490 Fairbanks Rd · Farmington, ME 04938

$224,000

2 bd · 1.0 ba · 1,404 sqft · SingleFamily public records · 65 Days on market

Built 1950 0.49 ac lot $160/sqft · 6% below area Est $238k · 6% under

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Why this score? — see what drove the C 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 +14.6/30.0
• ARV discount +10.1/15.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• DSCR +4.5/10.0
• Livability +4.0/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable, easy living in a prime Farmington location. Just 5 minutes to downtown and UMF, this well-maintained ranch offers true one-floor living with a simple, efficient layout that's easy to own and maintain. Enjoy a bright breezeway connecting to a two-car garage--perfect for Maine seasons--and a fully fenced backyard ideal for pets, gardening, or relaxing in privacy. Outdoor lovers will appreciate quick access to the Sandy River, Titcomb Mountain, and major ski areas like Sugarloaf and Saddleback--all under an hour away--while still being close to shopping, dining, and everyday essentials. With solid bones, low-maintenance living, and room to add your personal touch, this is a smart move for first-time buyers, downsizers, or anyone ready to stop renting and start building equity. Motivated seller--don't miss this opportunity at an increasingly hard-to-find price point.

Key facts

• One-floor living
• 0.49 acre lot
• 2 garage spots

Tags

• PRIME FARMINGTON LOCATION
• ONE-FLOOR LIVING
• BREEZEWAY CONNECTING TO GARAGE
• FULLY FENCED BACKYARD
• QUICK ACCESS TO SANDY RIVER
• QUICK ACCESS TO SKI AREAS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $224k.

Deal economics

• At list price, monthly cash flow is $55 ($655/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 $185k (17.3% below list).
• Recommended offer: $185k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.8% in Farmington — 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.

Location & tenants

• Location reads 80/100 on livability (#18 in ME, #1,653 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A-; Watch: schools D, employment D-.
• RSU 09 (rural): math 78% / reading 82% proficiency, ranked #88 of 112 in ME (top 79%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 90 active listings in the ZIP; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Franklin 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 $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $100k; list at $224k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,281 (17.3% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.05%
• DSCR: 1.05
• GRM: 10.1

CMA / ARV

• ARV (median comp): $237,752
• List price: $224,000
• Delta: -5.78%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Fairbanks Rd	0.08mi	3/1.5 (+1)	1,475 (+5%)	5mo	$275,000	$186	77
420 Fairbanks Rd	0.33mi	3/1.0 (+1)	1,248 (-11%)	21mo	$175,800	$141	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.0%
• Equity multiple: 3.00×
• Total profit: $125,418
• Equity at exit: $201,797

10-year hold

• IRR: 22.1%
• Equity multiple: 6.84×
• Total profit: $366,485
• Equity at exit: $435,183

Cash invested: $62,720 (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 04938

• Home prices YoY: 6.4%
• Active inventory: 90
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,853 medium
• Mortgage (P&I): −$1,175
• Tax from tax record: −$141 /mo · $1,693/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $55

Break-even live

Break-even rent $1,784

Max offer price $224,000

Occupancy floor 92%

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: $56,000
• Closing costs: $6,720
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $224,000 Active 65 DOM
2. 2026-06-17
   days on market $224,000 Active 64 DOM
3. 2026-06-16
   days on market $224,000 Active 63 DOM
4. 2026-06-15
   days on market $224,000 Active 62 DOM
5. 2026-06-13
   days on market $224,000 Active 60 DOM
6. 2026-06-12
   days on market $224,000 Active 59 DOM
7. 2026-06-09
   days on market $224,000 Active 56 DOM
8. 2026-06-08
   days on market $224,000 Active 55 DOM
9. 2026-06-07
   days on market $224,000 Active 54 DOM
10. 2026-06-07
    days on market $224,000 Active 53 DOM
11. 2026-06-04
    days on market $224,000 Active 50 DOM
12. 2026-06-02
    days on market $224,000 Active 49 DOM
13. 2026-06-01
    days on market $224,000 Active 48 DOM
14. 2026-05-31
    days on market $224,000 Active 47 DOM
15. 2026-05-31
    days on market $224,000 Active 46 DOM
16. 2026-05-19
    price $224,000 887-char remark

