154 Main St · Palmyra, ME 04965

$189,000

2 bd · 1.0 ba · 896 sqft · MultiFamily · 256 Days on market

Built 1984 1.00 ac lot ↓ 5% 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 +25.2/30.0
• DSCR +8.3/10.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +5.7/10.0
• 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 MLS

2 bedrooms, 1 full bath Ranch style home, Has had new plumbing done in 2025. Spacious living area. 24x32 1 car detached garage. Also has a 1982 Skyline mobile home 14x64 with 2 bedrooms, 1 bath, each has their own septic system and have a shared well. Rent out to help pay mortgage or good in-law rental.

Key facts

• New plumbing
• Shared well
• Detached garage

Tags

• NEW PLUMBING
• DETACHED GARAGE
• SHARED WELL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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: 17 active listings in the ZIP; 129 units permitted in Somerset County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.1% local appreciation)).
• Somerset County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 256 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.07% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.57%
• DSCR: 1.43
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.57×
• Total profit: $83,012
• Equity at exit: $120,521

10-year hold

• IRR: 22.2%
• Equity multiple: 5.21×
• Total profit: $222,595
• Equity at exit: $220,048

Cash invested: $52,920 (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 04965

• Home prices YoY: 2.7%
• Active inventory: 17
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,015 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$100 /mo · $1,197/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $422

Break-even live

Break-even rent $1,481

Max offer price $189,000

Occupancy floor 74%

Sensitivity live

Price	-10% $529	-5% $476	+0% $422	+5% $369	+10% $315
Rent	-10% $263	-5% $343	+0% $422	+5% $502	+10% $581
Rate	-1.0pp $517	-0.5pp $470	base $422	+0.5pp $373	+1.0pp $323

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,016
Total (2 units)			$2,015

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $189,000 Active 256 DOM
2. 2026-06-18
   days on market $189,000 Active 253 DOM
3. 2026-06-17
   days on market $189,000 Active 252 DOM
4. 2026-06-16
   days on market $189,000 Active 251 DOM
5. 2026-06-15
   days on market $189,000 Active 250 DOM
6. 2026-06-14
   days on market $189,000 Active 248 DOM
7. 2026-06-13
   days on market $189,000 Active 247 DOM
8. 2026-06-10
   days on market $189,000 Active 245 DOM
9. 2026-06-09
   days on market $189,000 Active 244 DOM
10. 2026-06-08
    days on market $189,000 Active 243 DOM
11. 2026-06-07
    days on market $189,000 Active 242 DOM
12. 2026-06-05
    days on market $189,000 Active 239 DOM
13. 2026-06-03
    days on market $189,000 Active 238 DOM
14. 2026-06-02
    days on market $189,000 Active 237 DOM
15. 2026-06-01
    days on market $189,000 Active 236 DOM
16. 2026-05-31
    days on market $189,000 Active 235 DOM
17. 2026-05-30
    days on market $189,000 Active 234 DOM
18. 2026-03-16
    price $199,900 304-char remark

    Show marketing remark (304 chars)

    2 bedrooms, 1 full bath Ranch style home, Has had new plumbing done in 2025. Spacious living area. 24x32 1 car detached garage. Also has a 1982 Skyline mobile home 14x64 with 2 bedrooms, 1 bath, each has their own septic system and have a shared well. Rent out to help pay mortgage or good in-law rental.

19. 2025-10-08
    listed $211,000 Active 304-char remark

    Show marketing remark (304 chars)

    2 bedrooms, 1 full bath Ranch style home, Has had new plumbing done in 2025. Spacious living area. 24x32 1 car detached garage. Also has a 1982 Skyline mobile home 14x64 with 2 bedrooms, 1 bath, each has their own septic system and have a shared well. Rent out to help pay mortgage or good in-law rental.

ⓘ 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: $1,197 · $100/mo
• Projected year-2 tax: $1,884 · $157/mo
• Expected delta: +$687/yr (+$57/mo · 57.4%)

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

Taxation est. · year 1

• Rental income: $24,180
• − Mortgage interest: −$10,587
• − Property taxes: −$1,197
• − Insurance: −$945
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − Depreciation: −$5,498
• Taxable income: $2,084
• Est. tax owed @ 24.0%: −$500
• After-tax cash flow: $4,566/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 19
• NCES district ID: 2314785
• Math proficiency: 73% ▲ 53.00%
• Reading proficiency: 81% ▲ 39.00%
• Median HH income: $41,866
• Composite: 64.37/100
• National rank: #548
• State rank: #96 of 112 in ME

Livability — Palmyra

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

Census & demographics

• Population (ZIP): 2,150

Population outlook (Somerset County) Hauer SSP2

• Today (2025): 48,335 people
• By 2030: 46,268 · -4.3%
• By 2040: 41,276 · -14.6%
• By 2050: 36,137 · -25.2%
• By 2075: 26,408 · -45.4%
• By 2100: 18,836 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Lithuanian 9% Romanian 2% Portuguese 1%
• Foreign-born: 2%

Political lean MEDSL · Somerset

• 2024 margin: Strong R (+27.1) · D 35.6% · R 62.7% · Other 1.7%
• 2008→2024 swing: -32.8pp toward R · 2008: 5.7pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+23.4 2016: R+22.8 2012: D+1.7 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.14%
• Current HPI: 230.6987
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-5.3% since first listed

2 events — show timeline

• 2026-03-16 Price Changed $199,900 MREIS
• 2025-10-08 Listed $211,000 MREIS

Property tax history

+3.6%/yr

Latest (2025): $1,197 · +7.9% YoY. Source: county tax records.