21 Mortland Rd · Searsport, ME 04974

$125,000

7 bd · 1.0 ba · 2,995 sqft · MultiFamily · 89 Days on market

0.38 ac lot $42/sqft · 73% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

Key facts

• New siding
• New roof shingles
• New windows

Tags

• NEW SIDING
• NEW WINDOWS
• NEW ROOF SHINGLES
• INTERIOR READY FOR RENOVATION
• PRIME COASTAL LOCATION
• WALKABLE TO VILLAGE AMENITIES

What this means for you Summary

Snapshot

• This is a 7-bed/1.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.9% 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 $864 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $64k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $125k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.4% 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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.68% ✓
• Cap rate: 30.93%
• Cash-on-cash: 88.00%
• DSCR: 4.92
• GRM: 2.3

CMA / ARV

• ARV (median comp): $455,579
• List price: $125,000
• Delta: -72.56%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 88.6%
• Equity multiple: 5.10×
• Total profit: $143,405
• Equity at exit: $18,638

10-year hold

• IRR: 91.6%
• Equity multiple: 10.60×
• Total profit: $336,149
• Equity at exit: $10,808

Cash invested: $35,000 (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 04974

• Home prices YoY: -8.6%
• Active inventory: 37
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $4,598 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$358 /mo · $4,299/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$966
• Net cashflow: $2,567

Break-even live

Break-even rent $1,349

Max offer price $125,000

Occupancy floor 39%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,599
Total (3 units)			$4,598

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-05-11
   status Pending 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

2. 2026-05-08
   price $125,000 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

3. 2026-05-04
   price $127,500 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

4. 2026-05-01
   price $130,000 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

5. 2026-04-25
   price $134,000 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

6. 2026-04-24
   status Active 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

7. 2026-04-24
   status Pending 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

8. 2026-04-16
   price $139,000 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

9. 2026-04-14
   price $144,000 249-char remark

   Show marketing remark (249 chars)

   Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

10. 2026-04-08
    price $149,000 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

11. 2026-04-03
    status Active 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

12. 2026-03-13
    historical 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

13. 2026-03-09
    price $159,000 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

14. 2026-03-04
    price $166,500 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

15. 2026-02-23
    price $169,000 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

16. 2026-02-17
    price $171,500 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

17. 2026-02-12
    price $174,000 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

18. 2026-02-09
    price $176,500 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

19. 2026-02-05
    price $179,000 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

20. 2026-01-29
    price $181,500 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

21. 2026-01-26
    price $184,000 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

22. 2026-01-23
    price $186,500 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

23. 2026-01-21
    listed $189,000 Active 249-char remark

    Show marketing remark (249 chars)

    Handyman special. Large 7-bedroom home with 1-bath. New siding, windows, and roof shingles already in place. Interior ready for renovation and your personal vision. Prime coastal in-town location, walkable to village amenities. City water and sewer.

24. 2011-04-13
    soldstatus $80,000 258-char remark

    Show marketing remark (258 chars)

    COASTAL INTOWN Residence-walk to all village amenities-Commercial C zone in area of schools, offices, etc. offers many development options-nearly 3000SF 3 story structure on 1/2acre with additional land available-city Water & Sewer-some system upgrades

25. 2010-11-08
    listed $89,000 258-char remark

    Show marketing remark (258 chars)

    COASTAL INTOWN Residence-walk to all village amenities-Commercial C zone in area of schools, offices, etc. offers many development options-nearly 3000SF 3 story structure on 1/2acre with additional land available-city Water & Sewer-some system upgrades

ⓘ 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: $4,299 · $358/mo
• Projected year-2 tax: $4,299 · $358/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 16 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: $55,176
• − Mortgage interest: −$7,002
• − Property taxes: −$4,299
• − Insurance: −$625
• − Repairs & maintenance: −$4,414
• − Management: −$4,414
• − Depreciation: −$3,636
• Taxable income: $30,786
• Est. tax owed @ 24.0%: −$7,389
• After-tax cash flow: $23,410/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

• Census place: Searsport, ME
• 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

+40.4% since first listed

25 events — show timeline

• 2026-05-11 Pending — MREIS
• 2026-05-08 Price Changed $125,000 MREIS
• 2026-05-04 Price Changed $127,500 MREIS
• 2026-05-01 Price Changed $130,000 MREIS
• 2026-04-25 Price Changed $134,000 MREIS
• 2026-04-24 Relisted — MREIS
• 2026-04-24 Pending — MREIS
• 2026-04-16 Price Changed $139,000 MREIS
• 2026-04-14 Price Changed $144,000 MREIS
• 2026-04-08 Price Changed $149,000 MREIS
• 2026-04-03 Relisted — MREIS
• 2026-03-13 Delisted — MREIS
• 2026-03-09 Price Changed $159,000 MREIS
• 2026-03-04 Price Changed $166,500 MREIS
• 2026-02-23 Price Changed $169,000 MREIS
• 2026-02-17 Price Changed $171,500 MREIS
• 2026-02-12 Price Changed $174,000 MREIS
• 2026-02-09 Price Changed $176,500 MREIS
• 2026-02-05 Price Changed $179,000 MREIS
• 2026-01-29 Price Changed $181,500 MREIS
• 2026-01-26 Price Changed $184,000 MREIS
• 2026-01-23 Price Changed $186,500 MREIS
• 2026-01-21 Listed $189,000 MREIS
• 2011-04-13 Sold (MLS) $80,000 MREIS
• 2010-11-08 Listed $89,000 MREIS

Property tax history

+6.3%/yr

Latest (2025): $4,299 · +13.0% YoY. Source: county tax records.