22 Grove St · Newport, ME 04953

$229,000

3 bd · 1.5 ba · 1,488 sqft · SingleFamily · 14 Days on market

Built 1986 0.26 ac lot Est $232k · at est.

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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 +12.2/30.0
• Appreciation +10.0/10.0
• ARV discount +8.1/15.0
• Schools +6.4/10.0
• DSCR +3.6/10.0
• 1% rule +3.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This lovely home is loaded with many desirable features that are just waiting to be enjoyed. The location is prime being located in-town Newport where everything you would ever need is just an arm's length away. There is a public boat launch to Sebasticook lake only 1 minute from the property along with public ITS trails about 4 minutes away. The Woodward Creative Playground is located directly across from the home that includes a baseball diamond and 2 tennis courts. The home features a concrete driveway and a lovely wrap around porch. There is an attached 1 car garage with a LARGE workshop area with its own wood boiling furnace and a private half bathroom. Behind the garage/workshop is an attached large wood storage area. Inside the home you will be welcomed with a main living area that has a lovely flow to it. The kitchen leads right into the dining room then the dining room leads right into the living room. With minimal TLC, this lovely area could become such a comfortable living space. Upstairs you will find 3 spacious bedrooms and a large full bathroom with the washer and dryer. The basement has some finished features and with a little work, could be fully finished. This home is loaded with potential. Schedule a showing today!

Key facts

• 0.26 acre lot
• Garage
• Built 1986

Property features AI

Exterior

• Parking: Attached garage with 1 garage space; Additional off-street parking on gravel (1–4 spaces); Attached vehicle storage with storage above
• Utilities: Public water; Public sewer; Electric service (circuit breakers)
• Home design: Single-family residence; Built in 1986
• Construction: Wood frame with vinyl siding; Shingle roof; Above-grade finished area reported from public records
• Exterior features: Porch; Fenced lot; Near public beach; Near turnpike/interstate; Near town; Neighborhood setting; Level lot; Paved road access

Interior

• Kitchen: Kitchen on the first floor; Dishwasher
• Bedrooms: Three bedrooms (both Bedroom 2 and Bedroom 3 are on the second floor; Bedroom 1 is on the second floor)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Heat pump (provides cooling); Baseboard heating; Hot water heating; Electric service with circuit breakers
• Interior features: Storage; Interior-entry full basement with sump pump; 6 total rooms
• Laundry & utility: Water heater: electric and heat pump

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $-45 ($-540/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (17.1% below list).
• Recommended offer: $190k (17.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#118 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, schools F, amenities F.
• 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: 25 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Penobscot County population projected at -17% 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 $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 26y 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.

Recommended offer $189,888 (17.1% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $232,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Sheridan St	0.06mi	3/1.0	1,548 (+4%)	5mo	$255,000	$165	84
10 Joslyn St	0.16mi	3/2.0	1,504 (+1%)	11mo	$228,000	$152	79
45 Water St	0.26mi	4/1.5 (+1)	1,498 (+1%)	14mo	$35,200	$23	70
22 Shaw St	0.34mi	3/2.0	1,600 (+8%)	3mo	$340,000	$213	67
48 Sebasticook Ave	0.21mi	3/2.0	1,355 (-9%)	10mo	$585,000	$432	66
20 South St	0.56mi	3/1.0	1,530 (+3%)	8mo	$245,000	$160	61
114 Elm St	0.37mi	3/1.0	1,422 (-4%)	16mo	$200,586	$141	60
35 North St	0.46mi	4/2.0 (+1)	1,598 (+7%)	7mo	$300,000	$188	54
8 Carter Ave	0.45mi	3/1.0	1,331 (-11%)	7mo	$185,000	$139	53
34 West St	0.53mi	3/1.5	1,600 (+8%)	14mo	$249,000	$156	51
107 Elm St	0.35mi	4/1.5 (+1)	1,600 (+8%)	19mo	$239,900	$150	50
11 Barrows Point Rd	0.66mi	3/2.0	1,600 (+8%)	20mo	$215,000	$134	38

