1008 West Bay Rd

Gouldsboro, ME 04607

$155,000C-

2 bd · 1.0 ba · 1,190 sqft · Built — · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,266/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$215
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $-28/mo
• Annual: $-331/yr
• Cap rate: 6.08%
• Cash-on-cash: -0.76%
• DSCR: 0.97
• 1% rule: 0.82%
• Cash to close: $43,400

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $155k.
• At list price, monthly cash flow is $-28 ($-331/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (18.3% below list).
• It's been on market 45 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (18.3% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (2.1% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• RSU 24 (rural): math 83% / reading 86% proficiency, ranked #59 of 112 in ME (top 53%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 36 active listings in the ZIP; 270 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.