35 Main St #8 · Cape Neddick, ME 03907

$390,000

1 bd · 2.0 ba · 720 sqft · Condo public records · 3 Days on market

Built 1982 $300/mo HOA · 12% of rent

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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).

• Appreciation +7.8/10.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• Cash flow +6.4/30.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.7/10.0

Listing remarks

That first floor unit at Seafarer that you've been waiting for is finally available! This unit features a flexible floorplan that allows for either two bedrooms and two full baths with a kitchen in between or enjoy a spacious primary bedroom suite with full bath in the rear of the unit with plenty of room in the front of the unit to design your living area, full bath and kitchen area. The location is top notch. You will love the easy stroll to Perkins Cove, The Ogunquit Playhouse (nearly across the street!), and the sidewalks that lead directly to the center of Ogunquit and it's famed restaurants, shops, and sandy beach. The Seafarer itself offers amenities should you decide to just relax a

Key facts

• On site parking
• Year round living
• $300 HOA

Tags

• SPACIOUS PRIMARY BEDROOM SUITE
• INDOOR AND OUTDOOR POOL AREA
• ON SITE PARKING
• YEAR ROUND LIVING

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $390k.

Deal economics

• At list price, monthly cash flow is $-673 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (30.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $251k (35.5% below list).
• Recommended offer: $251k (35.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#58 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Wells-Ogunquit CSD (rural): math 87% / reading 90% proficiency, ranked #32 of 112 in ME (top 29%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 42 active listings in the ZIP; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($3k loan paydown + $22k appreciation (5.6% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 $325k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $251,448 (35.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.64% ✗
• Cap rate: 4.22%
• Cash-on-cash: -7.39%
• DSCR: 0.67
• GRM: 12.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.4%
• Equity multiple: 1.56×
• Total profit: $61,327
• Equity at exit: $236,194

10-year hold

• IRR: 10.1%
• Equity multiple: 2.98×
• Total profit: $216,392
• Equity at exit: $420,785

Cash invested: $109,200 (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 03907

• Home prices YoY: 1.2%
• Active inventory: 42
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,514 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$152 /mo · $1,819/yr
• Insurance: −$162
• HOA: −$300
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $-673

Break-even live

Break-even rent $3,366

Max offer price $271,140

Occupancy floor —

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-04-26
   status Pending
2. 2026-04-23
   listed $390,000 Active
3. 2023-04-07
   soldstatus $325,000 Closed
4. 2023-01-28
   status Pending
5. 2023-01-28
   listed $325,000 Active

ⓘ 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: $1,819 · $152/mo
• Projected year-2 tax: $3,562 · $297/mo
• Expected delta: +$1,742/yr (+$145/mo · 95.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥88°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,174
• − Mortgage interest: −$21,846
• − Property taxes: −$1,819
• − Insurance: −$1,950
• − Repairs & maintenance: −$2,414
• − Management: −$2,414
• − HOA: −$3,600
• − Depreciation: −$11,345
• Taxable loss: −$15,214
• Est. tax savings @ 24.0%: +$3,651
• After-tax cash flow: $-4,423/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: Wells-Ogunquit CSD
• NCES district ID: 2313490
• Math proficiency: 87% ▲ 42.00%
• Reading proficiency: 90% ▲ 26.00%
• Median HH income: $61,341
• Composite: 75.79/100
• National rank: #125
• State rank: #32 of 112 in ME

Livability — Cape Neddick

• Score: 72/100
• State rank: #58
• US rank: #6028

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,264

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 (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 13% German 5% Slovak 4%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Other Indo-European 2% Other Asian/Pacific 2%

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: ▲ 5.63%
• Current HPI: 471.7521
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+20.0% since first listed

5 events — show timeline

• 2026-04-26 Pending — MREIS
• 2026-04-23 Listed $390,000 MREIS
• 2023-04-07 Sold (MLS) $325,000 MREIS
• 2023-01-28 Pending — MREIS
• 2023-01-28 Listed $325,000 MREIS

Property tax history

+3.4%/yr

Latest (2024): $1,819 · +0.0% YoY. Source: county tax records.