271 Old Alfred Rd #271

Biddeford, ME 04046

$315,000B-

3 bd · 2.0 ba · 1,080 sqft · Built 2007 · Manufactured · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,877/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$525
• HOA: −$0
• Vac / Maint / Mgmt: −$814
• Net cashflow: $886/mo
• Annual: $10,631/yr
• Cap rate: 9.67%
• Cash-on-cash: 12.05%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $88,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $315k. Condition is rated good.
• At list price, monthly cash flow is $886 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• It's been on market 17 days — a 2% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $310k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#29 in ME, #2,925 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A; Watch: crime C-, schools D-, amenities D-.
• RSU 21 (rural): math 91% / reading 94% proficiency, ranked #13 of 112 in ME (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 104 active listings in the ZIP; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $88k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.