22 Boardman Way · Belfast, ME 04915

$210,000

3 bd · 1.0 ba · 1,395 sqft · SingleFamily public records · 93 Days on market

Built 1977 2.00 ac lot Est $241k · 13% under ↓ 16% since listing

---

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 +18.6/30.0
• ARV discount +13.3/15.0
• Schools +6.7/10.0
• DSCR +5.8/10.0
• 1% rule +4.6/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3-bedroom, 1-bath home offering the perfect blend of convenience and country charm. Located just minutes from town, this property features a spacious 2-car garage complete with a 4-post lift, ideal for car enthusiasts or hobbyists. Enjoy peaceful surroundings with a lovely farm pond, while inside you'll find a large kitchen perfect for cooking and gathering. A wonderful opportunity to have both comfort and functionality in a great location!

Key facts

• 4-post lift
• Large kitchen
• 2-car garage

Tags

• 2-CAR GARAGE
• 4-POST LIFT
• FARM POND
• LARGE KITCHEN

Property features AI

Exterior

• Parking: Attached 2-car garage; Additional common gravel parking (1–4 spaces)
• Utilities: Private well water; Private sewer; Electric service with circuit breakers; Electric water heater; Utilities currently off
• Home design: Single family residence; Built in 1977; Pitched metal roof
• Construction: Wood frame with vinyl siding; Pitched metal roof; Full basement with interior entry and walk-out access (partial)
• Exterior features: Deck; Barn(s); Near shopping; Neighborhood setting; Rural location; Cul-de-sac lot; Level lot; Gravel and dirt road access

Interior

• Kitchen: Electric range; Refrigerator; Pantry
• Bedrooms: Primary bedroom on the first floor (approx. 12 x 14 ft); Bedroom on the first floor (approx. 11 x 9 ft); Second bedroom on the first floor (approx. 14 x 8 ft)
• Flooring: Laminate; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: First-floor bedroom; Pantry; Storage; Double-pane windows; Negotiable furnishing
• Laundry & utility: Washer hookup on main level; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (3.7% below list).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: 120 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $191,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.13%
• DSCR: 1.18
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $241,335
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Swan Lake Ave	0.16mi	3/1.0	1,364 (-2%)	19mo	$105,000	$77	73
135 Swan Lake Ave	0.58mi	2/1.0 (-1)	1,400 (+0%)	20mo	$198,750	$142	50
101 Swan Lake Ave	0.29mi	3/1.0	1,205 (-14%)	23mo	$209,000	$173	45
42 Back Searsport Rd	0.75mi	3/2.0	1,282 (-8%)	23mo	$342,000	$267	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-21,156
• Equity at exit: $31,312

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-1,857
• Equity at exit: $18,157

Cash invested: $58,800 (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: 120
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,022 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$206 /mo · $2,474/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $202

Break-even live

Break-even rent $1,766

Max offer price $210,000

Occupancy floor 85%

Sensitivity live

Price	-10% $321	-5% $262	+0% $202	+5% $143	+10% $83
Rent	-10% $42	-5% $122	+0% $202	+5% $282	+10% $362
Rate	-1.0pp $308	-0.5pp $256	base $202	+0.5pp $148	+1.0pp $92

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $210,000 Active 93 DOM
2. 2026-06-21
   days on market $210,000 Active 92 DOM
3. 2026-06-18
   days on market $210,000 Active 90 DOM
4. 2026-06-17
   days on market $210,000 Active 89 DOM
5. 2026-06-16
   days on market $210,000 Active 88 DOM
6. 2026-06-15
   days on market $210,000 Active 87 DOM
7. 2026-06-13
   days on market $210,000 Active 85 DOM
8. 2026-06-12
   remarks 453-char remark
9. 2026-06-12
   listed $210,000 Active 84 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: $2,474 · $206/mo
• Projected year-2 tax: $2,665 · $222/mo
• Expected delta: +$191/yr (+$16/mo · 7.7%)

ⓘ 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 3/10 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: $24,260
• − Mortgage interest: −$11,763
• − Property taxes: −$2,474
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − Depreciation: −$6,109
• Taxable loss: −$1,018
• Est. tax savings @ 24.0%: +$244
• After-tax cash flow: $2,671/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

-16.0% since first listed

6 events — show timeline

• 2026-06-11 Relisted — MREIS
• 2025-11-08 Delisted — MREIS
• 2025-10-01 Price Changed $210,000 MREIS
• 2025-09-23 Price Changed $219,900 MREIS
• 2025-09-10 Price Changed $224,900 MREIS
• 2025-08-19 Listed $249,900 MREIS

Property tax history

+4.7%/yr

Latest (2025): $2,474 · +6.1% YoY. Source: county tax records.