644 Rome Rd

Norridgewock, ME 04963

$339,900D

3 bd · 1.0 ba · 1,371 sqft · Built 1988 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,740/mo
• Mortgage (P&I): −$1,782
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$365
• Net cashflow: $-630/mo
• Annual: $-7,561/yr
• Cap rate: 4.07%
• Cash-on-cash: -7.94%
• DSCR: 0.65
• 1% rule: 0.51%
• Cash to close: $95,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $340k.
• At list price, monthly cash flow is $-630 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (32.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (48.8% below list).
• It's been on market 17 days — a 2% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (48.8% below list) — sets the bar for 1% rule.
• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#99 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools F.
• RSU 18 (rural): math 88% / reading 89% proficiency, ranked #36 of 112 in ME (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 72 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $73k; list at $340k implies a 364% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.