1023 Pond Rd · Waterville, ME 04330

$489,000

3 bd · 2.0 ba · 2,736 sqft · MultiFamily · 43 Days on market

Built 1825 3.96 ac lot $179/sqft · 52% below area ↓ 2% since listing

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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 +27.9/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• Schools +7.5/10.0
• 1% rule +6.7/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

OPEN HOUSE!! June 21, 10am-12pm. Step into timeless New England charm with this beautifully preserved 1825 Colonial, where historic character meets thoughtful modern updates. This meticulously maintained home offers 3 bedrooms and 2 full bathrooms, providing flexible living space to suit your needs-whether for family, guests, or a home office. Inside you'll find warm, inviting living areas highlighted by a cozy wood stove, perfect for crisp evenings. The home showcases classic details while benefitting from careful updates that ensure comfort and reliability throughout. Outdoors, the property truly shines. Enjoy established fruit trees, vibrant gardens, and your very own chicken coop-ideal

Key facts

• Cozy wood stove
• Modern updates
• Historic character

Tags

• HISTORIC CHARACTER
• MODERN UPDATES
• COZY WOOD STOVE
• ESTABLISHED FRUIT TREES
• VIBRANT GARDENS
• CHICKEN COOP

Property features AI

Finance

• HOA & community: No pet restrictions

Exterior

• Parking: Attached 2-car garage with storage above and direct entry to living area; Inside entrance; Additional 11–20 spaces (on property)
• Utilities: Well (private water); Private sewer / septic (septic design available); Generator hookup; Circuit breakers (electric)
• Home design: Single family residence; Multi-level; Built in 1825; Green features include water heater, thermostat, dehumidifier
• Construction: Clapboard and wood frame construction; Metal roof; Concrete perimeter foundation, slab, and brick/mortar elements
• Exterior features: Glass-enclosed patio/porch; Screened porch; Fenced yard; Shed(s); Well-landscaped; Open areas; Agricultural potential; Level areas; Wooded areas; Near town; Rural setting; Paved road access

Interior

• Kitchen: Heat stove; Pantry; Refrigerator; Electric range
• Bedrooms: Primary bedroom on second level with closet; Second bedroom on second level with closet; Third bedroom on second level with closet; Bonus room on third level
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wood stove; Forced air; Electric water heater; Dehumidifier; Thermostat
• Interior features: Walk-in closets; Attic; Bathtub; Pantry; Shower; Storage; Partially furnished; 32–36 inch doorways; Storm door(s); Double-pane windows; Internet access available; Generator; Cable
• Laundry & utility: Washer; Dryer; Main level / 1st floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $489k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $489k).
• Recommended offer: $474k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#34 in ME, #3,498 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D, employment D, amenities F.
• RSU 18 (rural): math 88% / reading 89% proficiency, ranked #36 of 112 in ME (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+5.3%/yr); 55 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).
• At $5,699/mo this rent would consume 125% of the median local household income ($55k/yr) (locally 760% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $137k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($474k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1825 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $474,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1825 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.17% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.14%
• DSCR: 1.58
• GRM: 7.2

CMA / ARV

• ARV (median comp): $1,012,526
• List price: $489,000
• Delta: -50.72%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.22×
• Total profit: $29,900
• Equity at exit: $72,911

10-year hold

• IRR: 16.8%
• Equity multiple: 2.52×
• Total profit: $207,792
• Equity at exit: $42,280

Cash invested: $136,920 (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 04330

• Home prices YoY: -4.7%
• Rents YoY: 5.3%
• Active inventory: 55
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $5,699 medium
• Mortgage (P&I): −$2,564
• Tax from tax record: −$235 /mo · $2,817/yr
• Insurance: −$204
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,197
• Net cashflow: $1,499

Break-even live

Break-even rent $3,801

Max offer price $489,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$5,700
Total (3 units)			$5,699

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: $122,250
• Closing costs: $14,670
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $489,000 Active 43 DOM
2. 2026-06-18
   days on market $489,000 Active 42 DOM
3. 2026-06-17
   price $489,000 Active 41 DOM
4. 2026-06-17
   days on market $499,000 Active 41 DOM
5. 2026-06-16
   days on market $499,000 Active 40 DOM
6. 2026-06-15
   days on market $499,000 Active 39 DOM
7. 2026-06-14
   days on market $499,000 Active 37 DOM
8. 2026-06-12
   days on market $499,000 Active 36 DOM
9. 2026-06-09
   days on market $499,000 Active 33 DOM
10. 2026-06-08
    days on market $499,000 Active 32 DOM
11. 2026-06-07
    days on market $499,000 Active 31 DOM
12. 2026-06-05
    days on market $499,000 Active 28 DOM
13. 2026-06-03
    days on market $499,000 Active 27 DOM
14. 2026-06-02
    days on market $499,000 Active 26 DOM
15. 2026-06-01
    days on market $499,000 Active 25 DOM
16. 2026-05-31
    days on market $499,000 Active 24 DOM
17. 2026-05-30
    days on market $499,000 Active 23 DOM
18. 2026-05-07
    listed $499,000 Active 980-char remark

ⓘ 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: $2,817 · $235/mo
• Projected year-2 tax: $4,734 · $394/mo
• Expected delta: +$1,917/yr (+$160/mo · 68.0%)

ⓘ 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 4/10 Moderate 13% 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: $68,388
• − Mortgage interest: −$27,392
• − Property taxes: −$2,817
• − Insurance: −$2,445
• − Repairs & maintenance: −$5,471
• − Management: −$5,471
• − Depreciation: −$14,225
• Taxable income: $10,567
• Est. tax owed @ 24.0%: −$2,536
• After-tax cash flow: $15,456/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 18
• NCES district ID: 2314779
• Math proficiency: 88% ▲ 53.00%
• Reading proficiency: 89% ▲ 32.00%
• Median HH income: $55,125
• Composite: 75.2/100
• National rank: #139
• State rank: #36 of 112 in ME

Livability — Waterville

• Score: 76/100
• State rank: #34
• US rank: #3498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kennebec County · 54,560 people
• Metro: Augusta-Waterville, ME
• Population (ZIP): 26,690
• Household income: $54,775
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 760.0

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 1% Asian 1%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · French/Haitian/Cajun 4% Spanish 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.46%
• Current HPI: 353.9463
• Rent YoY: ▲ 5.35%
• Metro: Augusta-Waterville, ME
• State GDP YoY: —
• F500 in state: 0

Price history

-2.0% since first listed

2 events — show timeline

• 2026-06-17 Price Changed $489,000 MREIS
• 2026-05-07 Listed $499,000 MREIS

Property tax history

+4.0%/yr

Latest (2025): $2,817 · +7.9% YoY. Source: county tax records.