37 Evergreen Ave · Old Orchard Beach, ME 04064

$449,000

5 bd · 2.0 ba · 2,272 sqft · MultiFamily public records · 89 Days on market

Built 1900 4,791 sqft lot $198/sqft · 27% below area Est $619k · 27% under

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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 +17.1/30.0
• ARV discount +15.0/15.0
• Schools +6.7/10.0
• DSCR +5.3/10.0
• 1% rule +4.1/10.0
• Rent growth +3.7/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This duplex offers an outstanding investment opportunity just minutes from the beautiful shoreline of Old Orchard Beach, Maine. Ideally located within walking distance to the beach, this property combines strong rental appeal with immediate income potential. The property features two well-maintained residential units: Unit One offers a spacious and versatile layout with four bedrooms plus a dedicated office, providing ample room for comfortable living, remote work, or additional storage needs. The unit also includes basement storage, adding valuable functionality for tenants. Unit Two features one bedroom and one full bathroom, along with additional living space in a finished porch area. This flexible bonus area is ideal for use as a home office, sitting room, or extended living space. Additional highlights include off-street parking and generous yard space, further enhancing tenant convenience and overall property appeal. With its strong rental history, desirable location, and proximity to the beach, this duplex presents a compelling opportunity for investors seeking reliable income in one of Southern Maine's most popular coastal communities. Showings require 24-hour notice. Please reach out for additional information or to schedule a private showing.

Key facts

• Finished porch area
• Basement storage
• Off-street parking

Tags

• WALKING DISTANCE TO THE BEACH
• STRONG RENTAL APPEAL
• IMMEDIATE INCOME POTENTIAL
• BASEMENT STORAGE
• FINISHED PORCH AREA
• OFF-STREET PARKING

🏷️ Possibly a rental listed for sale. The $449,000 price doesn't fit this home's estimated sale value (~$619,256) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive. Per door: $129/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $409k (9.0% below list).
• Recommended offer: $409k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 2.1% in Old Orchard Beach — 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 68/100 on livability (#88 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living B+; Watch: schools D, amenities F, commute F.
• RSU 23 (suburban): math 78% / reading 80% proficiency, ranked #87 of 112 in ME (top 78%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+4.9%/yr); 171 active listings in the ZIP; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At $4,087/mo this rent would consume 82% of the median local household income ($60k/yr) (locally 441% 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 65% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $408,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.99%
• DSCR: 1.13
• GRM: 9.2

CMA / ARV

• ARV (median comp): $619,256
• List price: $449,000
• Delta: -27.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Fort Hill Ave	0.27mi	4/2.0 (-1)	2,160 (-5%)	0mo	$440,000	$204	74
52 Highland Ave	0.15mi	6/3.0 (+1)	2,072 (-9%)	8mo	$507,000	$245	63

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 · 4.93% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-48,282
• Equity at exit: $66,947

10-year hold

• IRR: 1.4%
• Equity multiple: 1.11×
• Total profit: $13,532
• Equity at exit: $38,821

Cash invested: $125,720 (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 04064

• Home prices YoY: -11.6%
• Rents YoY: 4.9%
• Active inventory: 171
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $4,087 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$374 /mo · $4,487/yr
• Insurance: −$187
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$858
• Net cashflow: $258

Break-even live

Break-even rent $3,761

Max offer price $449,000

Occupancy floor 89%

Sensitivity live

Price	-10% $512	-5% $385	+0% $258	+5% $130	+10% $3
Rent	-10% $-65	-5% $96	+0% $258	+5% $419	+10% $580
Rate	-1.0pp $484	-0.5pp $372	base $258	+0.5pp $141	+1.0pp $23

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,086
Total (2 units)			$4,087

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-07
   statusdays on market $449,000 Pending 89 DOM
2. 2026-06-03
   days on market $449,000 Active 86 DOM
3. 2026-06-02
   days on market $449,000 Active 85 DOM
4. 2026-06-01
   days on market $449,000 Active 84 DOM
5. 2026-05-31
   days on market $449,000 Active 83 DOM
6. 2026-05-30
   days on market $449,000 Active 82 DOM
7. 2026-03-30
   price $470,000 1272-char remark

   Show marketing remark (1272 chars)

