328 Main St · Patten, ME 04776

$40,000

3 bd · 1.0 ba · 2,220 sqft · MultiFamily · 4 Days on market

3,049 sqft lot ↓ 60% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.4/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Very nice house !! Apartment upstairs , grocery store downstairs. Apartment in back They did a market and pizza. Apartment upstairs. It has been drained in the winter, they used as a flea market. New roof. Drilled well in the basement, and septic in the back. Flood zone near the Molunkus Stream . Great place to work and live here or do it seasonally . Work , fish on the Stream, and live here , internet is available. Baxter Park is nearby, Katahdin Woods and Water. Mt. Katahdin views nearby. Bangor an hour. Store and post office within walking distance. 30 min to Houlton and Canada, and 30 to Millinoket. Give me a call

Key facts

• Septic in the back
• Baxter park nearby
• Drilled well

Tags

• NEW ROOF
• DRILLED WELL
• SEPTIC IN THE BACK
• INTERNET IS AVAILABLE
• BAXTER PARK NEARBY
• KATAHDIN WOODS AND WATER

Property features AI

Exterior

• Parking: Gravel parking with 1–4 spaces
• Utilities: Private well water; Private sewer; Electric service with circuit breakers; Electric water heater
• Home design: Single family residence; Facing direction not specified; Entry level includes first floor
• Construction: Wood frame construction with vinyl and wood siding; Metal roof; Year built not specified in records
• Exterior features: Intown location; Neighborhood setting; Sidewalks; Paved road; Streamfront on Molunkus Stream with water view

Interior

• Kitchen: Kitchen on first floor
• Bedrooms: Primary bedroom on second floor; Bedroom 2 on second floor; Bedroom 3 on second floor; Bonus rooms on first and second floors
• Flooring: Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: First-floor bedroom; Attic; Bathtub; Level entry; 8 total rooms; Unfinished interior-entry basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $797 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 30.2% vs local median 6.2% in Patten — 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.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• RSU 89 (rural): math 30% / reading 45% proficiency, ranked #136 of 185 in ME (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 16 active listings in the ZIP; 112 units permitted in Aroostook County in 2024 (45 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($277 loan paydown + $2k appreciation (4.7% local appreciation)).
• Aroostook County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: property tax is 5.0% of price.

Recommended offer $40,000

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 3.76% ✓
• Cap rate: 30.20%
• Cash-on-cash: 85.39%
• DSCR: 4.80
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 91.0%
• Equity multiple: 6.31×
• Total profit: $59,447
• Equity at exit: $22,000

10-year hold

• IRR: 89.5%
• Equity multiple: 13.17×
• Total profit: $136,315
• Equity at exit: $37,428

Cash invested: $11,200 (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 04776

• Home prices YoY: 2.9%
• Active inventory: 16
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,505 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$166 /mo · $1,989/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $797

Break-even live

Break-even rent $496

Max offer price $40,000

Occupancy floor 42%

Sensitivity live

Price	-10% $940	-5% $927	+0% $797	+5% $786	+10% $774
Rent	-10% $678	-5% $738	+0% $797	+5% $856	+10% $916
Rate	-1.0pp $817	-0.5pp $807	base $797	+0.5pp $787	+1.0pp $776

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-02
   status $40,000 Pending 4 DOM
2. 2026-06-01
   days on market $40,000 Active 4 DOM
3. 2026-05-31
   days on market $40,000 Active 3 DOM
4. 2026-05-31
   days on market $40,000 Active 2 DOM
5. 2026-05-28
   listed $40,000 Active
6. 2022-09-24
   historical
7. 2021-12-21
   listed $84,900 Active
8. 2008-09-05
   listed $99,000

ⓘ 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: $1,989 · $166/mo
• Projected year-2 tax: $1,989 · $166/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,063
• − Mortgage interest: −$2,241
• − Property taxes: −$1,989
• − Insurance: −$200
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − Depreciation: −$1,164
• Taxable income: $9,580
• Est. tax owed @ 24.0%: −$2,299
• After-tax cash flow: $7,265/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: RSU 89
• NCES district ID: 2314838
• Math proficiency: 30% —
• Reading proficiency: 45% —
• Median HH income: $36,317
• Composite: 33.62/100
• National rank: #10477
• State rank: #136 of 185 in ME

Livability — Patten

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

Census & demographics

• Population (ZIP): 886

Population outlook (Aroostook County) Hauer SSP2

• Today (2025): 61,905 people
• By 2030: 57,815 · -6.6%
• By 2040: 49,240 · -20.5%
• By 2050: 41,386 · -33.1%
• By 2075: 27,664 · -55.3%
• By 2100: 18,974 · -69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1%
• Common ancestry: Polish 11% Lithuanian 10% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 76% English-only · German/W. Germanic 22% French/Haitian/Cajun 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Aroostook

• 2024 margin: Strong R (+26.2) · D 36.2% · R 62.4% · Other 1.4%
• 2008→2024 swing: -35.8pp toward R · 2008: 9.6pp · 2024: -26.2pp
• All cycles: 2024: R+26.2 2020: R+19.9 2016: R+17.3 2012: D+7.7 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.72%
• Current HPI: 168.9152
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-59.6% since first listed

4 events — show timeline

• 2026-05-28 Listed $40,000 MREIS
• 2022-09-24 Delisted — MREIS
• 2021-12-21 Listed $84,900 MREIS
• 2008-09-05 Listed $99,000 MREIS

Property tax history

+1.8%/yr

Latest (2025): $1,989 · +2.1% YoY. Source: county tax records.