345 S Main St

Winterport, ME 04496

$240,000D-

5 bd · 2.0 ba · 0 sqft · Built 1800 · SingleFamily · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,228/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $-531/mo
• Annual: $-6,371/yr
• Cap rate: 3.64%
• Cash-on-cash: -9.48%
• DSCR: 0.58
• 1% rule: 0.51%
• Cash to close: $67,200

Investor read

• This is a 5-bed/2.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-531 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (39.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (48.8% below list).
• It's been on market 72 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (48.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#87 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, amenities F.
• RSU 22 (suburban): math 91% / reading 92% proficiency, ranked #16 of 112 in ME (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Hampden Academy (math 98% / reading 98%, grade A+, #1 of 108 statewide, top 9%, 811 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $45k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $240k implies a 60% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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 72 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1800 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.