129 Washington St

Rumford, ME 04276

$155,000B+

4 bd · 2.0 ba · 1,568 sqft · Built 1905 · MultiFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,674/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$562
• Net cashflow: $1,045/mo
• Annual: $12,537/yr
• Cap rate: 14.38%
• Cash-on-cash: 28.89%
• DSCR: 2.29
• 1% rule: 1.73%
• Cash to close: $43,400

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $155k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $522/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• It's been on market 75 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#39 in ME, #4,030 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D, amenities F, employment F.
• RSU 10 (rural): math 72% / reading 79% proficiency, ranked #107 of 112 in ME (top 96%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Rumford Elementary (math 62% / reading 67%, grade B, #279 of 294 statewide, top 95%, 261 students, 72% FRL); Mountain Valley Middle School (math 69% / reading 78%, grade A, #79 of 85 statewide, top 95%, 354 students, 76% FRL); Mountain Valley High School (math 74% / reading 84%, grade A-, #99 of 108 statewide, top 95%, 388 students, 71% FRL).
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 82 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 329 units permitted in Oxford County in 2024 (0 in 5+ unit buildings).
• Oxford County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.4% vs local median 6.0% in Rumford — 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.

Questions for listing agent

• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1905 — 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.
• 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?
• 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.