40 Exeter Rd · Corinna, ME 04928

$237,500

3 bd · 1.0 ba · 1,626 sqft · MultiFamily public records · 19 Days on market

Built 1959 0.49 ac lot

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Why this score? — see what drove the A- 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious 3 bedroom, 2 bath ranch offers large rooms with a nice layout, kitchen has plenty of cabinets, a nice spot for a eat-in kitchen plus a formal dining room. This home has hardwood floors, a spacious entry foyer, an attached garage and a nice back yard with a 12x 24 storage shed. Come make this your own!

Key facts

• Large backyard
• Easy commute
• Spacious lot

Tags

• SPACIOUS LOT
• LARGE BACKYARD
• STORAGE SHED
• EASY COMMUTE

Property features AI

Exterior

• Parking: Attached 1-car garage with direct entry; Paved on-site parking (1–4 spaces)
• Utilities: Well water; Private sewer; Circuit breaker electrical; Electric water heater
• Home design: Single-family residence; Built in 1959
• Construction: Wood frame construction; Composition exterior; Shingle roof; Full foundation
• Exterior features: Level neighborhood lot; Shed(s)

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: Primary bedroom (first floor); Bedroom 2 (first floor); Bedroom 3 (first floor)
• Flooring: Vinyl; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: One-floor living; First-floor primary bedroom with bath; Full unfinished basement with interior entry
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $238k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $238k).
• Recommended offer: $234k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• RSU 19 (rural): math 73% / reading 81% proficiency, ranked #96 of 112 in ME (top 86%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Nokomis Regional Middle School (math 68% / reading 79%, grade A, #79 of 85 statewide, top 95%, 544 students, 45% FRL); Nokomis Regional High School (math 87% / reading 92%, grade A+, #56 of 108 statewide, top 60%, 634 students, 41% FRL).
• Market conditions: 10 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($2k loan paydown + $20k appreciation (8.3% local appreciation)).
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.3% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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 19 days — a 2% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $174k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $233,937 (1.5% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.82% ✓
• Cap rate: 15.88%
• Cash-on-cash: 34.25%
• DSCR: 2.52
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.27% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.0%
• Equity multiple: 4.35×
• Total profit: $222,866
• Equity at exit: $184,838

10-year hold

• IRR: 43.0%
• Equity multiple: 9.38×
• Total profit: $557,010
• Equity at exit: $371,183

Cash invested: $66,500 (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 04928

• Home prices YoY: 2.8%
• Active inventory: 10
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $4,329 medium
• Mortgage (P&I): −$1,245
• Tax from tax record: −$177 /mo · $2,127/yr
• Insurance: −$99
• HOA: −$0
• Vacancy / Maint / Mgmt: −$909
• Net cashflow: $1,898

Break-even live

Break-even rent $1,926

Max offer price $237,500

Occupancy floor 51%

Sensitivity live

Price	-10% $2,033	-5% $1,965	+0% $1,898	+5% $1,831	+10% $1,764
Rent	-10% $1,556	-5% $1,727	+0% $1,898	+5% $2,069	+10% $2,240
Rate	-1.0pp $2,018	-0.5pp $1,959	base $1,898	+0.5pp $1,837	+1.0pp $1,774

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$4,329
Total (3 units)			$4,329

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: $59,375
• Closing costs: $7,125
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $237,500 Active 19 DOM
2. 2026-06-18
   days on market $237,500 Active 16 DOM
3. 2026-06-17
   days on market $237,500 Active 15 DOM
4. 2026-06-16
   days on market $237,500 Active 14 DOM
5. 2026-06-15
   price $237,500 Active 13 DOM
6. 2026-06-15
   days on market $239,000 Active 13 DOM
7. 2026-06-14
   days on market $239,000 Active 11 DOM
8. 2026-06-13
   days on market $239,000 Active 10 DOM
9. 2026-06-10
   days on market $239,000 Active 8 DOM
10. 2026-06-09
    days on market $239,000 Active 7 DOM
11. 2026-06-08
    days on market $239,000 Active 6 DOM
12. 2026-06-07
    days on market $239,000 Active 5 DOM
13. 2026-06-05
    days on market $239,000 Active 2 DOM
14. 2026-06-03
    remarks 434-char remark
15. 2026-06-03
    listed $239,000 Active 1 DOM

ⓘ 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: $2,127 · $177/mo
• Projected year-2 tax: $2,678 · $223/mo
• Expected delta: +$552/yr (+$46/mo · 25.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $51,948
• − Mortgage interest: −$13,304
• − Property taxes: −$2,127
• − Insurance: −$1,188
• − Repairs & maintenance: −$4,156
• − Management: −$4,156
• − Depreciation: −$6,909
• Taxable income: $20,109
• Est. tax owed @ 24.0%: −$4,826
• After-tax cash flow: $17,953/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 19
• NCES district ID: 2314785
• Math proficiency: 73% ▲ 53.00%
• Reading proficiency: 81% ▲ 39.00%
• Median HH income: $41,866
• Composite: 64.37/100
• National rank: #548
• State rank: #96 of 112 in ME

Livability — Corinna

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

Census & demographics

• Census place: Corinna, ME
• Population (ZIP): 2,079

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Lithuanian 11% Serbian 5% Slovak 3%
• Foreign-born: 2% · Canada

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.27%
• Current HPI: 306.6748
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+70.8% since first listed

7 events — show timeline

• 2026-06-02 Listed $239,000 MREIS
• 2021-11-24 Sold (MLS) $173,500 MREIS
• 2021-11-02 Pending — MREIS
• 2021-11-02 Relisted — MREIS
• 2021-10-12 Pending — MREIS
• 2021-10-04 Listed $169,900 MREIS
• 2005-06-27 Listed $139,900 MREIS

Property tax history

+3.6%/yr

Latest (2025): $2,127 · +31.1% YoY. Source: county tax records.