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

Projected returns pro-forma

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

5-year hold

• IRR: 23.7%
• Equity multiple: 2.90×
• Total profit: $121,857
• Equity at exit: $206,301

10-year hold

• IRR: 21.0%
• Equity multiple: 6.63×
• Total profit: $361,115
• Equity at exit: $444,897

Cash invested: $64,120 (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 04953

• Home prices YoY: 13.2%
• Active inventory: 25
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,899 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$249 /mo · $2,986/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $-45

Break-even live

Break-even rent $1,956

Max offer price $221,044

Occupancy floor 97%

Sensitivity live

Price	-10% $85	-5% $20	+0% $-45	+5% $-110	+10% $-175
Rent	-10% $-195	-5% $-120	+0% $-45	+5% $30	+10% $105
Rate	-1.0pp $70	-0.5pp $13	base $-45	+0.5pp $-104	+1.0pp $-165

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-31
   status $229,000 Pending 14 DOM
2. 2026-05-30
   days on market $229,000 Active 14 DOM
3. 2026-05-17
   status Active
4. 2026-03-27
   historical
5. 2026-03-27
   listed $229,000
6. 2023-07-14
   soldstatus $200,000 Closed 1252-char remark

   Show marketing remark (1252 chars)

   This lovely home is loaded with many desirable features that are just waiting to be enjoyed. The location is prime being located in-town Newport where everything you would ever need is just an arm's length away. There is a public boat launch to Sebasticook lake only 1 minute from the property along with public ITS trails about 4 minutes away. The Woodward Creative Playground is located directly across from the home that includes a baseball diamond and 2 tennis courts. The home features a concrete driveway and a lovely wrap around porch. There is an attached 1 car garage with a LARGE workshop area with its own wood boiling furnace and a private half bathroom. Behind the garage/workshop is an attached large wood storage area. Inside the home you will be welcomed with a main living area that has a lovely flow to it. The kitchen leads right into the dining room then the dining room leads right into the living room. With minimal TLC, this lovely area could become such a comfortable living space. Upstairs you will find 3 spacious bedrooms and a large full bathroom with the washer and dryer. The basement has some finished features and with a little work, could be fully finished. This home is loaded with potential. Schedule a showing today!

7. 2023-06-29
   historical Active Under Contract 1252-char remark

   Show marketing remark (1252 chars)

   This lovely home is loaded with many desirable features that are just waiting to be enjoyed. The location is prime being located in-town Newport where everything you would ever need is just an arm's length away. There is a public boat launch to Sebasticook lake only 1 minute from the property along with public ITS trails about 4 minutes away. The Woodward Creative Playground is located directly across from the home that includes a baseball diamond and 2 tennis courts. The home features a concrete driveway and a lovely wrap around porch. There is an attached 1 car garage with a LARGE workshop area with its own wood boiling furnace and a private half bathroom. Behind the garage/workshop is an attached large wood storage area. Inside the home you will be welcomed with a main living area that has a lovely flow to it. The kitchen leads right into the dining room then the dining room leads right into the living room. With minimal TLC, this lovely area could become such a comfortable living space. Upstairs you will find 3 spacious bedrooms and a large full bathroom with the washer and dryer. The basement has some finished features and with a little work, could be fully finished. This home is loaded with potential. Schedule a showing today!

8. 2023-06-28
   status Active 1252-char remark

   Show marketing remark (1252 chars)

   This lovely home is loaded with many desirable features that are just waiting to be enjoyed. The location is prime being located in-town Newport where everything you would ever need is just an arm's length away. There is a public boat launch to Sebasticook lake only 1 minute from the property along with public ITS trails about 4 minutes away. The Woodward Creative Playground is located directly across from the home that includes a baseball diamond and 2 tennis courts. The home features a concrete driveway and a lovely wrap around porch. There is an attached 1 car garage with a LARGE workshop area with its own wood boiling furnace and a private half bathroom. Behind the garage/workshop is an attached large wood storage area. Inside the home you will be welcomed with a main living area that has a lovely flow to it. The kitchen leads right into the dining room then the dining room leads right into the living room. With minimal TLC, this lovely area could become such a comfortable living space. Upstairs you will find 3 spacious bedrooms and a large full bathroom with the washer and dryer. The basement has some finished features and with a little work, could be fully finished. This home is loaded with potential. Schedule a showing today!

