68 Masonic St · Rockland, ME 04841

$395,000

5 bd · 3.0 ba · 3,411 sqft · MultiFamily public records · 155 Days on market

Built 1880 8,276 sqft lot $116/sqft · 10% below area Est $439k · 10% under ↓ 7% 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
• ARV discount +12.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +6.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

Built in 1880, this in-town three-unit apartment building offers classic charm and strong value-add potential. Conveniently located near downtown amenities. An excellent opportunity for investors or owner-occupants looking to update and increase value while preserving period appeal.

Key facts

• Downtown amenities
• Period appeal
• Conveniently located

Tags

• THREE UNIT APARTMENT BUILDING
• CONVENIENTLY LOCATED
• DOWNTOWN AMENITIES
• PERIOD APPEAL

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $395k).
• Recommended offer: $348k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.3% in Rockland — 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 62/100 on livability (#116 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D, amenities F, commute F.
• RSU 13 (town): math 77% / reading 85% proficiency, ranked #84 of 112 in ME (top 75%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 71 active listings in the ZIP; 160 units permitted in Knox County in 2024 (58 in 5+ unit buildings).
• At $5,482/mo this rent would consume 116% of the median local household income ($57k/yr) (locally 279% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $111k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($348k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.39% ✓
• Cap rate: 11.13%
• Cash-on-cash: 17.26%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (median comp): $439,213
• List price: $395,000
• Delta: -10.07%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.6%
• Equity multiple: 1.34×
• Total profit: $37,399
• Equity at exit: $58,896

10-year hold

• IRR: 17.8%
• Equity multiple: 2.48×
• Total profit: $163,390
• Equity at exit: $34,152

Cash invested: $110,600 (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 04841

• Home prices YoY: -17.8%
• Active inventory: 71
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $5,482 medium
• Mortgage (P&I): −$2,071
• Tax from tax record: −$504 /mo · $6,048/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,151
• Net cashflow: $1,591

Break-even live

Break-even rent $3,468

Max offer price $395,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,481
Total (3 units)			$5,482

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $395,000 Active 155 DOM
2. 2026-06-17
   days on market $395,000 Active 154 DOM
3. 2026-06-16
   days on market $395,000 Active 153 DOM
4. 2026-06-15
   days on market $395,000 Active 152 DOM
5. 2026-06-14
   days on market $395,000 Active 150 DOM
6. 2026-06-10
   days on market $395,000 Active 147 DOM
7. 2026-06-09
   days on market $395,000 Active 146 DOM
8. 2026-06-08
   days on market $395,000 Active 145 DOM
9. 2026-06-07
   days on market $395,000 Active 144 DOM
10. 2026-06-03
    days on market $395,000 Active 140 DOM
11. 2026-06-02
    days on market $395,000 Active 139 DOM
12. 2026-06-01
    days on market $395,000 Active 138 DOM
13. 2026-05-31
    days on market $395,000 Active 137 DOM
14. 2026-05-31
    days on market $395,000 Active 136 DOM
15. 2026-03-18
    price $395,000 283-char remark

    Show marketing remark (283 chars)

    Built in 1880, this in-town three-unit apartment building offers classic charm and strong value-add potential. Conveniently located near downtown amenities. An excellent opportunity for investors or owner-occupants looking to update and increase value while preserving period appeal.

16. 2026-01-14
    listed $425,000 Active 283-char remark

    Show marketing remark (283 chars)

    Built in 1880, this in-town three-unit apartment building offers classic charm and strong value-add potential. Conveniently located near downtown amenities. An excellent opportunity for investors or owner-occupants looking to update and increase value while preserving period appeal.

ⓘ 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: $6,048 · $504/mo
• Projected year-2 tax: $6,048 · $504/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥85°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,784
• − Mortgage interest: −$22,126
• − Property taxes: −$6,048
• − Insurance: −$1,975
• − Repairs & maintenance: −$5,263
• − Management: −$5,263
• − Depreciation: −$11,491
• Taxable income: $13,619
• Est. tax owed @ 24.0%: −$3,268
• After-tax cash flow: $15,821/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 13
• NCES district ID: 2314787
• Math proficiency: 77% ▲ 51.00%
• Reading proficiency: 85% ▲ 36.00%
• Median HH income: $43,177
• Composite: 67.81/100
• National rank: #363
• State rank: #84 of 112 in ME

Livability — Rockland

• Score: 62/100
• State rank: #116
• US rank: #16831

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D- Housing A+ Health & safety D- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockland, ME
• County: Knox County · 7,035 people
• City population: 7,035
• Metro: nan
• Population (ZIP): 7,035
• Household income: $56,533
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 279.0

Population outlook (Knox County) Hauer SSP2

• Today (2025): 39,304 people
• By 2030: 38,497 · -2.1%
• By 2040: 36,090 · -8.2%
• By 2050: 33,681 · -14.3%
• By 2075: 29,934 · -23.8%
• By 2100: 24,633 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Slovak 12% Serbian 8% Lithuanian 5%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2%

Political lean MEDSL · Knox

• 2024 margin: D (+18.6) · D 58.2% · R 39.6% · Other 2.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 21.4pp · 2024: 18.6pp
• All cycles: 2024: D+18.6 2020: D+19.9 2016: D+14.3 2012: D+22.6 2008: D+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.90%
• Current HPI: 341.7862
• Rent YoY: —
• Metro: nan
• State GDP YoY: —
• F500 in state: 0

Price history

-7.1% since first listed

2 events — show timeline

• 2026-03-18 Price Changed $395,000 MREIS
• 2026-01-14 Listed $425,000 MREIS

Property tax history

+1.9%/yr

Latest (2025): $6,048 · +4.4% YoY. Source: county tax records.