198 New England Rd · Belfast, ME 04973

$99,000

3 bd · 2.0 ba · 1,008 sqft · Manufactured · 6 Days on market

Built 1994 6.00 ac lot $98/sqft · 44% below area Est $176k · 44% under

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Why this score? — see what drove the A- 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• Appreciation +8.3/10.0
• 1% rule +7.7/10.0
• Schools +6.7/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Set on 5 peaceful acres just outside Searsmont Village and only 15 minutes to Belfast, this property presents a great opportunity to build equity or start fresh with a new mobile, modular, or stick-built home. The setting is quiet and private, with plenty of space to enjoy the outdoors. The existing 2-bedroom, 2-bathroom single-wide mobile home is older and in need of improvements but provides a solid base for sweat equity, or you can focus on the true value found in the land and established infrastructure. A well, septic system, power, and on-demand generator are already in place, along with a garage and outbuilding that provide ample storage or workshop space. Whether you're looking to re

Key facts

• Workshop space
• 5 peaceful acres
• Ample storage

Tags

• 5 PEACEFUL ACRES
• QUIET AND PRIVATE SETTING
• AMPLE STORAGE
• WORKSHOP SPACE
• WELL EQUIPPED LOT

Property features AI

Finance

• Financial info: Listing terms: Cash

Exterior

• Parking: Has garage with 1 garage space; Gravel parking for 1–4 vehicles
• Utilities: Private sewer; Circuit breakers for electric; Well water
• Home design: Mobile home; Cedarbrook model by Astro; Single-story (entry level: first floor)
• Construction: Vinyl siding; Gravel/pad foundation; Year built information not provided
• Exterior features: Metal roof; Outbuilding; Trees/Woods view; 6-acre lot; Private well water

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Bedroom 1 on the first floor; Bedroom 2 on the first floor; Bedroom 3 on the first floor
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Direct vent furnace (heating); Circuit breaker electrical panel
• Interior features: Accessible approach with ramp; 7 total rooms; Dirt floor basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $99k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Cap rate 9.7% vs local median 2.5% in Belfast — 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 82/100 on livability (#14 in ME, #1,247 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, health & safety A+; Watch: commute C-, schools D+, amenities F.
• RSU 71 (town): math 79% / reading 82% proficiency, ranked #85 of 112 in ME (top 76%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 18 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($684 loan paydown + $7k appreciation (6.6% local appreciation)).
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $99,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.27% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.10%
• DSCR: 1.54
• GRM: 6.6

CMA / ARV

• ARV (median comp): $175,815
• List price: $99,000
• Delta: -43.69%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

6.6% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.6%
• Equity multiple: 2.80×
• Total profit: $49,947
• Equity at exit: $65,994

10-year hold

• IRR: 24.6%
• Equity multiple: 5.77×
• Total profit: $132,248
• Equity at exit: $123,064

Cash invested: $27,720 (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 04973

• Home prices YoY: 2.3%
• Active inventory: 18
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,253 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$150 /mo · $1,801/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $279

Break-even live

Break-even rent $899

Max offer price $99,000

Occupancy floor 73%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   status Pending 861-char remark
2. 2026-05-06
   listed $99,000 Active 861-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: $1,801 · $150/mo
• Projected year-2 tax: $1,801 · $150/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 1/10 Low
• 🌡 Heat 3/10 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: $15,036
• − Mortgage interest: −$5,546
• − Property taxes: −$1,801
• − Insurance: −$495
• − Repairs & maintenance: −$1,203
• − Management: −$1,203
• − Depreciation: −$2,880
• Taxable income: $1,909
• Est. tax owed @ 24.0%: −$458
• After-tax cash flow: $2,895/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 71
• NCES district ID: 2314822
• Math proficiency: 79% ▲ 55.00%
• Reading proficiency: 82% ▲ 34.00%
• Median HH income: $43,774
• Composite: 67.47/100
• National rank: #374
• State rank: #85 of 112 in ME

Livability — Belfast

• Score: 82/100
• State rank: #14
• US rank: #1247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 9,030
• Population (ZIP): 1,494

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 (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Italian 4% Lithuanian 3% Russian 3%
• Foreign-born: 0%

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: ▲ 6.60%
• Current HPI: 295.9611
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-12 Pending — MREIS
• 2026-05-06 Listed $99,000 MREIS

Property tax history

+4.7%/yr

Latest (2025): $1,801 · +3.4% YoY. Source: county tax records.