39 Smart Rd · Belfast, ME 04915

$210,000

2 bd · 2.0 ba · 853 sqft · Other · 110 Days on market

Built 2024 0.48 ac lot $246/sqft · 99% above area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• DSCR +4.6/10.0
• Livability +4.1/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located just a short distance from Belfast and the coast, this 2024 mobile home is a perfect place to settle. The two bedrooms and baths are at either end of the home insuring plenty of privacy. The living room and kitchen/dining area are spacious and well laid out. The primary bedroom has a huge closet and very nice ensuite bathroom with a large shower. The half acre lot is large enough for someone who wants to garden and small enough to be quite manageable. This home has been well cared for and is ready for you to move in. Don't miss this one!

Key facts

• Large shower
• Half acre lot
• Well cared for

Tags

• SHORT DISTANCE FROM BELFAST
• HUGE CLOSET
• ENSUITE BATHROOM
• LARGE SHOWER
• HALF ACRE LOT
• WELL CARED FOR

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $210k.

Deal economics

• At list price, monthly cash flow is $65 ($783/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 $165k (21.2% below list).
• Recommended offer: $165k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: 120 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $210k implies a 500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,496 (21.2% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.33%
• DSCR: 1.06
• GRM: 10.6

CMA / ARV

• ARV (median comp): $105,284
• List price: $210,000
• Delta: 99.46%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-29,977
• Equity at exit: $31,312

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-21,174
• Equity at exit: $18,157

Cash invested: $58,800 (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: 120
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,655 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $65

Break-even live

Break-even rent $1,572

Max offer price $210,000

Occupancy floor 91%

Sensitivity live

Price	-10% $184	-5% $125	+0% $65	+5% $6	+10% $-54
Rent	-10% $-66	-5% $0	+0% $65	+5% $131	+10% $196
Rate	-1.0pp $171	-0.5pp $119	base $65	+0.5pp $11	+1.0pp $-45

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   statusdays on market $210,000 Active Under Contract 110 DOM
2. 2026-06-18
   days on market $210,000 Active 108 DOM
3. 2026-06-17
   days on market $210,000 Active 107 DOM
4. 2026-06-16
   days on market $210,000 Active 106 DOM
5. 2026-06-16
   status $210,000 Active 105 DOM
6. 2026-06-15
   days on market $210,000 Active Under Contract 105 DOM
7. 2026-06-13
   days on market $210,000 Active Under Contract 103 DOM
8. 2026-06-12
   days on market $210,000 Active Under Contract 102 DOM
9. 2026-06-09
   days on market $210,000 Active Under Contract 99 DOM
10. 2026-06-08
    days on market $210,000 Active Under Contract 98 DOM
11. 2026-06-07
    days on market $210,000 Active Under Contract 97 DOM
12. 2026-06-07
    days on market $210,000 Active Under Contract 96 DOM
13. 2026-06-04
    days on market $210,000 Active Under Contract 93 DOM
14. 2026-06-02
    days on market $210,000 Active Under Contract 92 DOM
15. 2026-06-01
    status $210,000 Active Under Contract 91 DOM
16. 2026-06-01
    days on market $210,000 Active 91 DOM
17. 2026-05-31
    days on market $210,000 Active 90 DOM
18. 2026-05-31
    days on market $210,000 Active 89 DOM
19. 2026-05-15
    price $215,000 551-char remark

    Show marketing remark (551 chars)

    Located just a short distance from Belfast and the coast, this 2024 mobile home is a perfect place to settle. The two bedrooms and baths are at either end of the home insuring plenty of privacy. The living room and kitchen/dining area are spacious and well laid out. The primary bedroom has a huge closet and very nice ensuite bathroom with a large shower. The half acre lot is large enough for someone who wants to garden and small enough to be quite manageable. This home has been well cared for and is ready for you to move in. Don't miss this one!

20. 2026-04-15
    price $219,000 551-char remark

    Show marketing remark (551 chars)

    Located just a short distance from Belfast and the coast, this 2024 mobile home is a perfect place to settle. The two bedrooms and baths are at either end of the home insuring plenty of privacy. The living room and kitchen/dining area are spacious and well laid out. The primary bedroom has a huge closet and very nice ensuite bathroom with a large shower. The half acre lot is large enough for someone who wants to garden and small enough to be quite manageable. This home has been well cared for and is ready for you to move in. Don't miss this one!

21. 2026-03-02
    listed $224,000 Active 551-char remark

    Show marketing remark (551 chars)

    Located just a short distance from Belfast and the coast, this 2024 mobile home is a perfect place to settle. The two bedrooms and baths are at either end of the home insuring plenty of privacy. The living room and kitchen/dining area are spacious and well laid out. The primary bedroom has a huge closet and very nice ensuite bathroom with a large shower. The half acre lot is large enough for someone who wants to garden and small enough to be quite manageable. This home has been well cared for and is ready for you to move in. Don't miss this one!

22. 2023-07-28
    historical 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

23. 2023-07-28
    soldstatus $35,000 Closed 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

24. 2023-07-05
    status Pending 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

25. 2023-05-10
    historical 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

26. 2023-03-25
    price $39,500 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

27. 2022-09-02
    price $45,900 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

28. 2022-05-11
    listed $49,900 Active 103-char remark

    Show marketing remark (103 chars)

    Great lot to build your new home. Mobile homes allowed. City water and private septic already in place.

ⓘ 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: $1,748 · $146/mo
• Expected delta: +$1,108/yr (+$92/mo · 172.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $19,860
• − Mortgage interest: −$11,763
• − Property taxes: −$641
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,589
• − Management: −$1,589
• − Depreciation: −$6,109
• Taxable loss: −$2,881
• Est. tax savings @ 24.0%: +$692
• After-tax cash flow: $1,474/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

+330.9% since first listed

10 events — show timeline

• 2026-05-15 Price Changed $215,000 MREIS
• 2026-04-15 Price Changed $219,000 MREIS
• 2026-03-02 Listed $224,000 MREIS
• 2023-07-28 Delisted — MREIS
• 2023-07-28 Sold (MLS) $35,000 MREIS
• 2023-07-05 Pending — MREIS
• 2023-05-10 Delisted — MREIS
• 2023-03-25 Price Changed $39,500 MREIS
• 2022-09-02 Price Changed $45,900 MREIS
• 2022-05-11 Listed $49,900 MREIS

Property tax history

-4.6%/yr

Latest (2024): $641 · +53.3% YoY. Source: county tax records.