   This duplex offers an outstanding investment opportunity just minutes from the beautiful shoreline of Old Orchard Beach, Maine. Ideally located within walking distance to the beach, this property combines strong rental appeal with immediate income potential. The property features two well-maintained residential units: Unit One offers a spacious and versatile layout with four bedrooms plus a dedicated office, providing ample room for comfortable living, remote work, or additional storage needs. The unit also includes basement storage, adding valuable functionality for tenants. Unit Two features one bedroom and one full bathroom, along with additional living space in a finished porch area. This flexible bonus area is ideal for use as a home office, sitting room, or extended living space. Additional highlights include off-street parking and generous yard space, further enhancing tenant convenience and overall property appeal. With its strong rental history, desirable location, and proximity to the beach, this duplex presents a compelling opportunity for investors seeking reliable income in one of Southern Maine's most popular coastal communities. Showings require 24-hour notice. Please reach out for additional information or to schedule a private showing.

8. 2026-03-10
   listed $495,000 Active 1272-char remark

   Show marketing remark (1272 chars)

   This duplex offers an outstanding investment opportunity just minutes from the beautiful shoreline of Old Orchard Beach, Maine. Ideally located within walking distance to the beach, this property combines strong rental appeal with immediate income potential. The property features two well-maintained residential units: Unit One offers a spacious and versatile layout with four bedrooms plus a dedicated office, providing ample room for comfortable living, remote work, or additional storage needs. The unit also includes basement storage, adding valuable functionality for tenants. Unit Two features one bedroom and one full bathroom, along with additional living space in a finished porch area. This flexible bonus area is ideal for use as a home office, sitting room, or extended living space. Additional highlights include off-street parking and generous yard space, further enhancing tenant convenience and overall property appeal. With its strong rental history, desirable location, and proximity to the beach, this duplex presents a compelling opportunity for investors seeking reliable income in one of Southern Maine's most popular coastal communities. Showings require 24-hour notice. Please reach out for additional information or to schedule a private showing.

9. 2018-08-28
   price $225,000
10. 2018-07-18
    price $244,000

ⓘ 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: $4,487 · $374/mo
• Projected year-2 tax: $5,297 · $441/mo
• Expected delta: +$810/yr (+$67/mo · 18.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 77% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,044
• − Mortgage interest: −$25,151
• − Property taxes: −$4,487
• − Insurance: −$2,912
• − Repairs & maintenance: −$3,924
• − Management: −$3,924
• − Depreciation: −$13,062
• Taxable loss: −$4,414
• Est. tax savings @ 24.0%: +$1,059
• After-tax cash flow: $4,150/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 23
• NCES district ID: 2314784
• Math proficiency: 78% ▲ 51.00%
• Reading proficiency: 80% ▲ 27.00%
• Median HH income: $49,630
• Composite: 66.79/100
• National rank: #406
• State rank: #87 of 112 in ME

Livability — Old Orchard Beach

• Score: 68/100
• State rank: #88
• US rank: #9943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Orchard Beach, ME
• County: York County · 80,026 people
• City population: 8,632
• Metro: Portland-South Portland, ME
• Population (ZIP): 8,632
• Household income: $59,887
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 441.0

Population outlook (York County) Hauer SSP2

• Today (2025): 209,961 people
• By 2030: 212,816 · +1.4%
• By 2040: 214,360 · +2.1%
• By 2050: 210,350 · +0.2%
• By 2075: 201,686 · -3.9%
• By 2100: 183,392 · -12.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3% Black 1% Native American 1%
• Common ancestry: Lithuanian 9% Slovak 7% Romanian 3%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · French/Haitian/Cajun 6% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · York

• 2024 margin: D (+10.5) · D 54.3% · R 43.8% · Other 1.9%
• 2008→2024 swing: -10.1pp toward R · 2008: 20.5pp · 2024: 10.5pp
• All cycles: 2024: D+10.5 2020: D+12.6 2016: D+4.8 2012: D+16.4 2008: D+20.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.32%
• Current HPI: 489.543
• Rent YoY: ▲ 4.93%
• Metro: Portland-South Portland, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+92.6% since first listed

4 events — show timeline

• 2026-03-30 Price Changed $470,000 MREIS
• 2026-03-10 Listed $495,000 MREIS
• 2018-08-28 Price Changed $225,000 PrimeMLS
• 2018-07-18 Price Changed $244,000 PrimeMLS

Property tax history

+4.4%/yr

Latest (2024): $4,487 · +12.4% YoY. Source: county tax records.