723 Main St · Monmouth, ME 04259

$215,000

4 bd · 2.0 ba · 3,442 sqft · MultiFamily public records · 505 Days on market

Built 1880 1.30 ac lot $62/sqft · 52% below area ↓ 27% since listing

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

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

Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

Key facts

• 1.3 acre lot
• 5 parking spots
• Built 1880

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• RSU 02 (rural): math 83% / reading 87% proficiency, ranked #52 of 112 in ME (top 46%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 19 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 505 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $80k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 505 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.72% ✓
• Cap rate: 13.85%
• Cash-on-cash: 26.98%
• DSCR: 2.20
• GRM: 4.8

CMA / ARV

• ARV (median comp): $443,698
• List price: $215,000
• Delta: -51.54%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.7%
• Equity multiple: 4.38×
• Total profit: $203,421
• Equity at exit: $193,689

10-year hold

• IRR: 38.7%
• Equity multiple: 9.83×
• Total profit: $531,461
• Equity at exit: $417,698

Cash invested: $60,200 (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 04259

• Home prices YoY: 5.7%
• Active inventory: 19
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $3,706 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$357 /mo · $4,284/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$778
• Net cashflow: $1,354

Break-even live

Break-even rent $1,992

Max offer price $215,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,475	-5% $1,415	+0% $1,354	+5% $1,293	+10% $1,232
Rent	-10% $1,061	-5% $1,207	+0% $1,354	+5% $1,500	+10% $1,646
Rate	-1.0pp $1,462	-0.5pp $1,408	base $1,354	+0.5pp $1,298	+1.0pp $1,241

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,705
Total (3 units)			$3,706

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-05-06
   status Pending 325-char remark

   Show marketing remark (386 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

2. 2026-05-06
   status Pending 386-char remark

   Show marketing remark (386 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

3. 2025-12-11
   status Active 386-char remark

   Show marketing remark (325 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

4. 2025-12-11
   status Active 325-char remark

   Show marketing remark (325 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

5. 2025-12-11
   price $215,000 386-char remark

   Show marketing remark (325 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

6. 2025-12-11
   price $215,000 325-char remark

   Show marketing remark (325 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

7. 2025-12-11
   historical 386-char remark

   Show marketing remark (325 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

8. 2025-12-11
   historical 325-char remark

   Show marketing remark (325 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

9. 2025-10-12
   price $229,900 325-char remark

   Show marketing remark (386 chars)

   Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

10. 2025-10-12
    price $229,900 386-char remark

    Show marketing remark (386 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

11. 2025-09-05
    price $259,900 325-char remark

    Show marketing remark (386 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

12. 2025-09-05
    price $259,900 386-char remark

    Show marketing remark (386 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

13. 2025-05-19
    price $269,900 386-char remark

    Show marketing remark (325 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

14. 2025-05-19
    price $269,900 325-char remark

    Show marketing remark (325 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

15. 2025-01-23
    listed $295,000 Active 386-char remark

    Show marketing remark (386 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! Used recently as a single family home but offers 2 kitchens. See MLS#1611291

16. 2024-12-17
    listed $295,000 Active 325-char remark

    Show marketing remark (325 chars)

    Imagine the possibilities! This 3400+ square foot property is waiting for new life. Whether a single-family home, a duplex or maybe a multi-family, think of the fun you'll have renovating to suit. With thirteen rooms, attic space and barn, and sitting on a 1.3 acre in-town lot, the opportunities are endless! See MLS#1613059

ⓘ 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: $4,284 · $357/mo
• Projected year-2 tax: $4,284 · $357/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 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% 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: $44,472
• − Mortgage interest: −$12,043
• − Property taxes: −$4,284
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,558
• − Management: −$3,558
• − Depreciation: −$6,255
• Taxable income: $13,700
• Est. tax owed @ 24.0%: −$3,288
• After-tax cash flow: $12,956/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 02
• NCES district ID: 2314776
• Math proficiency: 83% ▲ 56.00%
• Reading proficiency: 87% ▲ 34.00%
• Median HH income: $52,565
• Composite: 72.04/100
• National rank: #208
• State rank: #52 of 112 in ME

Livability — Monmouth

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

Census & demographics

• Population (ZIP): 3,493

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 23% Iranian 7% Slovak 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.99%
• Current HPI: 408.6401
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-27.1% since first listed

16 events — show timeline

• 2026-05-06 Pending — MREIS
• 2026-05-06 Pending — MREIS
• 2025-12-11 Relisted — MREIS
• 2025-12-11 Relisted — MREIS
• 2025-12-11 Price Changed $215,000 MREIS
• 2025-12-11 Price Changed $215,000 MREIS
• 2025-12-11 Delisted — MREIS
• 2025-12-11 Delisted — MREIS
• 2025-10-12 Price Changed $229,900 MREIS
• 2025-10-12 Price Changed $229,900 MREIS
• 2025-09-05 Price Changed $259,900 MREIS
• 2025-09-05 Price Changed $259,900 MREIS
• 2025-05-19 Price Changed $269,900 MREIS
• 2025-05-19 Price Changed $269,900 MREIS
• 2025-01-23 Listed $295,000 MREIS
• 2024-12-17 Listed $295,000 MREIS

Property tax history

+4.7%/yr

Latest (2024): $4,284 · +13.0% YoY. Source: county tax records.