835 Ocean Ave · Wells, ME 04090

$795,000

3 bd · 1.0 ba · 884 sqft · SingleFamily public records · 35 Days on market

Built 1935 0.26 ac lot $899/sqft · 18% above area Est $671k · 18% over ↓ 48% since listing

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Why this score? — see what drove the C- 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 +22.9/30.0
• Schools +7.6/10.0
• DSCR +7.3/10.0
• 1% rule +5.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

A rare development opportunity on Ocean Avenue in Wells, this half-acre corner lot at Ocean Avenue and Eldridge Road offers exceptional flexibility just a short walk to the beach. With seasonal marsh views, public water and sewer, and a preliminary survey already completed, the groundwork is in place for a variety of redevelopment options. Subject to local approvals, buyers may choose to replace the existing structure with a new single-family home or duplex, subdivide the parcel into three single-family lots, or create two conforming lots--each capable of supporting a single-family home or duplex. Depending on the approach, the site may offer the potential for as many as four total units. This flexibility creates multiple potential exit strategies, including build-and-sell, condominium development, long-term hold, or owner-occupancy with additional units for resale or income. Based on its potential yield of up to four units, the property represents an attractive land basis per possible unit relative to other coastal opportunities. Potential future changes to accessory dwelling unit (ADU) regulations may further enhance the property's versatility and overall value. Few properties in Wells offer this combination of location, infrastructure, and development potential so close to the coast. 835 Ocean Avenue presents a unique opportunity to unlock value in one of southern Maine's most desirable beachside markets. Call today for more information!

Key facts

• Seasonal marsh views
• 0.26 acre lot
• 5 parking spots

Tags

• SHORT WALK TO WELLS BEACH
• SEASONAL MARSH VIEWS
• HIGHLY DESIRABLE LOCATION

Property features AI

Finance

• HOA & community: Pets allowed with no restrictions

Exterior

• Parking: On-site parking with gravel surface and 5–10 spaces
• Utilities: Public water; Public sewer; Electric fuses; Electric water heater
• Home design: Single family residence; Built in 1935; 884 above-grade finished area
• Construction: Wood frame with vinyl siding; Stone foundation; Shingle roof
• Exterior features: Near public beach; Corner lot; Level lot; Paved road

Interior

• Kitchen: Eat-in kitchen; Gas range; Refrigerator
• Bedrooms: Primary bedroom (first floor) with closet; Second bedroom (first floor) with closet; Office (first floor) with closet
• Flooring: Wood flooring; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: One-floor living; Attic; Storage; 1st-floor bedroom; Storm door(s)
• Laundry & utility: Washer (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $795k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $795k).
• Recommended offer: $771k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: 267 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($771k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $771,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — 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. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.50%
• DSCR: 1.33
• GRM: 8.3

CMA / ARV

• ARV (median comp): $671,194
• List price: $795,000
• Delta: 18.45%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51 Sea Breeze Dr	0.18mi	2/1.0 (-1)	912 (+3%)	23mo	$651,222	$714	62
49 Chickadee Ln	0.61mi	2/1.0 (-1)	864 (-2%)	2mo	$485,000	$561	60
15 Egret Ln	0.65mi	3/1.0	960 (+9%)	13mo	$739,000	$770	44
117 Gendron Dr	0.43mi	2/1.0 (-1)	988 (+12%)	13mo	$386,500	$391	44
14 Days Ln	0.59mi	2/1.0 (-1)	756 (-14%)	24mo	$690,000	$913	23

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: -4.9%
• Equity multiple: 0.82×
• Total profit: $-40,496
• Equity at exit: $118,537

10-year hold

• IRR: 4.8%
• Equity multiple: 1.35×
• Total profit: $77,835
• Equity at exit: $68,737

Cash invested: $222,600 (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 04090

• Home prices YoY: -20.0%
• Active inventory: 267
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $7,992 medium
• Mortgage (P&I): −$4,169
• Tax from tax record: −$423 /mo · $5,075/yr
• Insurance: −$331
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,678
• Net cashflow: $1,390

Break-even live

Break-even rent $6,232

Max offer price $795,000

Occupancy floor 78%

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: $198,750
• Closing costs: $23,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
392 Post Rd Unit 1532216P Wells, ME	2.0	1.0	710	$7,992	$11.26	21d	1	1.18mi

