51 Northern Ave · Farmingdale, ME 04345

$295,000

4 bd · 1.5 ba · 1,600 sqft · MultiFamily · 10 Days on market

Built 1900 6,969 sqft 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 +23.8/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• 1% rule +5.5/10.0
• Livability +3.4/5.0
• 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

Excellent location! This well maintained three bedroom, one and a half bath Cape offers comfort, space, and convenience in a desirable Farmingdale location. Featuring many updates throughout, this home offers spacious open rooms, a full basement, and efficient boiler heat. Enjoy the two-car garage with overhead storage, providing plenty of room for vehicles and extra storage. Outside, you'll find a pleasant, landscaped yard perfect for relaxing or entertaining. Conveniently located close to amenities while offering a comfortable neighborhood setting.

Key facts

• Desirable location
• Full basement
• Landscaped yard

Tags

• FULL BASEMENT
• TWO-CAR GARAGE
• LANDSCAPED YARD
• DESIRABLE LOCATION
• COMFORTABLE NEIGHBORHOOD

Property features AI

Exterior

• Parking: Detached 2-car garage; Gravel parking with 1–4 spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1900
• Construction: Wood frame construction with aluminum and vinyl siding; Metal roof; 1,600 total building area
• Exterior features: Paved road access; Near town

Interior

• Kitchen: Kitchen on the first level
• Bedrooms: Bedroom 1 (first level); Bedroom 2 (second level); Bedroom 3 (second level); Bedroom 4 (second level)
• Flooring: Vinyl flooring; Engineered hardwood flooring
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Baseboard heating; Circuit breaker electrical system; Water heater tied to the heating system
• Interior features: Seven total rooms; Full, unfinished basement with interior entry and bulkhead
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).

Location & tenants

• Location reads 67/100 on livability (#90 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D-, amenities F.
• RSU 02 (rural): math 83% / reading 87% proficiency, ranked #52 of 112 in ME (top 46%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 2 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.05% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.20%
• DSCR: 1.36
• GRM: 7.9

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-11,910
• Equity at exit: $43,985

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $35,718
• Equity at exit: $25,506

Cash invested: $82,600 (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 04345

• Home prices YoY: -6.0%
• Active inventory: 2
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $3,103 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$217 /mo · $2,606/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $564

Break-even live

Break-even rent $2,389

Max offer price $295,000

Occupancy floor 77%

Sensitivity live

Price	-10% $731	-5% $648	+0% $564	+5% $481	+10% $397
Rent	-10% $319	-5% $442	+0% $564	+5% $687	+10% $809
Rate	-1.0pp $713	-0.5pp $639	base $564	+0.5pp $488	+1.0pp $410

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,102
Total (2 units)			$3,103

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $295,000 Active 10 DOM
2. 2026-06-18
   days on market $295,000 Active 9 DOM
3. 2026-06-17
   days on market $295,000 Active 8 DOM
4. 2026-06-16
   days on market $295,000 Active 7 DOM
5. 2026-06-15
   days on market $295,000 Active 6 DOM
6. 2026-06-14
   days on market $295,000 Active 4 DOM
7. 2026-06-12
   remarks 556-char remark
8. 2026-06-12
   listed $295,000 Active 3 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: $2,606 · $217/mo
• Projected year-2 tax: $3,309 · $276/mo
• Expected delta: +$703/yr (+$59/mo · 27.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $37,236
• − Mortgage interest: −$16,525
• − Property taxes: −$2,606
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,979
• − Management: −$2,979
• − Depreciation: −$8,582
• Taxable income: $2,091
• Est. tax owed @ 24.0%: −$502
• After-tax cash flow: $6,269/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 02
• NCES district ID: 2314776
• Math proficiency: 83% ▲ 56.00%
• Reading proficiency: 87% ▲ 34.00%
• Median HH income: $52,565
• Composite: 72.04/100
• National rank: #208
• State rank: #52 of 112 in ME

Livability — Farmingdale

• Score: 67/100
• State rank: #90
• US rank: #10153

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmingdale, ME
• Population (ZIP): 12,363

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Lithuanian 12% Scottish 5% Slovak 4%
• Foreign-born: 2% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.43%
• Current HPI: 395.1309
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-09 Listed $295,000 MREIS

Property tax history

+4.9%/yr

Latest (2025): $2,606 · -3.1% YoY. Source: county tax records.