6 Morgan St · Lincoln, ME 04457

$150,000

3 bd · 1.5 ba · 1,400 sqft · MultiFamily · 131 Days on market

8,276 sqft lot $107/sqft · 23% below area Est $194k · 23% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Schools +6.8/10.0
• 1% rule +4.2/10.0
• DSCR +3.8/10.0
• Livability +3.6/5.0
• 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

Charming, well-maintained 1400+ sq. ft. older home on a quiet dead-end street, just a short walk to downtown restaurants, library, grocery stores, and the scenic waterfront. Inside, you'll find a lovely eat-in kitchen with updated appliances, a dining room, a spacious enclosed sunporch, plus an office/bedroom and a bright, cozy den on the first floor. Hardwood and vinyl flooring throughout lend character to this older home. First and second floor bathrooms, as well as a washer and dryer hook-up located on the first floor for your convenience. The property includes a 2-car garage with an in-law apartment above, perfect for guests or potential rental income. Conveniently connected to town water and sewer. Lincoln is an all-seasons destination 45 minutes north of Bangor offering wooded walking trails, public beach, lakes with public boat launches, plus access to ATV and snowmobile trails.

Key facts

• Updated appliances
• In-law apartment
• Town sewer

Tags

• EAT-IN KITCHEN
• UPDATED APPLIANCES
• ENCLOSED SUNPORCH
• IN-LAW APARTMENT
• TOWN WATER
• TOWN SEWER

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $-19 ($-222/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (7.7% below list).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 2.5% in Lincoln — 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 72/100 on livability (#56 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools F, amenities F, commute F.
• RSU 67 (rural): math 79% / reading 85% proficiency, ranked #83 of 112 in ME (top 74%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 70 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($132k) 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

• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 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?
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: 0.92% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• GRM: 9.0

CMA / ARV

• ARV (median comp): $193,662
• List price: $150,000
• Delta: -22.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.1%
• Equity multiple: 0.39×
• Total profit: $-25,418
• Equity at exit: $22,365

10-year hold

• IRR: -9.0%
• Equity multiple: 0.44×
• Total profit: $-23,377
• Equity at exit: $12,969

Cash invested: $42,000 (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 04457

• Home prices YoY: -7.1%
• Active inventory: 70
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,385 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$263 /mo · $3,160/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $-19

Break-even live

Break-even rent $1,408

Max offer price $146,731

Occupancy floor 96%

Sensitivity live

Price	-10% $66	-5% $24	+0% $-19	+5% $-61	+10% $-103
Rent	-10% $-128	-5% $-73	+0% $-19	+5% $36	+10% $91
Rate	-1.0pp $57	-0.5pp $20	base $-19	+0.5pp $-57	+1.0pp $-97

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-02-25
   status Active 898-char remark

   Show marketing remark (898 chars)

   Charming, well-maintained 1400+ sq. ft. older home on a quiet dead-end street, just a short walk to downtown restaurants, library, grocery stores, and the scenic waterfront. Inside, you'll find a lovely eat-in kitchen with updated appliances, a dining room, a spacious enclosed sunporch, plus an office/bedroom and a bright, cozy den on the first floor. Hardwood and vinyl flooring throughout lend character to this older home. First and second floor bathrooms, as well as a washer and dryer hook-up located on the first floor for your convenience. The property includes a 2-car garage with an in-law apartment above, perfect for guests or potential rental income. Conveniently connected to town water and sewer. Lincoln is an all-seasons destination 45 minutes north of Bangor offering wooded walking trails, public beach, lakes with public boat launches, plus access to ATV and snowmobile trails.

2. 2026-02-14
   status Pending 898-char remark

   Show marketing remark (898 chars)

   Charming, well-maintained 1400+ sq. ft. older home on a quiet dead-end street, just a short walk to downtown restaurants, library, grocery stores, and the scenic waterfront. Inside, you'll find a lovely eat-in kitchen with updated appliances, a dining room, a spacious enclosed sunporch, plus an office/bedroom and a bright, cozy den on the first floor. Hardwood and vinyl flooring throughout lend character to this older home. First and second floor bathrooms, as well as a washer and dryer hook-up located on the first floor for your convenience. The property includes a 2-car garage with an in-law apartment above, perfect for guests or potential rental income. Conveniently connected to town water and sewer. Lincoln is an all-seasons destination 45 minutes north of Bangor offering wooded walking trails, public beach, lakes with public boat launches, plus access to ATV and snowmobile trails.

3. 2026-01-07
   listed $150,000 Active 898-char remark

   Show marketing remark (898 chars)

   Charming, well-maintained 1400+ sq. ft. older home on a quiet dead-end street, just a short walk to downtown restaurants, library, grocery stores, and the scenic waterfront. Inside, you'll find a lovely eat-in kitchen with updated appliances, a dining room, a spacious enclosed sunporch, plus an office/bedroom and a bright, cozy den on the first floor. Hardwood and vinyl flooring throughout lend character to this older home. First and second floor bathrooms, as well as a washer and dryer hook-up located on the first floor for your convenience. The property includes a 2-car garage with an in-law apartment above, perfect for guests or potential rental income. Conveniently connected to town water and sewer. Lincoln is an all-seasons destination 45 minutes north of Bangor offering wooded walking trails, public beach, lakes with public boat launches, plus access to ATV and snowmobile trails.

ⓘ 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: $3,160 · $263/mo
• Projected year-2 tax: $3,160 · $263/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $16,617
• − Mortgage interest: −$8,402
• − Property taxes: −$3,160
• − Insurance: −$750
• − Repairs & maintenance: −$1,329
• − Management: −$1,329
• − Depreciation: −$4,364
• Taxable loss: −$2,718
• Est. tax savings @ 24.0%: +$652
• After-tax cash flow: $430/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 67
• NCES district ID: 2314777
• Math proficiency: 79% ▲ 50.00%
• Reading proficiency: 85% ▲ 38.00%
• Median HH income: $36,167
• Composite: 67.98/100
• National rank: #357
• State rank: #83 of 112 in ME

Livability — Lincoln

• Score: 72/100
• State rank: #56
• US rank: #5896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, ME
• Population (ZIP): 5,755

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Lithuanian 12% Russian 2% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -19.76%
• Current HPI: 257.4607
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

3 events — show timeline

• 2026-02-25 Relisted — MREIS
• 2026-02-14 Pending — MREIS
• 2026-01-07 Listed $150,000 MREIS

Property tax history

+4.9%/yr

Latest (2025): $3,160 · +10.0% YoY. Source: county tax records.