57 Hartland Rd

St. Albans, ME 04971

$295,000D

2 bd · 2.0 ba · 1,736 sqft · Built 2007 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,050/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$325
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-253/mo
• Annual: $-3,031/yr
• Cap rate: 5.27%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• 1% rule: 0.69%
• Cash to close: $82,600

Investor read

• This is a 2-bed/2.0-bath multifamily listed at $295k.
• At list price, monthly cash flow is $-253 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (30.5% below list).
• It's been on market 32 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (30.5% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (1.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• RSU 19 (rural): math 73% / reading 81% proficiency, ranked #96 of 112 in ME (top 86%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Nokomis Regional Middle School (math 68% / reading 79%, grade A, #79 of 85 statewide, top 95%, 544 students, 45% FRL); Nokomis Regional High School (math 87% / reading 92%, grade A+, #56 of 108 statewide, top 60%, 634 students, 41% FRL).
• Market conditions: 29 active listings in the ZIP; 129 units permitted in Somerset County in 2024 (0 in 5+ unit buildings).
• Somerset County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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 $205k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• 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 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.