79 N Main St

Andover, ME 04216

$295,000C-

4 bd · 1.0 ba · 672 sqft · Built 1900 · MultiFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,696/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$566
• Net cashflow: $216/mo
• Annual: $2,596/yr
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• 1% rule: 0.91%
• Cash to close: $82,600

Investor read

• This is a 4-bed/1.0-bath multifamily listed at $295k. Condition is rated average.
• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (8.6% below list).
• It's been on market 82 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $270k (8.6% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Andover Public Schools (rural): math 30% / reading 60% proficiency, ranked #82 of 185 in ME (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Andover Elementary School (math 75% / reading 75%, grade A, #224 of 294 statewide, top 77%, 30 students, 30% FRL) — zoned schools average 30% FRL vs 53% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 75% at this address vs 45% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Andover Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 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 (3.0% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in need of replacement
• Major: kitchen countertops — dated and in need of replacement
• Major: kitchen appliances — dated and in need of replacement
• Major: kitchen flooring — dated and in need of replacement
• Major: dining room flooring — dated and in need of replacement
• Major: living room flooring — dated and in need of replacement