16 Rangeley Pl

Rumford, ME 04276

$144,999B-

3 bd · 1.5 ba · 966 sqft · Built 1905 · MultiFamily · Active · 215 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,504/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $216/mo
• Annual: $2,591/yr
• Cap rate: 8.63%
• Cash-on-cash: 8.34%
• DSCR: 1.37
• 1% rule: 1.04%
• Cash to close: $40,600

Investor read

• This is a 3-bed/1.5-bath multifamily listed at $145k.
• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 215 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#39 in ME, #4,030 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D, amenities F, employment F.
• RSU 10 (rural): math 72% / reading 79% proficiency, ranked #107 of 112 in ME (top 96%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Rumford Elementary (math 62% / reading 67%, grade B, #279 of 294 statewide, top 95%, 261 students, 72% FRL); Mountain Valley Middle School (math 69% / reading 78%, grade A, #79 of 85 statewide, top 95%, 354 students, 76% FRL); Mountain Valley High School (math 74% / reading 84%, grade A-, #99 of 108 statewide, top 95%, 388 students, 71% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 82 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 329 units permitted in Oxford County in 2024 (0 in 5+ unit buildings).
• Oxford County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 6.0% in Rumford — 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

• It's been on market 215 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.