371 Main St · Old Town, ME 04468

$240,000

4 bd · 2.0 ba · 3,168 sqft · SingleFamily public records · 36 Days on market

Built 1900 0.30 ac lot

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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).

• Cash flow +20.1/30.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• DSCR +6.4/10.0
• 1% rule +5.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0

Listing remarks MLS

Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

Key facts

• Waterfront park
• University of maine
• Bike paths

Tags

• EASY WALK TO DOWNTOWN
• WATERFRONT PARK
• BOAT LAUNCH NEARBY
• UNIVERSITY OF MAINE
• HIKING AND SKI TRAILS
• BIKE PATHS

Property features AI

Finance

• Other: Lot size approximately 0.3 acres; Paved road access
• Financial info: Property configured as 2 units; Gross income listed as $37,500; Unit 1 (second level) actual rent $1,800 with dedicated electric meter; has heat; water and sewer provided; Unit 2 (first level) actual rent $1,325 with dedicated electric meter; has heat; water and sewer provided

Exterior

• Parking: Gravel off-street parking; 5–10 parking spaces
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Utilities on; Gas on-demand water heater (off heating system)
• Home design: Multi-level building; Built in 1900; Pitched shingle roof
• Construction: Masonry, wood frame and brick construction; Brick/mortar basement
• Exterior features: Patio; Porch; Intown location; Corner lot; Level lot; Wooded

Interior

• Kitchen: Refrigerators in both units
• Bedrooms: One 4-bedroom unit on the second level; One 3-bedroom unit on the first level
• Flooring: Carpet; Laminate; Vinyl; Wood
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Baseboard heating; Direct vent furnace; Hot water heating; Zoned heating; Cooling present
• Interior features: First-floor bedroom; Attic; One-floor living
• Laundry & utility: Laundry on main level; Laundry on upper level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 6.0% in Old Town — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#38 in ME, #3,905 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• RSU 34 (suburban): math 81% / reading 83% proficiency, ranked #80 of 112 in ME (top 71%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• At $2,509/mo this rent would consume 53% of the median local household income ($56k/yr) (locally 334% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 36 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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 $185k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $232,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.05% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.34%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-19,783
• Equity at exit: $35,785

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $7,523
• Equity at exit: $20,751

Cash invested: $67,200 (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 04468

• Home prices YoY: -1.8%
• Active inventory: 46
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,509 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$324 /mo · $3,890/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $299

Break-even live

Break-even rent $2,130

Max offer price $240,000

Occupancy floor 83%

Sensitivity live

Price	-10% $435	-5% $367	+0% $299	+5% $231	+10% $163
Rent	-10% $101	-5% $200	+0% $299	+5% $398	+10% $497
Rate	-1.0pp $420	-0.5pp $360	base $299	+0.5pp $237	+1.0pp $174

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   pricedays on market $240,000 Active 36 DOM
2. 2026-06-19
   days on market $250,000 Active 34 DOM
3. 2026-06-18
   days on market $250,000 Active 33 DOM
4. 2026-06-17
   days on market $250,000 Active 32 DOM
5. 2026-06-16
   days on market $250,000 Active 31 DOM
6. 2026-06-15
   days on market $250,000 Active 30 DOM
7. 2026-06-14
   days on market $250,000 Active 28 DOM
8. 2026-06-13
   days on market $250,000 Active 27 DOM
9. 2026-06-10
   days on market $250,000 Active 25 DOM
10. 2026-06-09
    days on market $250,000 Active 24 DOM
11. 2026-06-08
    days on market $250,000 Active 23 DOM
12. 2026-06-07
    days on market $250,000 Active 22 DOM
13. 2026-06-02
    days on market $250,000 Active 17 DOM
14. 2026-06-01
    days on market $250,000 Active 16 DOM
15. 2026-05-31
    days on market $250,000 Active 15 DOM
16. 2026-05-30
    days on market $250,000 Active 14 DOM
17. 2026-05-16
    listed $250,000 Active
18. 2024-07-27
    price $230,000
19. 2024-06-03
    price $235,000
20. 2024-01-29
    soldstatus $185,000 Closed 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

21. 2023-12-07
    status Pending 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

22. 2023-11-28
    status Pending 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

23. 2023-11-10
    price $199,000 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

24. 2023-10-17
    price $205,000 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

25. 2023-09-22
    price $215,000 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

26. 2023-08-09
    listed $240,000 Active 1033-char remark

    Show marketing remark (1033 chars)

    Majestic 2 unit located in the heart of Old Town on the corner of a one-way street is a SOLID investment! This location is an easy walk to Downtown restaurants, shops and the waterfront park on the Mighty Penobscot river. Boat launch and airport nearby too! The University of Maine's Orono Campus Park Street entrance is located just 3.2 miles West. UMaine forest, hiking and ski trails, bike paths and excellent schools and parks are all in close proximity. This property offers a newer roof, 5 fireplaces (not in use), natural gas hwbb heat, a sunroom/ utility room, an attic with 2 rooms and an unfinished daylight basement that also had a fireplace, a cistern, and some sort of Brick barrel vault arch or oven. Back in the logging and train station days travelers stopped here for a meal I hear! With its same family ownership for nearly 50 years and gross income of $30,000 this local landmark can offer a great opportunity for you! Home is being sold as-is. The first floor unit is overdue for a good going through/updates!

27. 2011-12-19
    listed $99,900

ⓘ 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: $3,890 · $324/mo
• Projected year-2 tax: $3,890 · $324/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 ≥92°F today · 15 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: $30,105
• − Mortgage interest: −$13,444
• − Property taxes: −$3,890
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,408
• − Management: −$2,408
• − Depreciation: −$6,982
• Taxable loss: −$227
• Est. tax savings @ 24.0%: +$55
• After-tax cash flow: $3,645/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 34
• NCES district ID: 2314782
• Math proficiency: 81% ▲ 48.00%
• Reading proficiency: 83% ▲ 31.00%
• Median HH income: $39,466
• Composite: 68.31/100
• National rank: #351
• State rank: #80 of 112 in ME

Livability — Old Town

• Score: 75/100
• State rank: #38
• US rank: #3905

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Town, ME
• County: Penobscot County · 81,539 people
• City population: 9,291
• Metro: Bangor, ME
• Population (ZIP): 9,291
• Household income: $56,358
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 334.0

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 (88%)
• Race & ethnicity: White 88% Native American 6% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% 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: ▼ -5.29%
• Current HPI: 285.3183
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+150.3% since first listed

11 events — show timeline

• 2026-05-16 Listed $250,000 MREIS
• 2024-07-27 Price Changed $230,000 MREIS
• 2024-06-03 Price Changed $235,000 MREIS
• 2024-01-29 Sold (MLS) $185,000 MREIS
• 2023-12-07 Pending — MREIS
• 2023-11-28 Pending — MREIS
• 2023-11-10 Price Changed $199,000 MREIS
• 2023-10-17 Price Changed $205,000 MREIS
• 2023-09-22 Price Changed $215,000 MREIS
• 2023-08-09 Listed $240,000 MREIS
• 2011-12-19 Listed $99,900 MREIS

Property tax history

+1.4%/yr

Latest (2024): $3,890 · +0.0% YoY. Source: county tax records.