R 47.0% · Other 2.6%
• 2008→2024 swing: -8.3pp toward R · 2008: 11.6pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+4.7 2016: D+0.3 2012: D+10.7 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.77%
• Current HPI: 168.5467
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-18 Listed $499,000 MREIS

Property tax history

+5.9%/yr

Latest (2025): $5,723 · +0.6% YoY. Source: county tax records.