9. 2023-05-02
   status Pending 1252-char remark

   Show marketing remark (1252 chars)

   This lovely home is loaded with many desirable features that are just waiting to be enjoyed. The location is prime being located in-town Newport where everything you would ever need is just an arm's length away. There is a public boat launch to Sebasticook lake only 1 minute from the property along with public ITS trails about 4 minutes away. The Woodward Creative Playground is located directly across from the home that includes a baseball diamond and 2 tennis courts. The home features a concrete driveway and a lovely wrap around porch. There is an attached 1 car garage with a LARGE workshop area with its own wood boiling furnace and a private half bathroom. Behind the garage/workshop is an attached large wood storage area. Inside the home you will be welcomed with a main living area that has a lovely flow to it. The kitchen leads right into the dining room then the dining room leads right into the living room. With minimal TLC, this lovely area could become such a comfortable living space. Upstairs you will find 3 spacious bedrooms and a large full bathroom with the washer and dryer. The basement has some finished features and with a little work, could be fully finished. This home is loaded with potential. Schedule a showing today!

10. 2023-04-22
    listed $205,000 Active 1252-char remark

    Show marketing remark (1252 chars)

    This lovely home is loaded with many desirable features that are just waiting to be enjoyed. The location is prime being located in-town Newport where everything you would ever need is just an arm's length away. There is a public boat launch to Sebasticook lake only 1 minute from the property along with public ITS trails about 4 minutes away. The Woodward Creative Playground is located directly across from the home that includes a baseball diamond and 2 tennis courts. The home features a concrete driveway and a lovely wrap around porch. There is an attached 1 car garage with a LARGE workshop area with its own wood boiling furnace and a private half bathroom. Behind the garage/workshop is an attached large wood storage area. Inside the home you will be welcomed with a main living area that has a lovely flow to it. The kitchen leads right into the dining room then the dining room leads right into the living room. With minimal TLC, this lovely area could become such a comfortable living space. Upstairs you will find 3 spacious bedrooms and a large full bathroom with the washer and dryer. The basement has some finished features and with a little work, could be fully finished. This home is loaded with potential. Schedule a showing today!

11. 2000-05-26
    listed $71,000

ⓘ 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: $2,986 · $249/mo
• Projected year-2 tax: $3,050 · $254/mo
• Expected delta: +$64/yr (+$5/mo · 2.2%)

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

Taxation est. · year 1

• Rental income: $22,787
• − Mortgage interest: −$12,828
• − Property taxes: −$2,986
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,823
• − Management: −$1,823
• − Depreciation: −$6,662
• Taxable loss: −$4,480
• Est. tax savings @ 24.0%: +$1,075
• After-tax cash flow: $535/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 — Newport

• Score: 61/100
• State rank: #118
• US rank: #17837

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, ME
• Population (ZIP): 3,145

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Serbian 6% Lithuanian 5% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 37.37%
• Current HPI: 320.8626
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+222.5% since first listed

9 events — show timeline

• 2026-05-17 Relisted — MREIS
• 2026-03-27 Listed $229,000 MREIS
• 2026-03-27 Delisted — MREIS
• 2023-07-14 Sold (MLS) $200,000 MREIS
• 2023-06-29 Contingent — MREIS
• 2023-06-28 Relisted — MREIS
• 2023-05-02 Pending — MREIS
• 2023-04-22 Listed $205,000 MREIS
• 2000-05-26 Listed $71,000 MREIS

Property tax history

+5.2%/yr

Latest (2024): $2,986 · +14.8% YoY. Source: county tax records.