11 Ryder Rd

Hallowell, ME 04344

$299,900B-

2 bd · 2.0 ba · 1,118 sqft · Built 1988 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,014/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$633
• Net cashflow: $430/mo
• Annual: $5,155/yr
• Cap rate: 8.01%
• Cash-on-cash: 6.14%
• DSCR: 1.27
• 1% rule: 1.01%
• Cash to close: $83,972

Investor read

• This is a 2-bed/2.0-bath multifamily listed at $300k.
• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#60 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• RSU 02 (rural): math 83% / reading 87% proficiency, ranked #52 of 112 in ME (top 46%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 11 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.
• 2 sale attempts since 8y 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 $189k; list at $300k implies a 59% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.0% vs local median 2.7% in Hallowell — 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.

Questions for listing agent

• 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.