6 Northeast Way · Augusta, ME 04363

$55,000

2 bd · 1.0 ba · 924 sqft · Manufactured · 17 Days on market

Built 2006 $60/sqft · 64% below area $460/mo HOA · 40% of rent

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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 +24.8/30.0
• 1% rule +10.0/10.0
• Appreciation +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Schools +7.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Updated 2 bedroom 1 bathroom 2007 Redman mobile home in a quiet, well maintained park just 15 minutes from Augusta. Features new flooring, cabinets, and paint throughout. No appliances included. Stairs and skirting to be repaired prior to the sale. Sold as-is; home remains on-site. Cash deal is preferred. No owner financing.

Key facts

• Parking
• Built 2006
• Listed 17 days

Property features AI

Finance

• HOA & community: Has association with a $460 monthly fee

Exterior

• Parking: 1–4 parking spaces on gravel
• Utilities: Well water; Shared septic; Electric service with circuit breakers; Oil water heater
• Home design: Mobile home (single wide)
• Construction: Vinyl siding; Shingle roof; Built in 2006; Mobile construction
• Exterior features: Open lot near turnpike/interstate; Gravel and dirt road access; Land lease lot

Interior

• Bedrooms: Bedroom 1 on the first floor; Bedroom 2 on the first floor
• Flooring: Luxury vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Unfurnished; 3 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.6% in Augusta — 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 81/100 on livability (#15 in ME, #1,476 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D+, crime D-, employment F.
• RSU 12 (rural): math 86% / reading 86% proficiency, ranked #50 of 112 in ME (top 45%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 28 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($380 loan paydown + $6k appreciation (10.0% local appreciation)).
• Kennebec County population projected at -17% 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($54k) 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: HOA is 40% of rent.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.11% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 3.9

CMA / ARV

• ARV (median comp): $153,219
• List price: $55,000
• Delta: -64.10%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Northeast Way	0.13mi	2/1.0	924 (0%)	2mo	$57,000	$62	92
17 Northeast Way	0.06mi	2/1.0	980 (+6%)	17mo	$45,000	$46	73
909 Ridge Rd	0.68mi	2/1.0	954 (+3%)	20mo	$168,000	$176	46
585 Weeks Mills Rd	0.60mi	2/2.0	1,008 (+9%)	15mo	$160,000	$159	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 3.45×
• Total profit: $37,662
• Equity at exit: $49,548

10-year hold

• IRR: 27.0%
• Equity multiple: 7.86×
• Total profit: $105,613
• Equity at exit: $106,853

Cash invested: $15,400 (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 04363

• Home prices YoY: 4.3%
• Active inventory: 28
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,162 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$30 /mo · $355/yr
• Insurance: −$23
• HOA: −$460
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $117

Break-even live

Break-even rent $1,014

Max offer price $55,000

Occupancy floor 85%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $460 · $5,520/yr

Listing history 4 events

1. 2026-05-15
   status Pending 326-char remark
2. 2026-05-14
   status Active 326-char remark
3. 2026-05-13
   status Pending 326-char remark
4. 2026-04-27
   listed $55,000 Active 326-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: $355 · $30/mo
• Projected year-2 tax: $552 · $46/mo
• Expected delta: +$196/yr (+$16/mo · 55.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $13,938
• − Mortgage interest: −$3,081
• − Property taxes: −$355
• − Insurance: −$275
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − HOA: −$5,520
• − Depreciation: −$1,600
• Taxable income: $877
• Est. tax owed @ 24.0%: −$211
• After-tax cash flow: $1,190/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 12
• NCES district ID: 2314780
• Math proficiency: 86% ▲ 58.00%
• Reading proficiency: 86% ▲ 35.00%
• Median HH income: $49,792
• Composite: 72.62/100
• National rank: #197
• State rank: #50 of 112 in ME

Livability — Augusta

• Score: 81/100
• State rank: #15
• US rank: #1476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 26,690
• Population (ZIP): 2,666

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 12% Italian 4% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.50%
• Current HPI: 254.0093
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

4 events — show timeline

• 2026-05-15 Pending — MREIS
• 2026-05-14 Relisted — MREIS
• 2026-05-13 Pending — MREIS
• 2026-04-27 Listed $55,000 MREIS

Property tax history

+0.6%/yr

Latest (2025): $355 · +2.0% YoY. Source: county tax records.