33 Coles Corner Rd

Winterport, ME 04496

$210,000D

3 bd · 2.0 ba · 1,418 sqft · Built 1970 · Other · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,386/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $-223/mo
• Annual: $-2,676/yr
• Cap rate: 5.02%
• Cash-on-cash: -4.55%
• DSCR: 0.80
• 1% rule: 0.66%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.0-bath other listed at $210k.
• At list price, monthly cash flow is $-223 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (34.0% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $139k (34.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#87 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, amenities F.
• RSU 22 (suburban): math 91% / reading 92% proficiency, ranked #16 of 112 in ME (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Hampden Academy (math 98% / reading 98%, grade A+, #1 of 108 statewide, top 9%, 811 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 41 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 23y ago 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.3% in Winterport — 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

• 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?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.