195 Greenbush Rd

Corinna, ME 04928

$340,000C-

3 bd · 2.0 ba · 1,260 sqft · Built 1993 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,673/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$362
• HOA: −$0
• Vac / Maint / Mgmt: −$561
• Net cashflow: $-34/mo
• Annual: $-405/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• 1% rule: 0.79%
• Cash to close: $95,200

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $340k.
• At list price, monthly cash flow is $-34 ($-405/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $267k (21.4% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $267k (21.4% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (8.3% local appreciation)).
• Location reads: area grade C — 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.
• Zoned schools: Nokomis Regional Middle School (math 68% / reading 79%, grade A, #79 of 85 statewide, top 95%, 544 students, 45% FRL); Nokomis Regional High School (math 87% / reading 92%, grade A+, #56 of 108 statewide, top 60%, 634 students, 41% FRL).
• Market conditions: 10 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.3% appreciation + 3.0% rent growth), your $95k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$49k 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.
• 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 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.