23 Easy St · Litchfield, ME 04350

$197,500

1 bd · 1.0 ba · 576 sqft · SingleFamily public records · 195 Days on market

Built 1975 0.90 ac lot $343/sqft · 24% below area Est $344k · 43% under ↓ 4% since listing

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +6.0/10.0
• Cash flow +3.4/30.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Beautiful water views and a rare opportunity for the right person. This property is being sold strictly as is and is located in a quiet, peaceful area overlooking Buker and Sand Ponds. Charming opportunity for builders, renovators, or savvy investors. This property is being sold strictly as is and will require extensive renovation or possible tear‑down and rebuild to realize its full potential. Step onto a generously sized lot offering space for a future home, outdoor living, and potential expansion. Existing structures are in poor condition and will not be repaired or improved by the seller. Cash or rehab/ construction financing strongly recommended; traditional financing may not be suitable due to current property condition. Seller has made no representations as to systems, structure, or feasibility of renovation and will not perform repairs or credits. Showings are at your own risk; enter structures only if safe to do so. Bring your vision and contractor to explore the possibilities this lot and location provide. The seller clearly acknowledges the as‑is nature of the sale and that the property may be best suited for demolition.

Key facts

• Water views
• Generously sized lot
• Quiet area

Tags

• WATER VIEWS
• QUIET AREA
• GENEROUSLY SIZED LOT
• POTENTIAL EXPANSION

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $-606 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (54.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (55.1% below list).
• Recommended offer: $89k (55.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• RSU 04 (rural): math 68% / reading 71% proficiency, ranked #110 of 112 in ME (top 98%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carrie Ricker School (math 66% / reading 68%, grade B+, #275 of 294 statewide, top 94%, 194 students, 42% FRL); Oak Hill Middle School (math 67% / reading 73%, grade A, #83 of 85 statewide, top 98%, 390 students, 45% FRL); Oak Hill High School (math 84% / reading 95%, grade A+, #49 of 108 statewide, top 50%, 404 students, 35% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 35 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, 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 195 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Recommended offer $88,680 (55.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.45% ✗
• Cap rate: 2.61%
• Cash-on-cash: -13.15%
• DSCR: 0.41
• GRM: 18.6

CMA / ARV

• ARV (median comp): $344,431
• List price: $197,500
• Delta: -42.66%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 2.25×
• Total profit: $68,944
• Equity at exit: $177,924

10-year hold

• IRR: 14.8%
• Equity multiple: 5.22×
• Total profit: $233,337
• Equity at exit: $383,699

Cash invested: $55,300 (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 04350

• Home prices YoY: 15.7%
• Active inventory: 35
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $887 medium
• Mortgage (P&I): −$1,036
• Tax from tax record: −$189 /mo · $2,263/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $-606

Break-even live

Break-even rent $1,654

Max offer price $90,445

Occupancy floor —

Sensitivity live

Price	-10% $-494	-5% $-550	+0% $-606	+5% $-662	+10% $-718
Rent	-10% $-676	-5% $-641	+0% $-606	+5% $-571	+10% $-536
Rate	-1.0pp $-507	-0.5pp $-556	base $-606	+0.5pp $-657	+1.0pp $-709

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $197,500 Active 195 DOM
2. 2026-06-19
   days on market $197,500 Active 193 DOM
3. 2026-06-18
   days on market $197,500 Active 192 DOM
4. 2026-06-17
   days on market $197,500 Active 191 DOM
5. 2026-06-16
   days on market $197,500 Active 190 DOM
6. 2026-06-15
   days on market $197,500 Active 189 DOM
7. 2026-06-14
   days on market $197,500 Active 187 DOM
8. 2026-06-13
   days on market $197,500 Active 186 DOM
9. 2026-06-10
   days on market $197,500 Active 184 DOM
10. 2026-06-09
    days on market $197,500 Active 183 DOM
11. 2026-06-08
    days on market $197,500 Active 182 DOM
12. 2026-06-07
    days on market $197,500 Active 181 DOM
13. 2026-06-03
    days on market $197,500 Active 177 DOM
14. 2026-06-02
    days on market $197,500 Active 176 DOM
15. 2026-06-01
    days on market $197,500 Active 175 DOM
16. 2026-06-01
    price $197,500 Active 174 DOM
17. 2026-05-31
    days on market $215,000 Active 174 DOM
18. 2026-05-30
    days on market $215,000 Active 173 DOM
19. 2026-03-13
    price $215,000 1150-char remark

    Show marketing remark (1150 chars)

    Beautiful water views and a rare opportunity for the right person. This property is being sold strictly as is and is located in a quiet, peaceful area overlooking Buker and Sand Ponds. Charming opportunity for builders, renovators, or savvy investors. This property is being sold strictly as is and will require extensive renovation or possible tear‑down and rebuild to realize its full potential. Step onto a generously sized lot offering space for a future home, outdoor living, and potential expansion. Existing structures are in poor condition and will not be repaired or improved by the seller. Cash or rehab/ construction financing strongly recommended; traditional financing may not be suitable due to current property condition. Seller has made no representations as to systems, structure, or feasibility of renovation and will not perform repairs or credits. Showings are at your own risk; enter structures only if safe to do so. Bring your vision and contractor to explore the possibilities this lot and location provide. The seller clearly acknowledges the as‑is nature of the sale and that the property may be best suited for demolition.

20. 2025-12-08
    listed $225,000 Active 1150-char remark

    Show marketing remark (1150 chars)

    Beautiful water views and a rare opportunity for the right person. This property is being sold strictly as is and is located in a quiet, peaceful area overlooking Buker and Sand Ponds. Charming opportunity for builders, renovators, or savvy investors. This property is being sold strictly as is and will require extensive renovation or possible tear‑down and rebuild to realize its full potential. Step onto a generously sized lot offering space for a future home, outdoor living, and potential expansion. Existing structures are in poor condition and will not be repaired or improved by the seller. Cash or rehab/ construction financing strongly recommended; traditional financing may not be suitable due to current property condition. Seller has made no representations as to systems, structure, or feasibility of renovation and will not perform repairs or credits. Showings are at your own risk; enter structures only if safe to do so. Bring your vision and contractor to explore the possibilities this lot and location provide. The seller clearly acknowledges the as‑is nature of the sale and that the property may be best suited for demolition.

ⓘ 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: $2,263 · $189/mo
• Projected year-2 tax: $2,474 · $206/mo
• Expected delta: +$212/yr (+$18/mo · 9.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,642
• − Mortgage interest: −$11,063
• − Property taxes: −$2,263
• − Insurance: −$988
• − Repairs & maintenance: −$851
• − Management: −$851
• − Depreciation: −$5,745
• Taxable loss: −$11,120
• Est. tax savings @ 24.0%: +$2,669
• After-tax cash flow: $-4,603/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 04
• NCES district ID: 2314783
• Math proficiency: 68% ▲ 47.00%
• Reading proficiency: 71% ▲ 26.00%
• Median HH income: $57,293
• Composite: 59.64/100
• National rank: #906
• State rank: #110 of 112 in ME

Livability — Litchfield

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

Census & demographics

• Population (ZIP): 3,635

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 (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Lithuanian 13% Slovak 5% Romanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 95% 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: ▲ 55.43%
• Current HPI: 408.7985
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-4.4% since first listed

2 events — show timeline

• 2026-03-13 Price Changed $215,000 MREIS
• 2025-12-08 Listed $225,000 MREIS

Property tax history

+7.9%/yr

Latest (2025): $2,263 · +8.5% YoY. Source: county tax records.