37 North St · Hartland, ME 04943

$49,000

6 bd · 1.5 ba · 1,842 sqft · MultiFamily · 15 Days on market

Built 1860 0.68 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

Key facts

• 0.68 acre lot
• Garage
• Built 1860

What this means for you Summary

Snapshot

• This is a 6-bed/1.5-bath multifamily listed at $49k.

Deal economics

• At list price, monthly cash flow is $946 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 29.5% vs local median 5.9% in Hartland — 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 61/100 on livability (#120 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, schools F, amenities F.
• RSU 19 (rural): math 73% / reading 81% proficiency, ranked #96 of 112 in ME (top 86%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 27 active listings in the ZIP; 129 units permitted in Somerset County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($339 loan paydown + $3k appreciation (6.7% local appreciation)).
• Somerset County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,265 (1.5% below list)

Questions for the listing agent

1. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.32% ✓
• Cap rate: 29.46%
• Cash-on-cash: 82.74%
• DSCR: 4.68
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 89.9%
• Equity multiple: 6.58×
• Total profit: $76,522
• Equity at exit: $33,038

10-year hold

• IRR: 87.0%
• Equity multiple: 13.94×
• Total profit: $177,495
• Equity at exit: $61,943

Cash invested: $13,720 (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 04943

• Home prices YoY: 3.0%
• Active inventory: 27
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,626 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $946

Break-even live

Break-even rent $429

Max offer price $49,000

Occupancy floor 37%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2025-10-14
   status Pending
2. 2025-09-29
   listed $49,000 Active
3. 2023-09-22
   soldstatus $96,000 Closed 317-char remark

   Show marketing remark (317 chars)

   Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

4. 2023-08-16
   status Pending 317-char remark

   Show marketing remark (317 chars)

   Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

5. 2023-08-10
   price $97,900 317-char remark

   Show marketing remark (317 chars)

   Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

6. 2023-07-31
   status Active 317-char remark

   Show marketing remark (317 chars)

   Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

7. 2023-07-12
   status Pending 317-char remark

   Show marketing remark (317 chars)

   Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

8. 2023-06-30
   listed $102,900 Active 317-char remark

   Show marketing remark (317 chars)

   Large home with curb appeal. Much work needed to be brought back to livability. Home offers an in ground pool, large detached garage. This property may qualify for seller financing(VEEDEE) Go to VRM online direct and enter property ID 163903 for details. All offers must be submitted directly online to VRM Properties

9. 2019-07-19
   soldstatus $143,800 Closed 551-char remark

   Show marketing remark (551 chars)

   Located on a beautifully landscaped large double lot, this spacious 6 BR, 1.5 BA Victorian offers plenty of room for your family! Lovingly maintained by the same owners for the past 22 years, this home features a long list of updates, yet maintains its original character and charm. Amenities include hardwood floors, stained glass windows, a sauna, a beautiful in-ground pool, and so much more! The heated garage includes a workshop area, and would be great for a home-based business. Owners are relocating and have priced this home to sell quickly!

10. 2019-05-31
    status Pending 551-char remark

    Show marketing remark (551 chars)

    Located on a beautifully landscaped large double lot, this spacious 6 BR, 1.5 BA Victorian offers plenty of room for your family! Lovingly maintained by the same owners for the past 22 years, this home features a long list of updates, yet maintains its original character and charm. Amenities include hardwood floors, stained glass windows, a sauna, a beautiful in-ground pool, and so much more! The heated garage includes a workshop area, and would be great for a home-based business. Owners are relocating and have priced this home to sell quickly!

11. 2019-05-03
    price $138,800 551-char remark

    Show marketing remark (551 chars)

    Located on a beautifully landscaped large double lot, this spacious 6 BR, 1.5 BA Victorian offers plenty of room for your family! Lovingly maintained by the same owners for the past 22 years, this home features a long list of updates, yet maintains its original character and charm. Amenities include hardwood floors, stained glass windows, a sauna, a beautiful in-ground pool, and so much more! The heated garage includes a workshop area, and would be great for a home-based business. Owners are relocating and have priced this home to sell quickly!

12. 2019-02-25
    listed $139,900 Active 551-char remark

    Show marketing remark (551 chars)

    Located on a beautifully landscaped large double lot, this spacious 6 BR, 1.5 BA Victorian offers plenty of room for your family! Lovingly maintained by the same owners for the past 22 years, this home features a long list of updates, yet maintains its original character and charm. Amenities include hardwood floors, stained glass windows, a sauna, a beautiful in-ground pool, and so much more! The heated garage includes a workshop area, and would be great for a home-based business. Owners are relocating and have priced this home to sell quickly!

13. 2018-11-09
    historical
14. 2018-07-13
    price $154,900
15. 2018-05-11
    listed $155,500 Active
16. 2017-02-27
    historical
17. 2016-10-06
    price $155,500
18. 2016-05-06
    listed $157,000 Active
19. 2015-10-02
    historical
20. 2015-04-03
    price $164,900
21. 2015-03-05
    listed $168,300 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,513
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,561
• − Management: −$1,561
• − Depreciation: −$1,425
• Taxable income: $11,241
• Est. tax owed @ 24.0%: −$2,698
• After-tax cash flow: $8,654/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 19
• NCES district ID: 2314785
• Math proficiency: 73% ▲ 53.00%
• Reading proficiency: 81% ▲ 39.00%
• Median HH income: $41,866
• Composite: 64.37/100
• National rank: #548
• State rank: #96 of 112 in ME

Livability — Hartland

• Score: 61/100
• State rank: #120
• US rank: #18210

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartland, ME
• Population (ZIP): 1,681

Population outlook (Somerset County) Hauer SSP2

• Today (2025): 48,335 people
• By 2030: 46,268 · -4.3%
• By 2040: 41,276 · -14.6%
• By 2050: 36,137 · -25.2%
• By 2075: 26,408 · -45.4%
• By 2100: 18,836 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Lithuanian 8% Portuguese 7% Slovak 2%
• Foreign-born: 1% · Canada

Political lean MEDSL · Somerset

• 2024 margin: Strong R (+27.1) · D 35.6% · R 62.7% · Other 1.7%
• 2008→2024 swing: -32.8pp toward R · 2008: 5.7pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+23.4 2016: R+22.8 2012: D+1.7 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.71%
• Current HPI: 230.2114
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-70.9% since first listed

21 events — show timeline

• 2025-10-14 Pending — MREIS
• 2025-09-29 Listed $49,000 MREIS
• 2023-09-22 Sold (MLS) $96,000 MREIS
• 2023-08-16 Pending — MREIS
• 2023-08-10 Price Changed $97,900 MREIS
• 2023-07-31 Relisted — MREIS
• 2023-07-12 Pending — MREIS
• 2023-06-30 Listed $102,900 MREIS
• 2019-07-19 Sold (MLS) $143,800 MREIS
• 2019-05-31 Pending — MREIS
• 2019-05-03 Price Changed $138,800 MREIS
• 2019-02-25 Listed $139,900 MREIS
• 2018-11-09 Delisted — MREIS
• 2018-07-13 Price Changed $154,900 MREIS
• 2018-05-11 Listed $155,500 MREIS
• 2017-02-27 Delisted — MREIS
• 2016-10-06 Price Changed $155,500 MREIS
• 2016-05-06 Listed $157,000 MREIS
• 2015-10-02 Delisted — MREIS
• 2015-04-03 Price Changed $164,900 MREIS
• 2015-03-05 Listed $168,300 MREIS

Property tax history

+1.7%/yr

Latest (2025): $2,702 · +7.3% YoY. Source: county tax records.