112 Hillcrest Dr · Winter Harbor, ME 04693

$375,000

3 bd · 1.0 ba · 2,451 sqft · MultiFamily · 48 Days on market

Built 1978 2.30 ac lot $153/sqft · 18% below area Est $459k · 18% under

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Schools +7.1/10.0
• Appreciation +6.3/10.0
• Cash flow +4.1/30.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +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

Listing remarks

Inviting 3 bedroom home with a thoughtful floorplan, plus an addition offering a sizeable great room perfect for large gatherings or for your favorite activity/hobby. This well-maintained home combines all of the conveniences of an in-town location with the privacy of a quiet street and the tranquility of having a picturesque stream for the back property line. The living room and eat-in kitchen are both spacious and have ample natural lighting. The first two bedrooms are on the main floor. Use the one finished room below grade as a 3rd bedroom or use it alternatively as your office, extended storage, or workout space. The basement level also includes a large unfinished space that can serve

Key facts

• Quiet street
• Natural lighting
• Picturesque stream

Tags

• GREAT ROOM
• IN-TOWN LOCATION
• QUIET STREET
• PICTURESQUE STREAM
• NATURAL LIGHTING
• FINISHED ROOM

Property features AI

Exterior

• Parking: Detached garage with 2 garage spaces; Additional 5–10 gravel parking spaces; 2-car vehicle storage
• Utilities: Private well water; Septic tank sewer; Electric service with circuit breakers
• Home design: Single family residence (modular); Built in 1978
• Construction: Vinyl siding with wood frame construction; Fiberglass shingle roof; Concrete perimeter foundation
• Exterior features: Deck; Waterfront on Mill Stream with water view; Lot is a mix of open, level, rolling/sloping and wooded areas; Property is intown and accessed via a paved road

Interior

• Kitchen: Eat-in kitchen; Electric range; Refrigerator
• Bedrooms: Bedroom 1 on the first floor; Bedroom 2 on the first floor; Bedroom 3 in the basement
• Flooring: Laminate flooring
• Bathrooms: One full bathroom
• Heating & cooling: Wood stove; Direct vent heater; Baseboard heating; Circuit breaker electrical service; Electric water heater
• Interior features: Six total rooms; First-floor bedroom; Bathtub and shower; Storage space; Finished and unfinished full basement with interior access and bulkhead
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (48.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (57.0% below list).
• Recommended offer: $161k (57.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#73 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• RSU 24 (rural): math 83% / reading 86% proficiency, ranked #59 of 112 in ME (top 53%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 9 active listings in the ZIP; 270 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($3k loan paydown + $10k appreciation (2.5% local appreciation)).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $161,336 (57.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.43% ✗
• Cap rate: 2.98%
• Cash-on-cash: -11.84%
• DSCR: 0.47
• GRM: 19.4

CMA / ARV

• ARV (median comp): $459,252
• List price: $375,000
• Delta: -18.35%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

2.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.72×
• Total profit: $-29,767
• Equity at exit: $159,254

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-2,483
• Equity at exit: $238,385

Cash invested: $105,000 (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 04693

• Home prices YoY: 1.9%
• Active inventory: 9
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $1,613 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$188 /mo · $2,255/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-1,036

Break-even live

Break-even rent $2,925

Max offer price $191,959

Occupancy floor —

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $375,000 Active 48 DOM
2. 2026-06-17
   days on market $375,000 Active 47 DOM
3. 2026-06-16
   days on market $375,000 Active 46 DOM
4. 2026-06-15
   days on market $375,000 Active 45 DOM
5. 2026-06-13
   days on market $375,000 Active 43 DOM
6. 2026-06-12
   days on market $375,000 Active 42 DOM
7. 2026-06-08
   days on market $375,000 Active 38 DOM
8. 2026-06-07
   days on market $375,000 Active 37 DOM
9. 2026-06-07
   days on market $375,000 Active 36 DOM
10. 2026-06-04
    days on market $375,000 Active 33 DOM
11. 2026-06-02
    days on market $375,000 Active 32 DOM
12. 2026-06-01
    days on market $375,000 Active 31 DOM
13. 2026-05-31
    days on market $375,000 Active 30 DOM
14. 2026-05-31
    days on market $375,000 Active 29 DOM
15. 2026-05-01
    listed $375,000 Active 1153-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: $2,255 · $188/mo
• Projected year-2 tax: $3,678 · $306/mo
• Expected delta: +$1,422/yr (+$119/mo · 63.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $19,360
• − Mortgage interest: −$21,006
• − Property taxes: −$2,255
• − Insurance: −$1,875
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − Depreciation: −$10,909
• Taxable loss: −$19,782
• Est. tax savings @ 24.0%: +$4,748
• After-tax cash flow: $-7,686/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 24
• NCES district ID: 2314790
• Math proficiency: 83% ▲ 60.00%
• Reading proficiency: 86% ▲ 34.00%
• Median HH income: $44,304
• Composite: 70.84/100
• National rank: #249
• State rank: #59 of 112 in ME

Livability — Winter Harbor

• Score: 70/100
• State rank: #73
• US rank: #7904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winter Harbor, ME
• City population: 441
• Population (ZIP): 441

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 53,608 people
• By 2030: 52,594 · -1.9%
• By 2040: 49,556 · -7.6%
• By 2050: 46,152 · -13.9%
• By 2075: 39,678 · -26.0%
• By 2100: 33,690 · -37.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Black 1%
• Common ancestry: Lithuanian 13% Slovak 5% Serbian 4%
• Foreign-born: 1% · Canada

Political lean MEDSL · Hancock

• 2024 margin: D (+11.8) · D 54.7% · R 42.9% · Other 2.4%
• 2008→2024 swing: -7.5pp toward R · 2008: 19.3pp · 2024: 11.8pp
• All cycles: 2024: D+11.8 2020: D+12.4 2016: D+7.6 2012: D+16.7 2008: D+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.55%
• Current HPI: 135.6279
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-01 Listed $375,000 MREIS

Property tax history

+6.3%/yr

Latest (2024): $2,255 · +32.1% YoY. Source: county tax records.