12 Gay St · Rockland, ME 04841

$435,000

5 bd · 3.0 ba · 2,287 sqft · MultiFamily public records · 253 Days on market

Built 1926 8,712 sqft lot $190/sqft · 21% above area Est $359k · 21% over ↓ 6% since listing

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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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.1/10.0
• Schools +6.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

Well-maintained tri-plex multi-family property offering a strong rental history and lasting investment value. The building features two 2-bedroom, 1-bath units and one 1 - bedroom, one bath unit, all with a functional layout and broad tenant appeal. Ideally located just a short distance from Main Street, the property provides tenants with convenient access to banks, restaurants, shops, and Rockland Harbor Its central setting offers an ideal balance of residential comfort and urban accessibility. With a proven rental record, desirable unit mix, and close proximity to Rockland's downtown amenities, this property presents an excellent opportunity for investors seeking portfolio growth or owner-occupants looking to offset expenses with rental income. The year the building was built is believed to be in 1926 not in 1826 as reported on the Tax Assessors card.

Key facts

• Functional layout
• Broad tenant appeal
• 8,712 sq ft lot

Tags

• TRI-PLEX MULTI-FAMILY PROPERTY
• STRONG RENTAL HISTORY
• LASTING INVESTMENT VALUE
• FUNCTIONAL LAYOUT
• BROAD TENANT APPEAL
• CONVENIENT ACCESS TO BANKS

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $435k).
• Recommended offer: $383k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.3% in Rockland — 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 62/100 on livability (#116 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools 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.
• Market conditions: 71 active listings in the ZIP; 160 units permitted in Knox County in 2024 (58 in 5+ unit buildings).
• At $5,263/mo this rent would consume 112% of the median local household income ($57k/yr) (locally 279% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $122k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $45k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 77% 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.

Recommended offer $382,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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 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: 1.21% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.35%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

• ARV (median comp): $359,390
• List price: $435,000
• Delta: 21.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
43 Brewster St	0.39mi	6/3.0 (+1)	2,370 (+4%)	3mo	$362,000	$153	68
354 Broadway	0.26mi	5/3.5	2,488 (+9%)	11mo	$435,000	$175	62
26 State St	0.73mi	4/3.0 (-1)	2,357 (+3%)	19mo	$415,000	$176	40

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $9,364
• Equity at exit: $64,860

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $111,024
• Equity at exit: $37,611

Cash invested: $121,800 (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 04841

• Home prices YoY: -17.8%
• Active inventory: 71
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $5,263 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$442 /mo · $5,302/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,105
• Net cashflow: $1,253

Break-even live

Break-even rent $3,676

Max offer price $435,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,602
1× unit	1	1	$1,661
Total (3 units)			$5,263

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $435,000 Active 253 DOM
2. 2026-06-17
   days on market $435,000 Active 252 DOM
3. 2026-06-16
   days on market $435,000 Active 251 DOM
4. 2026-06-15
   days on market $435,000 Active 250 DOM
5. 2026-06-14
   days on market $435,000 Active 248 DOM
6. 2026-06-10
   days on market $435,000 Active 245 DOM
7. 2026-06-09
   days on market $435,000 Active 244 DOM
8. 2026-06-08
   days on market $435,000 Active 243 DOM
9. 2026-06-07
   days on market $435,000 Active 242 DOM
10. 2026-06-03
    days on market $435,000 Active 238 DOM
11. 2026-06-02
    days on market $435,000 Active 237 DOM
12. 2026-06-01
    days on market $435,000 Active 236 DOM
13. 2026-05-31
    days on market $435,000 Active 235 DOM
14. 2026-05-31
    days on market $435,000 Active 234 DOM
15. 2026-04-15
    status Active 865-char remark

    Show marketing remark (865 chars)

    Well-maintained tri-plex multi-family property offering a strong rental history and lasting investment value. The building features two 2-bedroom, 1-bath units and one 1 - bedroom, one bath unit, all with a functional layout and broad tenant appeal. Ideally located just a short distance from Main Street, the property provides tenants with convenient access to banks, restaurants, shops, and Rockland Harbor Its central setting offers an ideal balance of residential comfort and urban accessibility. With a proven rental record, desirable unit mix, and close proximity to Rockland's downtown amenities, this property presents an excellent opportunity for investors seeking portfolio growth or owner-occupants looking to offset expenses with rental income. The year the building was built is believed to be in 1926 not in 1826 as reported on the Tax Assessors card.

