683 River Rd

Bucksport, ME 04416

$247,500F

3 bd · 2.0 ba · 1,456 sqft · Built 2004 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,479/mo
• Mortgage (P&I): −$1,298
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-411/mo
• Annual: $-4,933/yr
• Cap rate: 4.30%
• Cash-on-cash: -7.12%
• DSCR: 0.68
• 1% rule: 0.60%
• Cash to close: $69,300

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $248k.
• At list price, monthly cash flow is $-411 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (29.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (40.2% below list).
• It's been on market 24 days — a 2% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (40.2% 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 67/100 on livability (#94 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• RSU 25 (rural): math 81% / reading 84% proficiency, ranked #72 of 112 in ME (top 64%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Miles Lane School (math 82% / reading 82%, grade A+, #155 of 294 statewide, top 59%, 300 students, 50% FRL); Bucksport Middle School (math 80% / reading 83%, grade A+, #56 of 85 statewide, top 67%, 282 students, 45% FRL); Bucksport High School (math 87% / reading 92%, grade A+, #56 of 108 statewide, top 60%, 356 students, 42% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 79 active listings in the ZIP; 270 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $208k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.