700 Warren Hill Rd · Palmyra, ME 04965

$67,000

2 bd · 1.0 ba · 1,216 sqft · Other · 385 Days on market

Built 1900 1.00 ac lot $55/sqft · 67% below area ↓ 15% since listing

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Diamond in the rough property with endless potential! Property is not currently habitable. Due to the condition of the property, a renovation mortgage or CASH will be needed to purchase. Value is primarily in the land This is a limited service listing.

Key facts

• 1 acre lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $67k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• RSU 19 (rural): math 73% / reading 81% proficiency, ranked #96 of 112 in ME (top 86%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 16 active listings in the ZIP; 129 units permitted in Somerset County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($463 loan paydown + $4k appreciation (6.1% local appreciation)).
• Somerset County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 385 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $58,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 385 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 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: 1.88% ✓
• Cap rate: 15.55%
• Cash-on-cash: 33.04%
• DSCR: 2.47
• GRM: 4.4

CMA / ARV

• ARV (median comp): $200,389
• List price: $67,000
• Delta: -66.57%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

6.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 43.8%
• Equity multiple: 3.82×
• Total profit: $52,846
• Equity at exit: $42,724

10-year hold

• IRR: 40.7%
• Equity multiple: 7.91×
• Total profit: $129,591
• Equity at exit: $78,007

Cash invested: $18,760 (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 04965

• Home prices YoY: 2.7%
• Active inventory: 16
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$351
• Tax from tax record: −$101 /mo · $1,211/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $517

Break-even live

Break-even rent $608

Max offer price $67,000

Occupancy floor 54%

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $67,000 Active 385 DOM
2. 2026-06-17
   days on market $67,000 Active 384 DOM
3. 2026-06-16
   days on market $67,000 Active 383 DOM
4. 2026-06-15
   days on market $67,000 Active 382 DOM
5. 2026-06-14
   days on market $67,000 Active 380 DOM
6. 2026-06-13
   days on market $67,000 Active 379 DOM
7. 2026-06-10
   days on market $67,000 Active 377 DOM
8. 2026-06-09
   days on market $67,000 Active 376 DOM
9. 2026-06-08
   days on market $67,000 Active 375 DOM
10. 2026-06-07
    days on market $67,000 Active 374 DOM
11. 2026-06-05
    days on market $67,000 Active 371 DOM
12. 2026-06-03
    days on market $67,000 Active 370 DOM
13. 2026-06-02
    days on market $67,000 Active 369 DOM
14. 2026-06-01
    days on market $67,000 Active 368 DOM
15. 2026-05-31
    days on market $67,000 Active 367 DOM
16. 2026-05-30
    days on market $67,000 Active 366 DOM
17. 2026-04-21
    price $67,000 255-char remark

    Show marketing remark (255 chars)

    Diamond in the rough property with endless potential! Property is not currently habitable. Due to the condition of the property, a renovation mortgage or CASH will be needed to purchase. Value is primarily in the land This is a limited service listing.

18. 2025-05-29
    listed $73,150 Active 255-char remark

    Show marketing remark (255 chars)

    Diamond in the rough property with endless potential! Property is not currently habitable. Due to the condition of the property, a renovation mortgage or CASH will be needed to purchase. Value is primarily in the land This is a limited service listing.

19. 2025-04-05
    price $71,700
20. 2025-03-25
    price $71,900
21. 2025-03-23
    price $72,200
22. 2025-03-19
    price $72,400
23. 2025-03-13
    price $72,800
24. 2025-03-06
    price $73,200
25. 2025-02-27
    price $73,400
26. 2025-02-17
    price $73,600
27. 2025-02-16
    price $73,700
28. 2025-02-14
    price $73,800
29. 2025-02-12
    price $73,900
30. 2025-02-03
    price $74,000
31. 2025-01-24
    price $78,800
32. 2024-12-28
    price $79,000

ⓘ 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: $1,211 · $101/mo
• Projected year-2 tax: $1,211 · $101/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: $15,141
• − Mortgage interest: −$3,753
• − Property taxes: −$1,211
• − Insurance: −$335
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$1,949
• Taxable income: $5,470
• Est. tax owed @ 24.0%: −$1,313
• After-tax cash flow: $4,886/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 19
• NCES district ID: 2314785
• Math proficiency: 73% ▲ 53.00%
• Reading proficiency: 81% ▲ 39.00%
• Median HH income: $41,866
• Composite: 64.37/100
• National rank: #548
• State rank: #96 of 112 in ME

Livability — Palmyra

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

Census & demographics

• Population (ZIP): 2,150

Population outlook (Somerset County) Hauer SSP2

• Today (2025): 48,335 people
• By 2030: 46,268 · -4.3%
• By 2040: 41,276 · -14.6%
• By 2050: 36,137 · -25.2%
• By 2075: 26,408 · -45.4%
• By 2100: 18,836 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Lithuanian 9% Romanian 2% Portuguese 1%
• Foreign-born: 2%

Political lean MEDSL · Somerset

• 2024 margin: Strong R (+27.1) · D 35.6% · R 62.7% · Other 1.7%
• 2008→2024 swing: -32.8pp toward R · 2008: 5.7pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+23.4 2016: R+22.8 2012: D+1.7 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.14%
• Current HPI: 230.6987
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-15.2% since first listed

16 events — show timeline

• 2026-04-21 Price Changed $67,000 MREIS
• 2025-05-29 Listed $73,150 MREIS
• 2025-04-05 Price Changed $71,700 MREIS
• 2025-03-25 Price Changed $71,900 MREIS
• 2025-03-23 Price Changed $72,200 MREIS
• 2025-03-19 Price Changed $72,400 MREIS
• 2025-03-13 Price Changed $72,800 MREIS
• 2025-03-06 Price Changed $73,200 MREIS
• 2025-02-27 Price Changed $73,400 MREIS
• 2025-02-17 Price Changed $73,600 MREIS
• 2025-02-16 Price Changed $73,700 MREIS
• 2025-02-14 Price Changed $73,800 MREIS
• 2025-02-12 Price Changed $73,900 MREIS
• 2025-02-03 Price Changed $74,000 MREIS
• 2025-01-24 Price Changed $78,800 MREIS
• 2024-12-28 Price Changed $79,000 MREIS

Property tax history

+2.8%/yr

Latest (2025): $1,211 · +8.0% YoY. Source: county tax records.