52 Main St

Thomaston, ME 04861

$245,000D

3 bd · 1.0 ba · 1,818 sqft · Built 1800 · SingleFamily · Active · 494 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,666/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$331
• HOA: −$0
• Vac / Maint / Mgmt: −$350
• Net cashflow: $-300/mo
• Annual: $-3,594/yr
• Cap rate: 4.83%
• Cash-on-cash: -5.24%
• DSCR: 0.77
• 1% rule: 0.68%
• Cash to close: $68,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $245k.
• At list price, monthly cash flow is $-300 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (21.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (32.0% below list).
• It's been on market 494 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (32.0% below list) — sets the bar for 1% rule.
• 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.
• Location reads 72/100 on livability (#53 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• RSU 13 (town): math 77% / reading 85% proficiency, ranked #84 of 112 in ME (top 75%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Oceanside Middle School (math 74% / reading 86%, grade A+, #59 of 85 statewide, top 71%, 349 students, 52% FRL); Oceanside High School (math 82% / reading 87%, grade A, #75 of 108 statewide, top 83%, 525 students, 50% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 160 units permitted in Knox County in 2024 (58 in 5+ unit buildings).
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $65k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 494 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1800 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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.