Listing history 22 events

1. 2026-06-18
   days on market $795,000 Active 35 DOM
2. 2026-06-17
   days on market $795,000 Active 34 DOM
3. 2026-06-16
   days on market $795,000 Active 33 DOM
4. 2026-06-15
   days on market $795,000 Active 32 DOM
5. 2026-06-14
   days on market $795,000 Active 30 DOM
6. 2026-06-13
   days on market $795,000 Active 29 DOM
7. 2026-06-10
   days on market $795,000 Active 27 DOM
8. 2026-06-09
   days on market $795,000 Active 26 DOM
9. 2026-06-08
   days on market $795,000 Active 25 DOM
10. 2026-06-07
    days on market $795,000 Active 24 DOM
11. 2026-06-05
    days on market $795,000 Active 21 DOM
12. 2026-06-03
    days on market $795,000 Active 20 DOM
13. 2026-06-02
    days on market $795,000 Active 19 DOM
14. 2026-06-01
    days on market $795,000 Active 18 DOM
15. 2026-05-31
    days on market $795,000 Active 17 DOM
16. 2026-05-30
    days on market $795,000 Active 16 DOM
17. 2026-05-15
    status Active 1685-char remark
18. 2026-05-14
    historical 1685-char remark
19. 2026-05-13
    listed $795,000 Active 1685-char remark
20. 2026-04-08
    listed $1,395,000 Active 1464-char remark

    Show marketing remark (1464 chars)

    A rare development opportunity on Ocean Avenue in Wells, this half-acre corner lot at Ocean Avenue and Eldridge Road offers exceptional flexibility just a short walk to the beach. With seasonal marsh views, public water and sewer, and a preliminary survey already completed, the groundwork is in place for a variety of redevelopment options. Subject to local approvals, buyers may choose to replace the existing structure with a new single-family home or duplex, subdivide the parcel into three single-family lots, or create two conforming lots--each capable of supporting a single-family home or duplex. Depending on the approach, the site may offer the potential for as many as four total units. This flexibility creates multiple potential exit strategies, including build-and-sell, condominium development, long-term hold, or owner-occupancy with additional units for resale or income. Based on its potential yield of up to four units, the property represents an attractive land basis per possible unit relative to other coastal opportunities. Potential future changes to accessory dwelling unit (ADU) regulations may further enhance the property's versatility and overall value. Few properties in Wells offer this combination of location, infrastructure, and development potential so close to the coast. 835 Ocean Avenue presents a unique opportunity to unlock value in one of southern Maine's most desirable beachside markets. Call today for more information!

21. 2026-04-08
    listed $1,395,000 Active

    Show marketing remark (1464 chars)

    A rare development opportunity on Ocean Avenue in Wells, this half-acre corner lot at Ocean Avenue and Eldridge Road offers exceptional flexibility just a short walk to the beach. With seasonal marsh views, public water and sewer, and a preliminary survey already completed, the groundwork is in place for a variety of redevelopment options. Subject to local approvals, buyers may choose to replace the existing structure with a new single-family home or duplex, subdivide the parcel into three single-family lots, or create two conforming lots--each capable of supporting a single-family home or duplex. Depending on the approach, the site may offer the potential for as many as four total units. This flexibility creates multiple potential exit strategies, including build-and-sell, condominium development, long-term hold, or owner-occupancy with additional units for resale or income. Based on its potential yield of up to four units, the property represents an attractive land basis per possible unit relative to other coastal opportunities. Potential future changes to accessory dwelling unit (ADU) regulations may further enhance the property's versatility and overall value. Few properties in Wells offer this combination of location, infrastructure, and development potential so close to the coast. 835 Ocean Avenue presents a unique opportunity to unlock value in one of southern Maine's most desirable beachside markets. Call today for more information!

22. 2025-04-04
    price $1,425,000

ⓘ 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: $5,075 · $423/mo
• Projected year-2 tax: $7,944 · $662/mo
• Expected delta: +$2,868/yr (+$239/mo · 56.5%)

ⓘ 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 ≥87°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $95,904
• − Mortgage interest: −$44,532
• − Property taxes: −$5,075
• − Insurance: −$3,975
• − Repairs & maintenance: −$7,672
• − Management: −$7,672
• − Depreciation: −$23,127
• Taxable income: $3,850
• Est. tax owed @ 24.0%: −$924
• After-tax cash flow: $15,761/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 — Wells

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 11,544

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 (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 3% Asian 1%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Other Indo-European 1% French/Haitian/Cajun 1% Other Asian/Pacific 1%

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: ▼ -103.52%
• Current HPI: 413.9951
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-47.9% since first listed

16 events — show timeline

• 2026-05-15 Relisted — MREIS
• 2026-05-14 Delisted — MREIS
• 2026-05-13 Listed $795,000 MREIS
• 2026-04-08 Listed $1,395,000 MREIS
• 2026-04-08 Listed $1,395,000 MREIS
• 2026-03-25 Delisted — MREIS
• 2026-03-25 Delisted — MREIS
• 2025-10-01 Listed $1,395,000 MREIS
• 2025-10-01 Listed $1,395,000 MREIS
• 2025-09-01 Delisted — MREIS
• 2025-09-01 Delisted — MREIS
• 2025-09-01 Delisted — MREIS
• 2025-07-14 Listed $950,000 MREIS
• 2025-04-29 Listed $1,425,000 MREIS
• 2025-04-04 Price Changed $1,425,000 MREIS
• 2025-02-14 Listed $1,525,000 MREIS

Property tax history

+4.0%/yr

Latest (2025): $5,075 · +6.2% YoY. Source: county tax records.