12 Spruce Gum Ln · Boothbay Harbor, ME 04548

$359,900

2 bd · 1.0 ba · 1,200 sqft · MultiFamily · 66 Days on market

Built 1950 4,356 sqft lot $300/sqft · 36% below area Est $566k · 36% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +8.0/10.0
• Livability +4.0/5.0
• Cash flow +3.3/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +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

Tucked along a quiet, coastal lane in Georgetown, this charming retreat offers something that's getting harder and harder to find: simplicity, character, and a true connection to the water. With 2 bedrooms, 1 full bathroom, and just over 1,200 square feet, this 1950-built cottage feels both cozy and functional. 12 Spruce Gum Lane is ideal as a low-maintenance primary residence, weekend escape, or income-producing rental. But the real magic here isn't just inside. A deeded right-of-way to Harmons Harbor gives you direct access to the kind of Maine lifestyle people come here chasing. Imagine morning coffee with salt air, spontaneous kayak or paddleboard launches, and evenings that stretch just a little longer by the water. Set on a manageable lot along a private road, the property offers a mix of open and wooded surroundings. Small but mighty, it feels private enough to feel like an escape, without the upkeep that comes with larger parcels. And when you do feel like venturing out, you're just minutes from some of Midcoast Maine's most loved destinations including Five Islands Wharf, Reid State Park, and miles of preserved land, trails, and shoreline. Whether you're looking for a smart investment, a coastal getaway, or a place to slow things down (just a little), this one quietly checks all the boxes.

Key facts

• Private road
• Deeded right-of-way
• 4,356 sq ft lot

Tags

• DEEDED RIGHT-OF-WAY
• DIRECT ACCESS TO WATER
• PRIVATE ROAD
• OPEN AND WOODED SURROUNDINGS
• INCOME-PRODUCING RENTAL
• CLOSE TO PRESERVED LAND

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (55.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (64.9% below list).
• Recommended offer: $126k (64.9% below list) — sets the bar for 1% rule.
• Cap rate 2.6% vs local median 0.8% in Boothbay Harbor — 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 79/100 on livability (#21 in ME, #2,119 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, cost of living A; Watch: commute F.
• Georgetown Public Schools (rural): math 95% / reading 95% proficiency, ranked #9 of 112 in ME (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Georgetown Central School (math 90% / reading 90%, grade A+, #42 of 294 statewide, top 17%, 51 students, 31% FRL).
• Market conditions: 16 active listings in the ZIP; 193 units permitted in Sagadahoc County in 2024 (56 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Sagadahoc County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $19k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,371 (64.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 65% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.35% ✗
• Cap rate: 2.56%
• Cash-on-cash: -13.34%
• DSCR: 0.41
• GRM: 23.7

CMA / ARV

• ARV (median comp): $565,723
• List price: $359,900
• Delta: -36.38%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.0%
• Equity multiple: 2.24×
• Total profit: $124,476
• Equity at exit: $324,226

10-year hold

• IRR: 14.7%
• Equity multiple: 5.19×
• Total profit: $422,241
• Equity at exit: $699,207

Cash invested: $100,772 (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 04548

• Home prices YoY: 27.1%
• Active inventory: 16
• Price-to-rent: 23.7×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$81 /mo · $971/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-1,120

Break-even live

Break-even rent $2,681

Max offer price $162,065

Occupancy floor —

Sensitivity live

Price	-10% $-916	-5% $-1,018	+0% $-1,120	+5% $-1,222	+10% $-1,324
Rent	-10% $-1,220	-5% $-1,170	+0% $-1,120	+5% $-1,070	+10% $-1,020
Rate	-1.0pp $-939	-0.5pp $-1,028	base $-1,120	+0.5pp $-1,213	+1.0pp $-1,308

