187 W Main St · Searsport, ME 04974

$144,900

4 bd · 2.0 ba · 1,900 sqft · MultiFamily · 35 Days on market

Built 1986 0.70 ac lot $76/sqft · 62% below area ↓ 3% since listing

---

Why this score? — see what drove the C+ 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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 0.7 acre lot
• 2 garage spots
• Built 1986

Property features AI

Exterior

• Parking: 2-car garage; Additional on-site gravel parking for 5–10 vehicles
• Utilities: Public water; Private sewer; Electric service with circuit breakers; Electric water heater
• Home design: Single family residence; Multi-level layout; Built in 1986
• Construction: Wood frame with vinyl siding; Shingle roof; Full unfinished basement
• Exterior features: Near town setting; Wooded lot; Paved road access

Interior

• Kitchen: Kitchen on the first level
• Bedrooms: Bedroom 1 on the first level; Bedroom 2 on the second level; Bedroom 3 on the second level; Bedroom 4 on the second level
• Flooring: Wood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Unfurnished; 8 total rooms; One fireplace
• Laundry & utility: Interior full basement entry (unfinished)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.4% in Searsport — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#107 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: health & safety C-, schools D-, amenities F.
• RSU 20 (rural): math 75% / reading 82% proficiency, ranked #90 of 112 in ME (top 80%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 37 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.29% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.53%
• DSCR: 1.42
• GRM: 6.5

CMA / ARV

• ARV (median comp): $383,169
• List price: $144,900
• Delta: -62.18%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-2,841
• Equity at exit: $21,605

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $24,437
• Equity at exit: $12,528

Cash invested: $40,572 (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 04974

• Home prices YoY: -8.6%
• Active inventory: 37
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,866 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$332 /mo · $3,985/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $322

Break-even live

Break-even rent $1,459

Max offer price $144,900

Occupancy floor 78%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $144,900 Active 35 DOM
2. 2026-06-17
   days on market $144,900 Active 34 DOM
3. 2026-06-16
   days on market $144,900 Active 33 DOM
4. 2026-06-16
   price $144,900 Active 32 DOM
5. 2026-06-15
   days on market $149,900 Active 32 DOM
6. 2026-06-13
   days on market $149,900 Active 30 DOM
7. 2026-06-12
   days on market $149,900 Active 29 DOM
8. 2026-06-09
   days on market $149,900 Active 26 DOM
9. 2026-06-08
   days on market $149,900 Active 25 DOM
10. 2026-06-07
    days on market $149,900 Active 24 DOM
11. 2026-06-07
    days on market $149,900 Active 23 DOM
12. 2026-06-04
    days on market $149,900 Active 20 DOM
13. 2026-06-03
    status $149,900 Active 19 DOM
14. 2026-06-02
    days on market $149,900 Active Under Contract 19 DOM
15. 2026-06-01
    days on market $149,900 Active Under Contract 18 DOM
16. 2026-05-31
    days on market $149,900 Active Under Contract 17 DOM
17. 2026-05-31
    days on market $149,900 Active Under Contract 16 DOM
18. 2026-05-18
    historical Active Under Contract 531-char remark
19. 2026-05-14
    listed $149,900 Active 531-char remark

ⓘ 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: $3,985 · $332/mo
• Projected year-2 tax: $3,985 · $332/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 ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,397
• − Mortgage interest: −$8,117
• − Property taxes: −$3,985
• − Insurance: −$724
• − Repairs & maintenance: −$1,792
• − Management: −$1,792
• − Depreciation: −$4,215
• Taxable income: $1,772
• Est. tax owed @ 24.0%: −$425
• After-tax cash flow: $3,440/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 20
• NCES district ID: 2314791
• Math proficiency: 75% ▲ 49.00%
• Reading proficiency: 82% ▲ 41.00%
• Median HH income: $41,249
• Composite: 65.56/100
• National rank: #467
• State rank: #90 of 112 in ME

Livability — Searsport

• Score: 66/100
• State rank: #107
• US rank: #12181

Category grades

Amenities F Commute F Cost of living A Crime A+ Employment F Housing B- Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,649
• Population (ZIP): 2,649

Population outlook (Waldo County) Hauer SSP2

• Today (2025): 39,611 people
• By 2030: 39,475 · -0.3%
• By 2040: 38,245 · -3.4%
• By 2050: 36,078 · -8.9%
• By 2075: 29,774 · -24.8%
• By 2100: 22,172 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 8% Two or more races 3%
• Hispanic origin (detail): Puerto Rican 5% Cuban 1%
• Common ancestry: Slovak 11% Lithuanian 9% Serbian 5%
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Waldo

• 2024 margin: Toss-up / Even · D 50.4% · R 47.0% · Other 2.6%
• 2008→2024 swing: -8.3pp toward R · 2008: 11.6pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+4.7 2016: D+0.3 2012: D+10.7 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -20.07%
• Current HPI: 214.4219
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-3.3% since first listed

4 events — show timeline

• 2026-06-16 Price Changed $144,900 MREIS
• 2026-06-02 Relisted — MREIS
• 2026-05-18 Contingent — MREIS
• 2026-05-14 Listed $149,900 MREIS

Property tax history

+0.1%/yr

Latest (2025): $3,985 · -21.3% YoY. Source: county tax records.