16. 2026-02-21
    historical Active Under Contract 865-char remark

    Show marketing remark (865 chars)

    Well-maintained tri-plex multi-family property offering a strong rental history and lasting investment value. The building features two 2-bedroom, 1-bath units and one 1 - bedroom, one bath unit, all with a functional layout and broad tenant appeal. Ideally located just a short distance from Main Street, the property provides tenants with convenient access to banks, restaurants, shops, and Rockland Harbor Its central setting offers an ideal balance of residential comfort and urban accessibility. With a proven rental record, desirable unit mix, and close proximity to Rockland's downtown amenities, this property presents an excellent opportunity for investors seeking portfolio growth or owner-occupants looking to offset expenses with rental income. The year the building was built is believed to be in 1926 not in 1826 as reported on the Tax Assessors card.

17. 2025-11-12
    price $450,000 865-char remark

    Show marketing remark (865 chars)

    Well-maintained tri-plex multi-family property offering a strong rental history and lasting investment value. The building features two 2-bedroom, 1-bath units and one 1 - bedroom, one bath unit, all with a functional layout and broad tenant appeal. Ideally located just a short distance from Main Street, the property provides tenants with convenient access to banks, restaurants, shops, and Rockland Harbor Its central setting offers an ideal balance of residential comfort and urban accessibility. With a proven rental record, desirable unit mix, and close proximity to Rockland's downtown amenities, this property presents an excellent opportunity for investors seeking portfolio growth or owner-occupants looking to offset expenses with rental income. The year the building was built is believed to be in 1926 not in 1826 as reported on the Tax Assessors card.

18. 2025-10-08
    listed $480,000 Active 865-char remark

    Show marketing remark (865 chars)

    Well-maintained tri-plex multi-family property offering a strong rental history and lasting investment value. The building features two 2-bedroom, 1-bath units and one 1 - bedroom, one bath unit, all with a functional layout and broad tenant appeal. Ideally located just a short distance from Main Street, the property provides tenants with convenient access to banks, restaurants, shops, and Rockland Harbor Its central setting offers an ideal balance of residential comfort and urban accessibility. With a proven rental record, desirable unit mix, and close proximity to Rockland's downtown amenities, this property presents an excellent opportunity for investors seeking portfolio growth or owner-occupants looking to offset expenses with rental income. The year the building was built is believed to be in 1926 not in 1826 as reported on the Tax Assessors card.

ⓘ 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: $5,302 · $442/mo
• Projected year-2 tax: $5,609 · $467/mo
• Expected delta: +$307/yr (+$26/mo · 5.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥85°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $63,156
• − Mortgage interest: −$24,367
• − Property taxes: −$5,302
• − Insurance: −$2,175
• − Repairs & maintenance: −$5,052
• − Management: −$5,052
• − Depreciation: −$12,655
• Taxable income: $8,553
• Est. tax owed @ 24.0%: −$2,053
• After-tax cash flow: $12,989/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 13
• NCES district ID: 2314787
• Math proficiency: 77% ▲ 51.00%
• Reading proficiency: 85% ▲ 36.00%
• Median HH income: $43,177
• Composite: 67.81/100
• National rank: #363
• State rank: #84 of 112 in ME

Livability — Rockland

• Score: 62/100
• State rank: #116
• US rank: #16831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockland, ME
• County: Knox County · 7,035 people
• City population: 7,035
• Metro: nan
• Population (ZIP): 7,035
• Household income: $56,533
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 279.0

Population outlook (Knox County) Hauer SSP2

• Today (2025): 39,304 people
• By 2030: 38,497 · -2.1%
• By 2040: 36,090 · -8.2%
• By 2050: 33,681 · -14.3%
• By 2075: 29,934 · -23.8%
• By 2100: 24,633 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Slovak 12% Serbian 8% Lithuanian 5%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2%

Political lean MEDSL · Knox

• 2024 margin: D (+18.6) · D 58.2% · R 39.6% · Other 2.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 21.4pp · 2024: 18.6pp
• All cycles: 2024: D+18.6 2020: D+19.9 2016: D+14.3 2012: D+22.6 2008: D+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.90%
• Current HPI: 341.7862
• Rent YoY: —
• Metro: nan
• State GDP YoY: —
• F500 in state: 0

Price history

-6.2% since first listed

4 events — show timeline

• 2026-04-15 Relisted — MREIS
• 2026-02-21 Contingent — MREIS
• 2025-11-12 Price Changed $450,000 MREIS
• 2025-10-08 Listed $480,000 MREIS

Property tax history

+3.1%/yr

Latest (2025): $5,302 · +9.2% YoY. Source: county tax records.