23 Gray Ave · Saco, ME 04072

$175,000

4 bd · 2.0 ba · 2,170 sqft · MultiFamily public records · 4 Days on market

Built 1850 5,227 sqft lot $81/sqft · 68% below area

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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 +7.5/10.0
• Livability +4.2/5.0
• 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: 2 units. confirmed

Listing remarks

Estate Sale! Duplex in need of rehab. Property offers 2+ bedrooms per unit, skylights, deck & gorgeous views of the Saco River! Property is being sold '' as is, where is''. Highest & best offer due by Friday May 8th at noon - response time is by Friday May 8th at 1pm.

Key facts

• 5,227 sq ft lot
• Parking
• Built 1850

Property features AI

Finance

• Financial info: Listing is cash only

Exterior

• Parking: No garage; On-site parking with 1–4 spaces
• Utilities: Public water; Public sewer; On-site electric service with circuit breakers
• Home design: Cape Cod style duplex; Multi-level design with 2 stories
• Construction: Wood frame with vinyl siding; Stone foundation; Pitched shingle roof; Built area (above grade) approximately 2,170
• Exterior features: Deck; Scenic riverfront view; Located on the Saco River; Lot recorded as approximately 0.12 acres

Interior

• Bedrooms: Duplex with a total of 2 units (bedroom counts per unit not provided)
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Oil-fired hot water heating
• Interior features: Carpet, vinyl, and wood flooring; Full unfinished basement with dirt floor and interior entry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $175k).
• Cap rate 22.1% vs local median 2.7% in Saco — 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 84/100 on livability (#5 in ME, #732 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• Saco Public Schools (suburban): math 88% / reading 88% proficiency, ranked #37 of 112 in ME (top 33%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At $4,612/mo this rent would consume 60% of the median local household income ($92k/yr) (locally 421% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 2.64% ✓
• Cap rate: 22.14%
• Cash-on-cash: 56.60%
• DSCR: 3.52
• GRM: 3.2

CMA / ARV

• ARV (median comp): $541,711
• List price: $175,000
• Delta: -67.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Gray Ave	0.00mi	4/2.0	2,170 (0%)	1mo	$230,000	$106	99
132 Beach St	0.39mi	4/2.0	2,060 (-5%)	20mo	$556,000	$270	57
56 Storer St	0.42mi	4/2.0	2,016 (-7%)	20mo	$610,000	$303	52
54 Storer St	0.42mi	4/2.0	2,016 (-7%)	20mo	$599,000	$297	52
167 Pleasant St	0.66mi	4/2.0	2,136 (-2%)	19mo	$565,000	$265	51
54 High St	0.21mi	5/2.0 (+1)	1,940 (-11%)	21mo	$515,000	$265	50
7 Vernon St	0.41mi	4/4.0	2,315 (+7%)	15mo	$682,000	$295	49
66 Green St Ext	0.66mi	4/2.5	2,227 (+3%)	18mo	$475,000	$213	48
25 Bradley St	0.72mi	4/2.0	1,934 (-11%)	13mo	$545,000	$282	38

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

Projected returns pro-forma

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

5-year hold

• IRR: 55.0%
• Equity multiple: 3.43×
• Total profit: $118,988
• Equity at exit: $26,093

10-year hold

• IRR: 60.1%
• Equity multiple: 6.99×
• Total profit: $293,746
• Equity at exit: $15,131

Cash invested: $49,000 (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 04072

• Home prices YoY: -27.9%
• Active inventory: 112
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $4,612 high
• Mortgage (P&I): −$918
• Tax from tax record: −$342 /mo · $4,100/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$969
• Net cashflow: $2,311

Break-even live

Break-even rent $1,686

Max offer price $175,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,612
Total (2 units)			$4,612

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Lafayette St Unit 1 Biddeford, ME	3.0	1.0	1400	$2,750	$1.96	21d	1	0.55mi

Listing history 2 events

1. 2026-05-08
   status Pending 284-char remark
2. 2026-05-04
   listed $175,000 Active 284-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: $4,100 · $342/mo
• Projected year-2 tax: $4,100 · $342/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,344
• − Mortgage interest: −$9,803
• − Property taxes: −$4,100
• − Insurance: −$875
• − Repairs & maintenance: −$4,428
• − Management: −$4,428
• − Depreciation: −$5,091
• Taxable income: $26,620
• Est. tax owed @ 24.0%: −$6,389
• After-tax cash flow: $21,345/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: Saco Public Schools
• NCES district ID: 2310380
• Math proficiency: 88% ▲ 47.00%
• Reading proficiency: 88% ▲ 29.00%
• Median HH income: $55,870
• Composite: 74.86/100
• National rank: #145
• State rank: #37 of 112 in ME

Livability — Saco

• Score: 84/100
• State rank: #5
• US rank: #732

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saco, ME
• County: York County · 80,026 people
• City population: 20,819
• Metro: Portland-South Portland, ME
• Population (ZIP): 20,819
• Household income: $92,241
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 421.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 4% Black 3% Asian 1%
• Common ancestry: Lithuanian 12% Slovak 3% Romanian 2%
• Foreign-born: 8% · Canada, Dominican Republic, China
• Languages at home: 89% English-only · Other Indo-European 3% French/Haitian/Cajun 2% Spanish 2%

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: ▼ -147.38%
• Current HPI: 381.7349
• Rent YoY: —
• Metro: Portland-South Portland, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+31.4% since first listed

3 events — show timeline

• 2026-05-29 Sold (MLS) $230,000 MREIS
• 2026-05-08 Pending — MREIS
• 2026-05-04 Listed $175,000 MREIS

Property tax history

+3.3%/yr

Latest (2024): $4,100 · -4.7% YoY. Source: county tax records.