70 Harris Hill Rd

Auburn, ME 04274

$129,000B-

3 bd · 1.0 ba · 924 sqft · Built 1977 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,498/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $252/mo
• Annual: $3,028/yr
• Cap rate: 9.16%
• Cash-on-cash: 10.23%
• DSCR: 1.46
• 1% rule: 1.16%
• Cash to close: $36,120

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $129k.
• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#30 in ME, #2,984 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F.
• RSU 16 (rural): math 79% / reading 83% proficiency, ranked #73 of 112 in ME (top 65%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Poland Community School (math 76% / reading 85%, grade A+, #176 of 294 statewide, top 60%, 436 students, 38% FRL); Bruce M Whittier Middle School (math 81% / reading 84%, grade A+, #51 of 85 statewide, top 61%, 281 students, 36% FRL); Poland Regional H S (math 87% / reading 87%, grade A, #66 of 108 statewide, top 68%, 535 students, 30% FRL) — zoned schools at 35% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 38 active listings in the ZIP; 358 units permitted in Androscoggin County in 2024 (57 in 5+ unit buildings).
• Androscoggin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.