387 & 377 Main St

Mattawamkeag, ME 04459

$89,900B

1 bd · 1.0 ba · 900 sqft · Built — · Other · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $990/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $183/mo
• Annual: $2,198/yr
• Cap rate: 8.74%
• Cash-on-cash: 8.73%
• DSCR: 1.39
• 1% rule: 1.10%
• Cash to close: $25,172

Investor read

• This is a 1-bed/1.0-bath other listed at $90k.
• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($990 rent vs $90k).
• It's been on market 82 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($622 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• RSU 67 (rural): math 79% / reading 85% proficiency, ranked #83 of 112 in ME (top 74%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 8 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, 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

• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.