31 Main St · Limestone, ME 04750

$140,000

9 bd · 8.1 ba · 4,250 sqft · Other · 142 Days on market

Built 1940 9,583 sqft lot

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Why this score? — see what drove the B- 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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Appreciation +5.9/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Four very spacious two bedroom two bath units centrally located to all amenities. Could be converted back to (8) one bedroom, one bath units.

Key facts

• 9,583 sq ft lot
• 5 parking spots
• Built 1940

Property features AI

Finance

• Other: Annual tax amount reported
• Financial info: Four total rental units; Reported gross income: $15,912; Operating expenses: $14,000

Exterior

• Parking: Off-street parking on gravel; Common parking with approximately 5–10 spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Electric water heater; Utilities are on
• Home design: Multi-level building; Built in 1940; Commercial zoning
• Construction: Vinyl siding with wood frame construction; Metal roof; Concrete perimeter foundation
• Exterior features: Paved road frontage; Rolling/sloping, open corner lot in town

Interior

• Kitchen: Each unit includes a refrigerator
• Bedrooms: Four 2-bedroom units (various levels)
• Flooring: Wood flooring; Vinyl flooring; Laminate flooring
• Bathrooms: Eight full bathrooms
• Heating & cooling: Hot water baseboard heating
• Interior features: Wood, vinyl, and laminate flooring; Full unfinished basement with bulkhead access
• Laundry & utility: Each unit has a dedicated water heater; Some units have dedicated electric meters; gas not dedicated to units

What this means for you Summary

Snapshot

• This is a 9-bed/8.1-bath other listed at $140k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#36 in ME, #3,831 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Market conditions: 27 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 $3k of equity ($968 loan paydown + $2k appreciation (1.7% 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 (1.7% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y 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.
• Current owner paid $117k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.24% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.90%
• DSCR: 1.44
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.72×
• Total profit: $28,370
• Equity at exit: $53,196

10-year hold

• IRR: 16.5%
• Equity multiple: 3.15×
• Total profit: $84,274
• Equity at exit: $75,078

Cash invested: $39,200 (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 04750

• Home prices YoY: 1.0%
• Active inventory: 27
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,736 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$256 /mo · $3,071/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $323

Break-even live

Break-even rent $1,327

Max offer price $140,000

Occupancy floor 76%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $140,000 Active 142 DOM
2. 2026-06-17
   days on market $140,000 Active 141 DOM
3. 2026-06-16
   days on market $140,000 Active 140 DOM
4. 2026-06-15
   days on market $140,000 Active 139 DOM
5. 2026-06-13
   days on market $140,000 Active 137 DOM
6. 2026-06-12
   days on market $140,000 Active 136 DOM
7. 2026-06-09
   days on market $140,000 Active 133 DOM
8. 2026-06-08
   days on market $140,000 Active 132 DOM
9. 2026-06-07
   days on market $140,000 Active 131 DOM
10. 2026-06-07
    days on market $140,000 Active 130 DOM
11. 2026-06-04
    days on market $140,000 Active 127 DOM
12. 2026-06-02
    days on market $140,000 Active 126 DOM
13. 2026-06-01
    days on market $140,000 Active 125 DOM
14. 2026-05-31
    days on market $140,000 Active 124 DOM
15. 2026-05-31
    days on market $140,000 Active 123 DOM
16. 2026-01-27
    listed $140,000 Active
17. 2024-03-14
    price $3,650,000
18. 2022-01-14
    soldstatus $117,000 Closed 141-char remark

    Show marketing remark (141 chars)

    Four very spacious two bedroom two bath units centrally located to all amenities. Could be converted back to (8) one bedroom, one bath units.

19. 2022-01-13
    status Pending 141-char remark

    Show marketing remark (141 chars)

    Four very spacious two bedroom two bath units centrally located to all amenities. Could be converted back to (8) one bedroom, one bath units.

20. 2021-09-02
    historical 141-char remark

    Show marketing remark (141 chars)

    Four very spacious two bedroom two bath units centrally located to all amenities. Could be converted back to (8) one bedroom, one bath units.

21. 2021-03-26
    listed $125,000 Active 141-char remark

    Show marketing remark (141 chars)

    Four very spacious two bedroom two bath units centrally located to all amenities. Could be converted back to (8) one bedroom, one bath units.

22. 2021-02-27
    historical
23. 2020-07-20
    listed $125,000 Active
24. 2020-07-17
    historical
25. 2019-07-17
    listed $125,000 Active
26. 2018-11-08
    historical
27. 2018-08-31
    price $126,500
28. 2018-05-10
    listed $130,000 Active
29. 2011-12-16
    listed $139,000

ⓘ 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: $3,071 · $256/mo
• Projected year-2 tax: $3,071 · $256/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% 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: $20,838
• − Mortgage interest: −$7,842
• − Property taxes: −$3,071
• − Insurance: −$700
• − Repairs & maintenance: −$1,667
• − Management: −$1,667
• − Depreciation: −$4,073
• Taxable income: $1,818
• Est. tax owed @ 24.0%: −$436
• After-tax cash flow: $3,445/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)

No district data.

Livability — Limestone

• Score: 75/100
• State rank: #36
• US rank: #3831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Limestone, ME
• Population (ZIP): 1,828

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 (91%)
• Race & ethnicity: White 91% Native American 4% Two or more races 3%
• Common ancestry: Lithuanian 24% Slovak 6% German 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · French/Haitian/Cajun 5% Arabic 2%

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: ▲ 1.73%
• Current HPI: 170.0936
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.7% since first listed

14 events — show timeline

• 2026-01-27 Listed $140,000 MREIS
• 2024-03-14 Price Changed $3,650,000 MREIS
• 2022-01-14 Sold (MLS) $117,000 MREIS
• 2022-01-13 Pending — MREIS
• 2021-09-02 Delisted — MREIS
• 2021-03-26 Listed $125,000 MREIS
• 2021-02-27 Delisted — MREIS
• 2020-07-20 Listed $125,000 MREIS
• 2020-07-17 Delisted — MREIS
• 2019-07-17 Listed $125,000 MREIS
• 2018-11-08 Delisted — MREIS
• 2018-08-31 Price Changed $126,500 MREIS
• 2018-05-10 Listed $130,000 MREIS
• 2011-12-16 Listed $139,000 MREIS

Property tax history

+2.5%/yr

Latest (2024): $3,071 · +3.6% YoY. Source: county tax records.