23 Easy St

Winthrop, ME 04350

$197,500D

1 bd · 1.0 ba · 576 sqft · Built 1975 · SingleFamily · Active · 196 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $887/mo
• Mortgage (P&I): −$1,036
• Tax + insurance: −$271
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $-606/mo
• Annual: $-7,272/yr
• Cap rate: 2.61%
• Cash-on-cash: -13.15%
• DSCR: 0.41
• 1% rule: 0.45%
• Cash to close: $55,300

Investor read

• This is a 1-bed/1.0-bath single-family listed at $198k.
• 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).
• It's been on market 196 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (55.1% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#76 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A, housing A; Watch: health & safety C-, employment D, amenities F.
• 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).
• 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.

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 196 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.