9 Bourne Ave Unit P22 · Wells, ME 04090

$195,000

2 bd · 1.0 ba · 437 sqft · Condo public records · 56 Days on market

Built 2004 $446/sqft · 20% above area Est $163k · 20% over $159/mo HOA · 7% of rent

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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 +25.5/30.0
• DSCR +8.4/10.0
• Schools +7.6/10.0
• 1% rule +6.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Beach Getaway in Wells Moody - Walking distance to Moody Beach and Ogunquit. Located in the Wells Moody Condo Association, you OWN the LAND! The incredibly LOW association fee includes, water, sewer, trash, on-site laundry, bath house and a credit toward electric use. The Season is Apr 15th - Oct 15th. This cottage offers comfort, sleeps 6, convenience and coastal charm. This home-away-from-home features a 3 season room, a large eat-in kitchen complete with your own washer & dryer. The primary bedroom has a queen bed, while the 2 loft areas, offers cozy beds for guests as well as storage.

Key facts

• Bath house
• Low association fee
• You own the land

Tags

• WALKING DISTANCE TO OGUNQUIT
• YOU OWN THE LAND
• LOW ASSOCIATION FEE
• ON-SITE LAUNDRY
• BATH HOUSE
• CREDIT TOWARD ELECTRIC USE

Property features AI

Finance

• Other: Zoning: GB; Located in Wells Moody subdivision; Address: 9 Bourne Ave Unit P22, Wells, ME
• HOA & community: Association dues $1,912 annually; Community of 1 unit; Pets allowed (2 pets)

Exterior

• Parking: 1–4 spaces on gravel
• Utilities: Public water; Public sewer; Electric with circuit breakers; Electric water heater
• Home design: Condominium; Single wide mobile body type; Built in 2004
• Construction: Vinyl siding; Fiberglass roof
• Exterior features: Shed(s); Level lot; Near public beach; Near shopping; Near town; Neighborhood setting

Interior

• Kitchen: Refrigerator; Microwave; Gas Range
• Bedrooms: Bedroom 1 (first level) with closet and built-ins; Bedroom 2 (second level); Bedroom 3 (second level)
• Flooring: Vinyl; Laminate; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Furnished; 6 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Wells-Ogunquit CSD (rural): math 87% / reading 90% proficiency, ranked #32 of 112 in ME (top 29%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 267 active listings in the ZIP; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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, 58% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.15% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $162,626
• List price: $195,000
• Delta: 19.91%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,631
• Equity at exit: $29,075

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $35,049
• Equity at exit: $16,860

Cash invested: $54,600 (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 04090

• Home prices YoY: -20.0%
• Active inventory: 267
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,242 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$81
• HOA: −$159
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $455

Break-even live

Break-even rent $1,666

Max offer price $195,000

Occupancy floor 75%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $159 · $1,908/yr
• Likely covers: watersewertrashelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $195,000 Active 56 DOM
2. 2026-06-17
   days on market $195,000 Active 55 DOM
3. 2026-06-16
   days on market $195,000 Active 54 DOM
4. 2026-06-15
   days on market $195,000 Active 53 DOM
5. 2026-06-14
   days on market $195,000 Active 51 DOM
6. 2026-06-13
   days on market $195,000 Active 50 DOM
7. 2026-06-10
   days on market $195,000 Active 48 DOM
8. 2026-06-09
   days on market $195,000 Active 47 DOM
9. 2026-06-08
   days on market $195,000 Active 46 DOM
10. 2026-06-07
    days on market $195,000 Active 45 DOM
11. 2026-06-05
    days on market $195,000 Active 42 DOM
12. 2026-06-03
    days on market $195,000 Active 41 DOM
13. 2026-06-02
    days on market $195,000 Active 40 DOM
14. 2026-06-01
    days on market $195,000 Active 39 DOM
15. 2026-05-31
    days on market $195,000 Active 38 DOM
16. 2026-05-30
    days on market $195,000 Active 37 DOM
17. 2026-04-23
    listed $195,000 Active 601-char remark

ⓘ 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: $641 · $53/mo
• Projected year-2 tax: $1,646 · $137/mo
• Expected delta: +$1,006/yr (+$84/mo · 156.9%)

ⓘ 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 5/10 Major 7 d/yr ≥86°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,899
• − Mortgage interest: −$10,923
• − Property taxes: −$641
• − Insurance: −$975
• − Repairs & maintenance: −$2,152
• − Management: −$2,152
• − HOA: −$1,908
• − Depreciation: −$5,673
• Taxable income: $2,475
• Est. tax owed @ 24.0%: −$594
• After-tax cash flow: $4,861/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: Wells-Ogunquit CSD
• NCES district ID: 2313490
• Math proficiency: 87% ▲ 42.00%
• Reading proficiency: 90% ▲ 26.00%
• Median HH income: $61,341
• Composite: 75.79/100
• National rank: #125
• State rank: #32 of 112 in ME

Livability — Wells

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

Census & demographics

• Population (ZIP): 11,544

Population outlook (York County) Hauer SSP2

• Today (2025): 209,961 people
• By 2030: 212,816 · +1.4%
• By 2040: 214,360 · +2.1%
• By 2050: 210,350 · +0.2%
• By 2075: 201,686 · -3.9%
• By 2100: 183,392 · -12.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 3% Asian 1%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Other Indo-European 1% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · York

• 2024 margin: D (+10.5) · D 54.3% · R 43.8% · Other 1.9%
• 2008→2024 swing: -10.1pp toward R · 2008: 20.5pp · 2024: 10.5pp
• All cycles: 2024: D+10.5 2020: D+12.6 2016: D+4.8 2012: D+16.4 2008: D+20.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.52%
• Current HPI: 413.9951
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

3 events — show timeline

• 2026-04-23 Listed $195,000 MREIS
• 2026-01-01 Delisted — MREIS
• 2025-09-19 Listed $195,000 MREIS

Property tax history

-1.4%/yr

Latest (2025): $641 · +6.3% YoY. Source: county tax records.