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-22
   days on market $359,900 Active 66 DOM
2. 2026-06-21
   days on market $359,900 Active 65 DOM
3. 2026-06-21
   days on market $359,900 Active 64 DOM
4. 2026-06-18
   days on market $359,900 Active 62 DOM
5. 2026-06-17
   price $359,900 Active 61 DOM
6. 2026-06-17
   days on market $369,000 Active 61 DOM
7. 2026-06-16
   days on market $369,000 Active 60 DOM
8. 2026-06-15
   days on market $369,000 Active 59 DOM
9. 2026-06-13
   days on market $369,000 Active 57 DOM
10. 2026-06-12
    days on market $369,000 Active 56 DOM
11. 2026-06-09
    days on market $369,000 Active 53 DOM
12. 2026-06-08
    days on market $369,000 Active 52 DOM
13. 2026-06-07
    days on market $369,000 Active 51 DOM
14. 2026-06-05
    days on market $369,000 Active 49 DOM
15. 2026-06-04
    days on market $369,000 Active 47 DOM
16. 2026-06-02
    days on market $369,000 Active 46 DOM
17. 2026-06-01
    days on market $369,000 Active 45 DOM
18. 2026-05-31
    days on market $369,000 Active 44 DOM
19. 2026-05-31
    days on market $369,000 Active 43 DOM
20. 2026-05-17
    historical Active Under Contract 1319-char remark

    Show marketing remark (1319 chars)

    Tucked along a quiet, coastal lane in Georgetown, this charming retreat offers something that's getting harder and harder to find: simplicity, character, and a true connection to the water. With 2 bedrooms, 1 full bathroom, and just over 1,200 square feet, this 1950-built cottage feels both cozy and functional. 12 Spruce Gum Lane is ideal as a low-maintenance primary residence, weekend escape, or income-producing rental. But the real magic here isn't just inside. A deeded right-of-way to Harmons Harbor gives you direct access to the kind of Maine lifestyle people come here chasing. Imagine morning coffee with salt air, spontaneous kayak or paddleboard launches, and evenings that stretch just a little longer by the water. Set on a manageable lot along a private road, the property offers a mix of open and wooded surroundings. Small but mighty, it feels private enough to feel like an escape, without the upkeep that comes with larger parcels. And when you do feel like venturing out, you're just minutes from some of Midcoast Maine's most loved destinations including Five Islands Wharf, Reid State Park, and miles of preserved land, trails, and shoreline. Whether you're looking for a smart investment, a coastal getaway, or a place to slow things down (just a little), this one quietly checks all the boxes.

21. 2026-05-06
    status Active 1319-char remark

    Show marketing remark (1319 chars)

    Tucked along a quiet, coastal lane in Georgetown, this charming retreat offers something that's getting harder and harder to find: simplicity, character, and a true connection to the water. With 2 bedrooms, 1 full bathroom, and just over 1,200 square feet, this 1950-built cottage feels both cozy and functional. 12 Spruce Gum Lane is ideal as a low-maintenance primary residence, weekend escape, or income-producing rental. But the real magic here isn't just inside. A deeded right-of-way to Harmons Harbor gives you direct access to the kind of Maine lifestyle people come here chasing. Imagine morning coffee with salt air, spontaneous kayak or paddleboard launches, and evenings that stretch just a little longer by the water. Set on a manageable lot along a private road, the property offers a mix of open and wooded surroundings. Small but mighty, it feels private enough to feel like an escape, without the upkeep that comes with larger parcels. And when you do feel like venturing out, you're just minutes from some of Midcoast Maine's most loved destinations including Five Islands Wharf, Reid State Park, and miles of preserved land, trails, and shoreline. Whether you're looking for a smart investment, a coastal getaway, or a place to slow things down (just a little), this one quietly checks all the boxes.

22. 2026-05-01
    historical Active Under Contract 1319-char remark

    Show marketing remark (1319 chars)

    Tucked along a quiet, coastal lane in Georgetown, this charming retreat offers something that's getting harder and harder to find: simplicity, character, and a true connection to the water. With 2 bedrooms, 1 full bathroom, and just over 1,200 square feet, this 1950-built cottage feels both cozy and functional. 12 Spruce Gum Lane is ideal as a low-maintenance primary residence, weekend escape, or income-producing rental. But the real magic here isn't just inside. A deeded right-of-way to Harmons Harbor gives you direct access to the kind of Maine lifestyle people come here chasing. Imagine morning coffee with salt air, spontaneous kayak or paddleboard launches, and evenings that stretch just a little longer by the water. Set on a manageable lot along a private road, the property offers a mix of open and wooded surroundings. Small but mighty, it feels private enough to feel like an escape, without the upkeep that comes with larger parcels. And when you do feel like venturing out, you're just minutes from some of Midcoast Maine's most loved destinations including Five Islands Wharf, Reid State Park, and miles of preserved land, trails, and shoreline. Whether you're looking for a smart investment, a coastal getaway, or a place to slow things down (just a little), this one quietly checks all the boxes.

