26 Island Ave · Orono, ME 04473

$355,000

4 bd · 1.0 ba · 1,350 sqft · SingleFamily public records · 21 Days on market

Built 1930 0.25 ac lot Est $269k · 32% over

---

Why this score? — see what drove the D- 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 +12.9/30.0
• Schools +7.5/10.0
• DSCR +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very solid home within walking distance to restaurants and brew pubs. It has a unique 3rd floor that would make a great studio or large bedroom. New roof and will have new appliances.

Key facts

• Heat pumps
• Attached garage
• Wrap-around porch

Tags

• WRAP-AROUND PORCH
• FENCED-IN YARD
• HEAT PUMPS
• ATTACHED GARAGE

Property features AI

Finance

• HOA & community: No pet restrictions

Exterior

• Parking: Attached 2-car garage with direct entry to the living area; Gravel parking area with 1–4 spaces
• Utilities: Public water; Public sewer; Utilities currently on; Water heater off heating system
• Home design: Single family residence; Built in 1930
• Construction: Wood frame with vinyl siding; Shingle roof; Above-grade finished living area recorded from public records
• Exterior features: Porch; Intown location; Near shopping; Near turnpike/interstate; Sidewalks; Paved road

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Primary bedroom on the second level with closet and walk-in closet; Bedroom 1 on the second level with closet; Bedroom 2 on the second level with walk-in closet; Bedroom 3 on the third level with closet
• Flooring: Laminate; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Heat pump (provides heating and cooling); Hot water heating; Circuit breaker electrical service
• Interior features: Bathtub; Double-pane windows; Low-emissivity windows; 7 total rooms
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $355k.

Deal economics

• At list price, monthly cash flow is $-25 ($-303/yr) — negative.
• To cash-flow at today's rent, offer at most $351k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (17.5% below list).
• Recommended offer: $293k (17.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#49 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• RSU 26 (suburban): math 88% / reading 90% proficiency, ranked #39 of 112 in ME (top 35%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Asa C Adams School (math 87% / reading 87%, grade A+, #77 of 294 statewide, top 33%, 308 students, 30% FRL); Orono Middle School (math 92% / reading 92%, grade A+, #10 of 85 statewide, top 13%, 154 students, 27% FRL); Orono High School (math 92% / reading 92%, grade A+, #27 of 108 statewide, top 36%, 373 students, 34% FRL).
• Market conditions: 27 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• At $2,927/mo this rent would consume 57% of the median local household income ($62k/yr) (locally 423% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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.
• Current owner paid $160k; list at $355k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $292,742 (17.5% 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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.82% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $268,650
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37 Hamlin St	0.05mi	4/2.0	1,255 (-7%)	1mo	$250,000	$199	81
11 Willow Dr	0.48mi	4/1.5	1,260 (-7%)	9mo	$322,500	$256	57
26 Westwood Dr	0.45mi	4/1.5	1,484 (+10%)	9mo	$329,000	$222	52
22 Mainewood Ave	0.43mi	3/1.5 (-1)	1,488 (+10%)	7mo	$310,000	$208	50
5 Pinewood St	0.30mi	3/1.5 (-1)	1,550 (+15%)	7mo	$270,000	$174	48
292 Main St	0.35mi	3/2.0 (-1)	1,543 (+14%)	5mo	$245,000	$159	46
12 Mainewood Ave	0.29mi	5/2.0 (+1)	1,506 (+12%)	15mo	$265,000	$176	46
42 Gilbert St	0.41mi	3/2.0 (-1)	1,460 (+8%)	15mo	$290,000	$199	46
26 Forest Ave	0.70mi	3/1.0 (-1)	1,232 (-9%)	19mo	$315,000	$256	32

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: -16.8%
• Equity multiple: 0.40×
• Total profit: $-59,160
• Equity at exit: $52,932

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-53,695
• Equity at exit: $30,694

Cash invested: $99,400 (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 04473

• Home prices YoY: -34.5%
• Active inventory: 27
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,927 medium
• Mortgage (P&I): −$1,862
• Tax from tax record: −$328 /mo · $3,940/yr
• Insurance: −$148
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $-25

