15 Brooke Ave · Belfast, ME 04915

$125,000

3 bd · 2.0 ba · 840 sqft · MultiFamily public records · 9 Days on market

Built 2023 $795/mo HOA · 51% of rent

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• Livability +4.1/5.0
• 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

New 2023 Marlette 16x66 3 Bedroom, 2 Bath Singlewide Mh all set Hyland Estates MH park. Close to downtown, shopping & waterfront. Home is on a concrete slab tied down, Vinyl skirting, 2 sets of steps & 8x 8 shed. Lot is rented buyers must have park owners approval. Real Estate taxes are estimated.

Key facts

• Belfast rail trail
• Open-concept kitchen
• Storage shed

Tags

• OPEN-CONCEPT KITCHEN
• RAMP-ACCESSIBLE ENTRANCE
• STORAGE SHED
• BELFAST RAIL TRAIL
• NEARBY PARKS
• PUBLIC BOAT LAUNCHES

Property features AI

Finance

• Financial info: Land lease: Yes
• HOA & community: Association with monthly fee of $795

Exterior

• Parking: On-site paved parking with 1–4 spaces
• Utilities: Public water; Septic tank sewer; Electric service with circuit breakers; Electric tank water heater
• Home design: Mobile Home (single wide); Built in 2023; Pitched shingle roof; Entry on first floor; Facing direction not specified
• Construction: Vinyl siding; Slab foundation; Single wide mobile home; Model: 56GEM16663AH23 (Marlette)
• Exterior features: Located in a mobile home park (Hyland Estates Mobile Home Park); Outbuilding; Paved road access

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Breakfast nook
• Bedrooms: Primary bedroom on the first floor with full bath and closet; Bedroom 2 on the first floor with closet; Bedroom 3 on the first floor with closet
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: One-floor living; First-floor primary bedroom with full bath; Bathtub; Storage; Accessible approach with ramp; Unfurnished
• Laundry & utility: Washer hookup on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $820 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 14.2% vs local median 2.5% in Belfast — 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 82/100 on livability (#14 in ME, #1,247 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, health & safety A+; Watch: commute C-, schools D+, amenities F.
• RSU 71 (town): math 79% / reading 82% proficiency, ranked #85 of 112 in ME (top 76%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 119 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• 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 $125,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 2.48% ✓
• Cap rate: 14.17%
• Cash-on-cash: 28.12%
• DSCR: 2.25
• GRM: 3.4

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: 22.6%
• Equity multiple: 1.93×
• Total profit: $32,506
• Equity at exit: $18,638

10-year hold

• IRR: 30.7%
• Equity multiple: 3.79×
• Total profit: $97,679
• Equity at exit: $10,808

Cash invested: $35,000 (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 04915

• Home prices YoY: -15.1%
• Active inventory: 119
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,101 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$127 /mo · $1,523/yr
• Insurance: −$52
• HOA: −$795
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $820

Break-even live

Break-even rent $2,063

Max offer price $125,000

Occupancy floor 69%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,100
Total (2 units)			$3,101

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $795 · $9,540/yr
• Likely covers: water

Listing history 9 events

1. 2026-06-18
   price $125,000 Active 9 DOM
2. 2026-06-18
   days on market $140,000 Active 9 DOM
3. 2026-06-17
   days on market $140,000 Active 8 DOM
4. 2026-06-16
   days on market $140,000 Active 7 DOM
5. 2026-06-15
   days on market $140,000 Active 6 DOM
6. 2026-06-13
   days on market $140,000 Active 4 DOM
7. 2026-06-12
   days on market $140,000 Active 3 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $140,000 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: $1,523 · $127/mo
• Projected year-2 tax: $1,612 · $134/mo
• Expected delta: +$88/yr (+$7/mo · 5.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°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: $37,212
• − Mortgage interest: −$7,002
• − Property taxes: −$1,523
• − Insurance: −$625
• − Repairs & maintenance: −$2,977
• − Management: −$2,977
• − HOA: −$9,540
• − Depreciation: −$3,636
• Taxable income: $8,932
• Est. tax owed @ 24.0%: −$2,144
• After-tax cash flow: $7,700/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 71
• NCES district ID: 2314822
• Math proficiency: 79% ▲ 55.00%
• Reading proficiency: 82% ▲ 34.00%
• Median HH income: $43,774
• Composite: 67.47/100
• National rank: #374
• State rank: #85 of 112 in ME

Livability — Belfast

• Score: 82/100
• State rank: #14
• US rank: #1247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belfast, ME
• City population: 9,030
• Population (ZIP): 9,030

Population outlook (Waldo County) Hauer SSP2

• Today (2025): 39,611 people
• By 2030: 39,475 · -0.3%
• By 2040: 38,245 · -3.4%
• By 2050: 36,078 · -8.9%
• By 2075: 29,774 · -24.8%
• By 2100: 22,172 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 1%
• Common ancestry: Lithuanian 8% Slovak 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 2% Chinese 1%

Political lean MEDSL · Waldo

• 2024 margin: Toss-up / Even · D 50.4% · R 47.0% · Other 2.6%
• 2008→2024 swing: -8.3pp toward R · 2008: 11.6pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+4.7 2016: D+0.3 2012: D+10.7 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.00%
• Current HPI: 258.9162
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+12.0% since first listed

2 events — show timeline

• 2026-06-09 Listed $140,000 MREIS
• 2023-05-31 Sold (MLS) $125,000 MREIS

Property tax history

+12.9%/yr

Latest (2025): $1,523 · +6.1% YoY. Source: county tax records.