113 Fenwick Rd

Belmont, ME 04952

$129,000C-

2 bd · 1.0 ba · 768 sqft · Built — · SingleFamily · Active · 414 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,078/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $4/mo
• Annual: $42/yr
• Cap rate: 6.33%
• Cash-on-cash: 0.12%
• DSCR: 1.01
• 1% rule: 0.84%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $4 ($42/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (16.4% below list).
• It's been on market 414 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (16.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.2%/yr); year-one equity from $892 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• RSU 71 (town): math 79% / reading 82% proficiency, ranked #85 of 112 in ME (top 76%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 14 active listings in the ZIP; 143 units permitted in Waldo County in 2024 (0 in 5+ unit buildings).
• Waldo County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $129k implies a 416% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 414 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.
• 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.