    Show marketing remark (887 chars)

    Affordable, easy living in a prime Farmington location. Just 5 minutes to downtown and UMF, this well-maintained ranch offers true one-floor living with a simple, efficient layout that's easy to own and maintain. Enjoy a bright breezeway connecting to a two-car garage--perfect for Maine seasons--and a fully fenced backyard ideal for pets, gardening, or relaxing in privacy. Outdoor lovers will appreciate quick access to the Sandy River, Titcomb Mountain, and major ski areas like Sugarloaf and Saddleback--all under an hour away--while still being close to shopping, dining, and everyday essentials. With solid bones, low-maintenance living, and room to add your personal touch, this is a smart move for first-time buyers, downsizers, or anyone ready to stop renting and start building equity. Motivated seller--don't miss this opportunity at an increasingly hard-to-find price point.

17. 2026-04-14
    listed $234,900 Active 887-char remark

    Show marketing remark (887 chars)

    Affordable, easy living in a prime Farmington location. Just 5 minutes to downtown and UMF, this well-maintained ranch offers true one-floor living with a simple, efficient layout that's easy to own and maintain. Enjoy a bright breezeway connecting to a two-car garage--perfect for Maine seasons--and a fully fenced backyard ideal for pets, gardening, or relaxing in privacy. Outdoor lovers will appreciate quick access to the Sandy River, Titcomb Mountain, and major ski areas like Sugarloaf and Saddleback--all under an hour away--while still being close to shopping, dining, and everyday essentials. With solid bones, low-maintenance living, and room to add your personal touch, this is a smart move for first-time buyers, downsizers, or anyone ready to stop renting and start building equity. Motivated seller--don't miss this opportunity at an increasingly hard-to-find price point.

18. 2025-10-17
    price $239,900
19. 2017-07-07
    soldstatus $99,500 Sold
20. 2017-05-10
    status Pending
21. 2017-05-02
    listed $103,000 Active

ⓘ 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: $1,693 · $141/mo
• Projected year-2 tax: $2,370 · $197/mo
• Expected delta: +$677/yr (+$56/mo · 40.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,234
• − Mortgage interest: −$12,547
• − Property taxes: −$1,693
• − Insurance: −$1,120
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − Depreciation: −$6,516
• Taxable loss: −$3,201
• Est. tax savings @ 24.0%: +$768
• After-tax cash flow: $1,424/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 09
• NCES district ID: 2314809
• Math proficiency: 78% ▲ 48.00%
• Reading proficiency: 82% ▲ 31.00%
• Median HH income: $40,202
• Composite: 66.71/100
• National rank: #409
• State rank: #88 of 112 in ME

Livability — Farmington

• Score: 80/100
• State rank: #18
• US rank: #1653

Category grades

Amenities A- Commute B+ Cost of living A+ Crime A- Employment D- Housing B+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,368

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 28,948 people
• By 2030: 27,889 · -3.7%
• By 2040: 25,275 · -12.7%
• By 2050: 22,770 · -21.3%
• By 2075: 18,980 · -34.4%
• By 2100: 16,816 · -41.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 11% Italian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+8.2) · D 44.8% · R 53.0% · Other 2.2%
• 2008→2024 swing: -28.5pp toward R · 2008: 20.3pp · 2024: -8.2pp
• All cycles: 2024: R+8.2 2020: R+3.9 2016: R+5.5 2012: D+18.5 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.53%
• Current HPI: 325.7666
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+117.5% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $224,000 MREIS
• 2026-04-14 Listed $234,900 MREIS
• 2025-10-17 Price Changed $239,900 MREIS
• 2017-07-07 Sold (MLS) $99,500 MREIS
• 2017-05-10 Pending — MREIS
• 2017-05-02 Listed $103,000 MREIS

Property tax history

+3.3%/yr

Latest (2025): $1,693 · +8.0% YoY. Source: county tax records.