247 Perham St · Farmington, ME 04938

$309,000

2 bd · 1.0 ba · 1,360 sqft · SingleFamily public records · 4 Days on market

Built 1958 0.50 ac lot Est $260k · 19% over

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Why this score? — see what drove the D+ 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 +13.7/30.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Don't lift a finger, this is already the perfect retirement home! Carpeted garage (yes really) to the basement den & fantastic living room. All the updates are complete. Beautiful private back lawn can be enjoyed from the screened porch, open concept kitchen, dining, living room for a nice flow. Walk to downtown and UMF.

Key facts

• Attached garage
• Finished bonus room
• Private backyard

Tags

• ATTACHED GARAGE
• DETACHED ONE BAY GARAGE
• STANDING SEAM METAL ROOF
• PAVED DRIVEWAY
• PRIVATE BACKYARD
• FINISHED BONUS ROOM

Property features AI

Exterior

• Parking: Attached 2-car garage with auto door opener and direct entry to the home; Additional detached vehicle storage; Paved parking with room for 5–10 spaces
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Utilities currently on
• Home design: Single family residence; Built in 1958
• Construction: Wood frame with vinyl siding; Block foundation; Metal roof
• Exterior features: Front porch; Level lot, intown location near shopping with sidewalks; Paved road

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Primary bedroom on the first floor; Additional bedroom on the first floor
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Baseboard hot water heating; Electric water heater
• Interior features: First-floor bedroom; Bathtub; Finished full basement with walk-out access and interior entry; 7 total rooms
• Laundry & utility: Washer; Dryer; Laundry room in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $309k.

Deal economics

• At list price, monthly cash flow is $24 ($293/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (19.1% below list).
• Recommended offer: $250k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.8% in Farmington — 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 80/100 on livability (#18 in ME, #1,653 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A-; Watch: schools D, employment D-.
• RSU 09 (rural): math 78% / reading 82% proficiency, ranked #88 of 112 in ME (top 79%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 90 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($2k loan paydown + $31k appreciation (10.0% local appreciation)).
• Franklin County population projected at -21% 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 $87k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $120k; list at $309k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,000 (19.1% below list)

Questions for the listing agent

1. Built in 1958 — 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 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. 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?
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: 0.81% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.34%
• DSCR: 1.02
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $259,760
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
238 Middle St	0.06mi	3/1.0 (+1)	1,310 (-4%)	2mo	$304,000	$232	85
116 Birchwood Ln	0.24mi	2/2.0	1,422 (+5%)	6mo	$338,500	$238	72
120 Eastmont Sq	0.32mi	3/2.0 (+1)	1,344 (-1%)	23mo	$308,000	$229	55
158 Court St	0.44mi	2/2.0	1,255 (-8%)	21mo	$226,000	$180	45
132 Lake Ave	0.60mi	3/1.0 (+1)	1,473 (+8%)	11mo	$275,000	$187	44
121 Spruce Ln	0.72mi	3/1.0 (+1)	1,260 (-7%)	7mo	$230,000	$183	44
128 Lake Ave	0.62mi	3/1.5 (+1)	1,482 (+9%)	12mo	$360,000	$243	39
160 Perham St	0.42mi	3/1.0 (+1)	1,530 (+12%)	23mo	$280,000	$183	36
105 Highland Ave	0.61mi	2/1.0	1,190 (-12%)	19mo	$227,000	$191	35

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: 24.5%
• Equity multiple: 2.96×
• Total profit: $169,768
• Equity at exit: $278,372

10-year hold

• IRR: 21.7%
• Equity multiple: 6.76×
• Total profit: $498,566
• Equity at exit: $600,319

Cash invested: $86,520 (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 04938

• Home prices YoY: 6.4%
• Active inventory: 90
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,620
• Tax from tax record: −$201 /mo · $2,417/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $24

Break-even live

Break-even rent $2,469

Max offer price $309,000

Occupancy floor 94%

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Perham St Unit 114 Perham St, 2nd Fl Farmington, ME	2.0	1.0	1500	$2,500	$1.67	43d	1	0.65mi

Listing history 5 events

1. 2026-06-18
   days on market $309,000 Active 4 DOM
2. 2026-06-17
   days on market $309,000 Active 3 DOM
3. 2026-06-16
   days on market $309,000 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $309,000 Active 1 DOM

ⓘ 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: $2,417 · $201/mo
• Projected year-2 tax: $3,310 · $276/mo
• Expected delta: +$893/yr (+$74/mo · 36.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,000
• − Mortgage interest: −$17,309
• − Property taxes: −$2,417
• − Insurance: −$1,545
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − Depreciation: −$8,989
• Taxable loss: −$5,060
• Est. tax savings @ 24.0%: +$1,214
• After-tax cash flow: $1,507/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 09
• NCES district ID: 2314809
• Math proficiency: 78% ▲ 48.00%
• Reading proficiency: 82% ▲ 31.00%
• Median HH income: $40,202
• Composite: 66.71/100
• National rank: #409
• State rank: #88 of 112 in ME

Livability — Farmington

• Score: 80/100
• State rank: #18
• US rank: #1653

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, ME
• Population (ZIP): 10,368

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 28,948 people
• By 2030: 27,889 · -3.7%
• By 2040: 25,275 · -12.7%
• By 2050: 22,770 · -21.3%
• By 2075: 18,980 · -34.4%
• By 2100: 16,816 · -41.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 11% Italian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+8.2) · D 44.8% · R 53.0% · Other 2.2%
• 2008→2024 swing: -28.5pp toward R · 2008: 20.3pp · 2024: -8.2pp
• All cycles: 2024: R+8.2 2020: R+3.9 2016: R+5.5 2012: D+18.5 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.53%
• Current HPI: 325.7666
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+168.7% since first listed

7 events — show timeline

• 2026-06-14 Listed $309,000 MREIS
• 2015-09-17 Sold (MLS) $120,000 MREIS
• 2015-08-25 Delisted — MREIS
• 2015-08-17 Price Changed $125,000 MREIS
• 2015-08-12 Price Changed $144,900 MREIS
• 2015-06-18 Listed $149,900 MREIS
• 2013-09-12 Sold (MLS) $115,000 MREIS

Property tax history

+1.4%/yr

Latest (2025): $2,417 · -6.2% YoY. Source: county tax records.