23. 2026-04-17
    listed $379,000 Active 1319-char remark

    Show marketing remark (1319 chars)

    Tucked along a quiet, coastal lane in Georgetown, this charming retreat offers something that's getting harder and harder to find: simplicity, character, and a true connection to the water. With 2 bedrooms, 1 full bathroom, and just over 1,200 square feet, this 1950-built cottage feels both cozy and functional. 12 Spruce Gum Lane is ideal as a low-maintenance primary residence, weekend escape, or income-producing rental. But the real magic here isn't just inside. A deeded right-of-way to Harmons Harbor gives you direct access to the kind of Maine lifestyle people come here chasing. Imagine morning coffee with salt air, spontaneous kayak or paddleboard launches, and evenings that stretch just a little longer by the water. Set on a manageable lot along a private road, the property offers a mix of open and wooded surroundings. Small but mighty, it feels private enough to feel like an escape, without the upkeep that comes with larger parcels. And when you do feel like venturing out, you're just minutes from some of Midcoast Maine's most loved destinations including Five Islands Wharf, Reid State Park, and miles of preserved land, trails, and shoreline. Whether you're looking for a smart investment, a coastal getaway, or a place to slow things down (just a little), this one quietly checks all the boxes.

24. 2025-09-26
    price $349,000
25. 2025-08-28
    price $377,000
26. 2025-07-04
    price $399,000
27. 2022-06-10
    soldstatus $345,500 Closed
28. 2022-05-10
    status Pending
29. 2022-04-27
    listed $330,000 Active

ⓘ 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: $971 · $81/mo
• Projected year-2 tax: $2,933 · $244/mo
• Expected delta: +$1,962/yr (+$163/mo · 202.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥84°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,165
• − Mortgage interest: −$20,160
• − Property taxes: −$971
• − Insurance: −$1,800
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$10,470
• Taxable loss: −$20,662
• Est. tax savings @ 24.0%: +$4,959
• After-tax cash flow: $-8,480/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: Georgetown Public Schools
• NCES district ID: 2305970
• Math proficiency: 95% ▲ 50.00%
• Reading proficiency: 95% ▲ 45.00%
• Median HH income: $53,433
• Composite: 80.43/100
• National rank: #48
• State rank: #9 of 112 in ME

Livability — Boothbay Harbor

• Score: 79/100
• State rank: #21
• US rank: #2119

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,688
• Population (ZIP): 913

Population outlook (Sagadahoc County) Hauer SSP2

• Today (2025): 34,670 people
• By 2030: 34,001 · -1.9%
• By 2040: 31,757 · -8.4%
• By 2050: 28,504 · -17.8%
• By 2075: 21,252 · -38.7%
• By 2100: 12,895 · -62.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 8% Slovak 4% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Sagadahoc

• 2024 margin: D (+16.6) · D 57.2% · R 40.5% · Other 2.3%
• 2008→2024 swing: +0.5pp no change · 2008: 16.1pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+15.7 2016: D+6.4 2012: D+16.4 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 50.04%
• Current HPI: 234.69
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+14.8% since first listed

10 events — show timeline

• 2026-05-17 Contingent — MREIS
• 2026-05-06 Relisted — MREIS
• 2026-05-01 Contingent — MREIS
• 2026-04-17 Listed $379,000 MREIS
• 2025-09-26 Price Changed $349,000 MREIS
• 2025-08-28 Price Changed $377,000 MREIS
• 2025-07-04 Price Changed $399,000 MREIS
• 2022-06-10 Sold (MLS) $345,500 MREIS
• 2022-05-10 Pending — MREIS
• 2022-04-27 Listed $330,000 MREIS

Property tax history

+4.5%/yr

Latest (2025): $971 · +4.3% YoY. Source: county tax records.