197 Smithfield Rd · Belgrade, ME 04917

$249,900

3 bd · 1.0 ba · 1,254 sqft · Other public records · 112 Days on market

Built 1920 0.92 ac lot $199/sqft · 32% below area Est $370k · 32% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +7.9/30.0
• Schools +7.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.9/10.0

Listing remarks MLS

Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

Key facts

• One acre lot
• 15 to waterville
• 0.92 acre lot

Tags

• ONE ACRE LOT
• 10 MINUTE DRIVE TO OAKLAND
• 15 TO WATERVILLE
• 20 MINUTES TO AUGUSTA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $250k.

Deal economics

• At list price, monthly cash flow is $-270 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (19.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (25.7% below list).
• Recommended offer: $186k (25.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• RSU 18 (rural): math 88% / reading 89% proficiency, ranked #36 of 112 in ME (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 92% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,604 (25.7% 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. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 0.74% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.63%
• DSCR: 0.79
• GRM: 11.2

CMA / ARV

• ARV (median comp): $370,000
• List price: $249,900
• Delta: -32.46%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 2.70×
• Total profit: $118,954
• Equity at exit: $225,130

10-year hold

• IRR: 19.0%
• Equity multiple: 6.20×
• Total profit: $363,878
• Equity at exit: $485,501

Cash invested: $69,972 (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 04917

• Home prices YoY: 23.1%
• Active inventory: 46
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,856 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$321 /mo · $3,857/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $-270

Break-even live

Break-even rent $2,198

Max offer price $202,243

Occupancy floor —

Sensitivity live

Price	-10% $-128	-5% $-199	+0% $-270	+5% $-341	+10% $-411
Rent	-10% $-416	-5% $-343	+0% $-270	+5% $-196	+10% $-123
Rate	-1.0pp $-144	-0.5pp $-206	base $-270	+0.5pp $-335	+1.0pp $-400

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $249,900 Active 112 DOM
2. 2026-06-19
   days on market $249,900 Active 110 DOM
3. 2026-06-18
   days on market $249,900 Active 109 DOM
4. 2026-06-17
   days on market $249,900 Active 108 DOM
5. 2026-06-16
   days on market $249,900 Active 107 DOM
6. 2026-06-15
   days on market $249,900 Active 106 DOM
7. 2026-06-14
   days on market $249,900 Active 104 DOM
8. 2026-06-12
   days on market $249,900 Active 103 DOM
9. 2026-06-09
   days on market $249,900 Active 100 DOM
10. 2026-06-09
    price $249,900 Active 99 DOM
11. 2026-06-08
    days on market $254,900 Active 99 DOM
12. 2026-06-07
    days on market $254,900 Active 98 DOM
13. 2026-06-05
    days on market $254,900 Active 95 DOM
14. 2026-06-03
    days on market $254,900 Active 94 DOM
15. 2026-06-02
    days on market $254,900 Active 93 DOM
16. 2026-06-01
    days on market $254,900 Active 92 DOM
17. 2026-05-31
    days on market $254,900 Active 91 DOM
18. 2026-05-30
    days on market $254,900 Active 90 DOM
19. 2026-04-29
    price $264,900 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

20. 2026-03-20
    price $269,900 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

21. 2026-03-20
    price $269,000 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

22. 2026-03-06
    status Active 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

23. 2026-02-25
    status Pending 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

24. 2026-02-23
    historical Active Under Contract 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

25. 2026-02-21
    listed $129,900 Active 885-char remark

    Show marketing remark (885 chars)

    Now including a large, new 50x50 metal building with 220 electrical entrance, radiant heat tubing in slab and ready for a furnace! * * * Back on the market, No fault of its own * * * Hear the loons call on nearby Salmon Lake as you restore and enjoy time in this classic red farmhouse. Nestled between some of Central Maine's nicest lakes (Salmon Lake, McGrath Pond, Great Pond and Messalonskee Lake, the seasonal activities are endless! This one acre lot offers plenty of open space for recreation and leisure. The home is in need of updates and repair, but all systems (heat electric, drilled well and septic are operational and in working order). 10 minute drive to Oakland, 15 to Waterville and a short 20 minutes to Augusta make this location close to amenities, but far enough from the city. * * * Please do not use Steps in Garage to loft area, they do not appear safe.

ⓘ 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: $3,857 · $321/mo
• Projected year-2 tax: $3,857 · $321/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: $22,272
• − Mortgage interest: −$13,998
• − Property taxes: −$3,857
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,782
• − Management: −$1,782
• − Depreciation: −$7,270
• Taxable loss: −$7,666
• Est. tax savings @ 24.0%: +$1,840
• After-tax cash flow: $-1,398/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 18
• NCES district ID: 2314779
• Math proficiency: 88% ▲ 53.00%
• Reading proficiency: 89% ▲ 32.00%
• Median HH income: $55,125
• Composite: 75.2/100
• National rank: #139
• State rank: #36 of 112 in ME

Livability — Belgrade

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

Census & demographics

• Population (ZIP): 3,298

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Lithuanian 16% Slovak 3% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · French/Haitian/Cajun 6% Other Indo-European 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 61.97%
• Current HPI: 330.4118
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+103.9% since first listed

7 events — show timeline

• 2026-04-29 Price Changed $264,900 MREIS
• 2026-03-20 Price Changed $269,900 MREIS
• 2026-03-20 Price Changed $269,000 MREIS
• 2026-03-06 Relisted — MREIS
• 2026-02-25 Pending — MREIS
• 2026-02-23 Contingent — MREIS
• 2026-02-21 Listed $129,900 MREIS

Property tax history

+6.2%/yr

Latest (2025): $3,857 · +11.6% YoY. Source: county tax records.