970 Gardiner Rd #3

Wiscasset, ME 04578

$109,000F

2 bd · 1.0 ba · 765 sqft · Built 2026 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,223/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$66
• HOA: −$650
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-322/mo
• Annual: $-3,866/yr
• Cap rate: 2.75%
• Cash-on-cash: -12.67%
• DSCR: 0.44
• 1% rule: 1.12%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $109k.
• At list price, monthly cash flow is $-322 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $52k (52.2% below list).
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 25 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (52.2% below list) — sets the bar for cash-flow.
• In year one you build about $12k of equity ($754 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#52 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Wiscasset Public Schools (rural): math 17% / reading 43% proficiency, ranked #169 of 185 in ME (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 53% of rent.
• Market conditions: 59 active listings in the ZIP; 158 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.7% vs local median 1.6% in Wiscasset — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.