64 Main St

Richmond, ME 04357

$795,000D

12 bd · 6.0 ba · 6,214 sqft · Built 1900 · MultiFamily · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,675/mo
• Mortgage (P&I): −$4,169
• Tax + insurance: −$1,325
• HOA: −$0
• Vac / Maint / Mgmt: −$1,192
• Net cashflow: $-1,011/mo
• Annual: $-12,130/yr
• Cap rate: 4.77%
• Cash-on-cash: -5.45%
• DSCR: 0.76
• 1% rule: 0.71%
• Cash to close: $222,600

Investor read

• This is a 3 × 4-bed/2.0-bath units multifamily listed at $795k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative. Per door: $-337/mo.
• To cash-flow at today's rent, offer at most $649k (18.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $568k (28.6% below list).
• It's been on market 128 days — a 12% lower offer ($700k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $568k (28.6% below list) — sets the bar for 1% rule.
• In year one you build about $85k of equity ($5k loan paydown + $80k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#83 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D-, amenities F.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 193 units permitted in Sagadahoc County in 2024 (56 in 5+ unit buildings).
• Sagadahoc County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$137k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.8% vs local median 2.2% in Richmond — 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.

Questions for listing agent

• 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?
• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?