Break-even live

Break-even rent $2,959

Max offer price $350,540

Occupancy floor 96%

Sensitivity live

Price	-10% $176	-5% $75	+0% $-25	+5% $-126	+10% $-226
Rent	-10% $-257	-5% $-141	+0% $-25	+5% $90	+10% $206
Rate	-1.0pp $154	-0.5pp $65	base $-25	+0.5pp $-117	+1.0pp $-211

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
295 Main St Orono, ME	4.0	2.0	1200	$3,100	$2.58	45d	1	0.43mi
74 Mill St Orono, ME	1.0–3.0	1.0–2.0	886	$2,650	$2.99	45d	8	0.76mi

Listing history 17 events

1. 2026-06-22
   days on market $355,000 Active 21 DOM
2. 2026-06-19
   days on market $355,000 Active 19 DOM
3. 2026-06-18
   days on market $355,000 Active 18 DOM
4. 2026-06-17
   days on market $355,000 Active 17 DOM
5. 2026-06-16
   days on market $355,000 Active 16 DOM
6. 2026-06-15
   days on market $355,000 Active 15 DOM
7. 2026-06-14
   days on market $355,000 Active 13 DOM
8. 2026-06-13
   pricedays on market $355,000 Active 12 DOM
9. 2026-06-10
   days on market $364,900 Active 10 DOM
10. 2026-06-09
    days on market $364,900 Active 9 DOM
11. 2026-06-08
    days on market $364,900 Active 8 DOM
12. 2026-06-07
    days on market $364,900 Active 7 DOM
13. 2026-06-05
    days on market $364,900 Active 4 DOM
14. 2026-06-03
    days on market $364,900 Active 3 DOM
15. 2026-06-02
    days on market $364,900 Active 2 DOM
16. 2026-05-31
    remarks 699-char remark
17. 2026-05-31
    listed $364,900 Active 1 DOM

ⓘ 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: $3,940 · $328/mo
• Projected year-2 tax: $4,384 · $365/mo
• Expected delta: +$444/yr (+$37/mo · 11.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $35,129
• − Mortgage interest: −$19,886
• − Property taxes: −$3,940
• − Insurance: −$1,775
• − Repairs & maintenance: −$2,810
• − Management: −$2,810
• − Depreciation: −$10,327
• Taxable loss: −$6,419
• Est. tax savings @ 24.0%: +$1,541
• After-tax cash flow: $1,238/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 26
• NCES district ID: 2314778
• Math proficiency: 88% ▲ 33.00%
• Reading proficiency: 90% ▲ 21.00%
• Median HH income: $44,087
• Composite: 74.55/100
• National rank: #156
• State rank: #39 of 112 in ME

Livability — Orono

• Score: 73/100
• State rank: #49
• US rank: #5067

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orono, ME
• County: Penobscot County · 81,539 people
• City population: 8,371
• Metro: Bangor, ME
• Population (ZIP): 8,371
• Household income: $61,528
• Rent vs Own: 53.4% rent · 46.6% own
• Severe rent burden: 423.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 6% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Lithuanian 7% Slovak 4% Romanian 3%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 92% English-only · Other Indo-European 2% French/Haitian/Cajun 1% Spanish 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: ▼ -116.22%
• Current HPI: 220.35
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+180.9% since first listed

17 events — show timeline

• 2026-05-31 Listed $364,900 MREIS
• 2020-12-10 Sold (MLS) $160,000 MREIS
• 2020-10-17 Pending — MREIS
• 2020-10-05 Price Changed $164,500 MREIS
• 2020-09-18 Listed $175,000 MREIS
• 2019-10-24 Delisted — MREIS
• 2019-10-07 Relisted — MREIS
• 2019-08-12 Pending — MREIS
• 2019-06-28 Price Changed $124,900 MREIS
• 2019-05-08 Price Changed $129,900 MREIS
• 2019-05-08 Relisted — MREIS
• 2019-01-28 Delisted — MREIS
• 2018-11-28 Listed $139,000 MREIS
• 2017-06-22 Sold (MLS) $132,500 MREIS
• 2017-05-25 Pending — MREIS
• 2017-05-22 Price Changed $127,500 MREIS
• 2017-05-05 Listed $129,900 MREIS

Property tax history

+4.0%/yr

Latest (2025): $3,940 · +1.7% YoY. Source: county tax records.