62 Main St · Jay, ME 04239

$89,000

7 bd · 3.0 ba · 1,120 sqft · Other public records · 90 Days on market

Built 1900 10,454 sqft lot $79/sqft · 20% above area ↓ 15% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

Key facts

• Three unit property
• Rehab opportunity
• Town water and sewer

Tags

• THREE UNIT PROPERTY
• REHAB OPPORTUNITY
• SPACIOUS LAYOUT
• LOCAL AMENITIES
• TOWN WATER AND SEWER
• LOADED WITH APPLIANCES

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath other listed at $89k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• RSU 73 (rural): math 75% / reading 81% proficiency, ranked #91 of 112 in ME (top 81%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 31 active listings in the ZIP; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($615 loan paydown + $9k appreciation (10.0% local appreciation)).
• Franklin County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $16k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $83,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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.
6. 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.
7. 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: 1.42% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.76%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (median comp): $192,207
• List price: $89,000
• Delta: -53.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 38.2%
• Equity multiple: 3.94×
• Total profit: $73,297
• Equity at exit: $80,178

10-year hold

• IRR: 32.9%
• Equity multiple: 8.88×
• Total profit: $196,362
• Equity at exit: $172,907

Cash invested: $24,920 (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 04239

• Home prices YoY: 5.3%
• Active inventory: 31
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $390

Break-even live

Break-even rent $766

Max offer price $89,000

Occupancy floor 64%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $89,000 Active 90 DOM
2. 2026-06-17
   days on market $89,000 Active 89 DOM
3. 2026-06-16
   days on market $89,000 Active 88 DOM
4. 2026-06-15
   days on market $89,000 Active 87 DOM
5. 2026-06-13
   days on market $89,000 Active 85 DOM
6. 2026-06-12
   days on market $89,000 Active 84 DOM
7. 2026-06-09
   days on market $89,000 Active 81 DOM
8. 2026-06-08
   days on market $89,000 Active 80 DOM
9. 2026-06-07
   days on market $89,000 Active 79 DOM
10. 2026-06-07
    days on market $89,000 Active 78 DOM
11. 2026-06-04
    days on market $89,000 Active 75 DOM
12. 2026-06-02
    days on market $89,000 Active 74 DOM
13. 2026-06-01
    days on market $89,000 Active 73 DOM
14. 2026-05-31
    days on market $89,000 Active 72 DOM
15. 2026-05-31
    days on market $89,000 Active 71 DOM
16. 2026-05-06
    status Active 802-char remark

    Show marketing remark (802 chars)

    Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

17. 2025-12-05
    historical 802-char remark

    Show marketing remark (802 chars)

    Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

18. 2025-11-17
    status Active 802-char remark

    Show marketing remark (802 chars)

    Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

19. 2025-11-06
    status Pending 802-char remark

    Show marketing remark (802 chars)

    Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

20. 2025-10-14
    price $89,000 802-char remark

    Show marketing remark (802 chars)

    Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

21. 2025-10-07
    listed $105,000 Active 802-char remark

    Show marketing remark (802 chars)

    Attention investors and contractors and DIY minded individuals! This three-unit property is a prime opportunity for a rehab and significant value-add. While the building needs total rehab and repairs, the potential is undeniable. Each unit offers a spacious layout, making it an excellent candidate for a flip, rental income, or a long-term hold after renovation. Located in a convenient area near local amenities with town water and sewer, This property is a blank slate with endless potential, ready for a full transformation inside and out. Property being Sold as-is and loaded with appliances ( some brand new in the box) and various fixtures, doors, windows, tools, wood working equipment and a plethora of unique ornamental and structural add-ons. Bring your tool belt start your project today.

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,220 · $102/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $15,115
• − Mortgage interest: −$4,985
• − Property taxes: −$1,220
• − Insurance: −$445
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$2,589
• Taxable income: $3,457
• Est. tax owed @ 24.0%: −$830
• After-tax cash flow: $3,845/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 73
• NCES district ID: 2314805
• Math proficiency: 75% ▲ 50.00%
• Reading proficiency: 81% ▲ 38.00%
• Median HH income: $44,547
• Composite: 65.46/100
• National rank: #477
• State rank: #91 of 112 in ME

Livability — Jay

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Chisholm, ME
• Population (ZIP): 4,644

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 28,948 people
• By 2030: 27,889 · -3.7%
• By 2040: 25,275 · -12.7%
• By 2050: 22,770 · -21.3%
• By 2075: 18,980 · -34.4%
• By 2100: 16,816 · -41.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Asian 2%
• Common ancestry: Lithuanian 10% Italian 4% German 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2% Tagalog/Filipino 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+8.2) · D 44.8% · R 53.0% · Other 2.2%
• 2008→2024 swing: -28.5pp toward R · 2008: 20.3pp · 2024: -8.2pp
• All cycles: 2024: R+8.2 2020: R+3.9 2016: R+5.5 2012: D+18.5 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.17%
• Current HPI: 279.4231
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-15.2% since first listed

6 events — show timeline

• 2026-05-06 Relisted — MREIS
• 2025-12-05 Delisted — MREIS
• 2025-11-17 Relisted — MREIS
• 2025-11-06 Pending — MREIS
• 2025-10-14 Price Changed $89,000 MREIS
• 2025-10-07 Listed $105,000 MREIS

Property tax history

+3.9%/yr

Latest (2025): $1,220 · +9.4% YoY. Source: county tax records.