15 R.w. Macleod Ln · Belfast, ME 04915

$79,900

2 bd · 2.0 ba · 840 sqft · MultiFamily public records · 27 Days on market

Built 2023 ↓ 39% since listing

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

Key facts

• Open concept kitchen
• Counter seating area
• Ensuite bathroom

Tags

• OPEN CONCEPT KITCHEN
• SEPARATE LAUNDRY ROOM
• LARGE STORAGE SHED
• ENSUITE BATHROOM
• COUNTER SEATING AREA

Property features AI

Finance

• Other: Zoning: LC-MU
• HOA & community: Land lease in effect

Exterior

• Parking: Paved on-site parking with 1–4 spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Electric tank water heater; Utilities are on
• Home design: Mobile Home (single wide); Built in 2023; Vinyl siding; Shingle roof
• Construction: Single wide mobile home; Vinyl siding construction; Shingle roof; Built in 2023
• Exterior features: Outbuilding; Located in a mobile home park; Near town and public transit; Private paved road frontage

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Pantry
• Bedrooms: Primary bedroom on the first floor with full bath and closet; Second bedroom on the first floor with closet
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: One-floor living; First-floor primary bedroom with full bath; Bathtub and shower; Pantry; Internet access available; Negotiable furnished status
• Laundry & utility: Washer hookup on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 31.8% vs local median 2.5% in Belfast — 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 82/100 on livability (#14 in ME, #1,247 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, health & safety A+; Watch: commute C-, schools D+, amenities F.
• RSU 71 (town): math 79% / reading 82% proficiency, ranked #85 of 112 in ME (top 76%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 119 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 41% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
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: 3.55% ✓
• Cap rate: 31.84%
• Cash-on-cash: 91.24%
• DSCR: 5.06
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 92.0%
• Equity multiple: 5.27×
• Total profit: $95,430
• Equity at exit: $11,913

10-year hold

• IRR: 94.8%
• Equity multiple: 10.96×
• Total profit: $222,751
• Equity at exit: $6,908

Cash invested: $22,372 (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 04915

• Home prices YoY: -15.1%
• Active inventory: 119
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,838 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$89 /mo · $1,064/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $1,701

Break-even live

Break-even rent $685

Max offer price $79,900

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,838
Total (2 units)			$2,838

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $79,900 Active 27 DOM
2. 2026-06-17
   days on market $79,900 Active 26 DOM
3. 2026-06-16
   days on market $79,900 Active 25 DOM
4. 2026-06-15
   days on market $79,900 Active 24 DOM
5. 2026-06-13
   days on market $79,900 Active 22 DOM
6. 2026-06-12
   days on market $79,900 Active 21 DOM
7. 2026-06-09
   days on market $79,900 Active 18 DOM
8. 2026-06-08
   days on market $79,900 Active 17 DOM
9. 2026-06-07
   days on market $79,900 Active 16 DOM
10. 2026-06-07
    days on market $79,900 Active 15 DOM
11. 2026-06-04
    days on market $79,900 Active 12 DOM
12. 2026-06-02
    days on market $79,900 Active 11 DOM
13. 2026-06-01
    days on market $79,900 Active 10 DOM
14. 2026-05-31
    days on market $79,900 Active 9 DOM
15. 2026-05-31
    days on market $79,900 Active 8 DOM
16. 2026-05-22
    listed $79,900 Active
17. 2024-05-10
    soldstatus $78,500 Closed 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

18. 2024-04-22
    status Pending 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

19. 2024-03-27
    price $85,000 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

20. 2024-01-12
    status Active 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

21. 2024-01-01
    historical 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

22. 2023-09-26
    price $95,000 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

23. 2023-06-03
    price $105,000 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

24. 2023-05-04
    price $119,000 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

25. 2023-04-21
    listed $130,000 Active 503-char remark

    Show marketing remark (503 chars)

    2023 Marlette 2 bedroom, 2 full bath 14x66 Single Wide Mobile Home located Seacoast Village MH park on Congress Street Belfast Close to shopping, downtown, YMCA and Waterfront. Open kitchen to spacious Livingroom, primary bedroom with separate full bath. Home on concrete pad, tied down, vinyl skirting, steps and shed are included with sale. Park is very well maintained newly paved roadway and driveways. This home is on leased land and must have Park Owners approval. Real estate taxes are estimated.

ⓘ 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: $1,064 · $89/mo
• Projected year-2 tax: $1,075 · $90/mo
• Expected delta: +$11/yr (+$1/mo · 1.1%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 41% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,056
• − Mortgage interest: −$4,476
• − Property taxes: −$1,064
• − Insurance: −$400
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − Depreciation: −$2,324
• Taxable income: $20,344
• Est. tax owed @ 24.0%: −$4,882
• After-tax cash flow: $15,530/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 71
• NCES district ID: 2314822
• Math proficiency: 79% ▲ 55.00%
• Reading proficiency: 82% ▲ 34.00%
• Median HH income: $43,774
• Composite: 67.47/100
• National rank: #374
• State rank: #85 of 112 in ME

Livability — Belfast

• Score: 82/100
• State rank: #14
• US rank: #1247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belfast, ME
• City population: 9,030
• Population (ZIP): 9,030

Population outlook (Waldo County) Hauer SSP2

• Today (2025): 39,611 people
• By 2030: 39,475 · -0.3%
• By 2040: 38,245 · -3.4%
• By 2050: 36,078 · -8.9%
• By 2075: 29,774 · -24.8%
• By 2100: 22,172 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 1%
• Common ancestry: Lithuanian 8% Slovak 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 2% Chinese 1%

Political lean MEDSL · Waldo

• 2024 margin: Toss-up / Even · D 50.4% · R 47.0% · Other 2.6%
• 2008→2024 swing: -8.3pp toward R · 2008: 11.6pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+4.7 2016: D+0.3 2012: D+10.7 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.00%
• Current HPI: 258.9162
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-38.5% since first listed

10 events — show timeline

• 2026-05-22 Listed $79,900 MREIS
• 2024-05-10 Sold (MLS) $78,500 MREIS
• 2024-04-22 Pending — MREIS
• 2024-03-27 Price Changed $85,000 MREIS
• 2024-01-12 Relisted — MREIS
• 2024-01-01 Delisted — MREIS
• 2023-09-26 Price Changed $95,000 MREIS
• 2023-06-03 Price Changed $105,000 MREIS
• 2023-05-04 Price Changed $119,000 MREIS
• 2023-04-21 Listed $130,000 MREIS

Property tax history

+13.7%/yr

Latest (2025): $1,064 · +731.2% YoY. Source: county tax records.