488 Main St #9 · Cape Neddick, ME 03907

$639,900

2 bd · 2.0 ba · 1,875 sqft · Condo public records · 35 Days on market

Built 1956 $341/sqft · 26% below area Est $867k · 26% under $673/mo HOA · 16% of rent

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Why this score? — see what drove the D+ 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 +7.8/10.0
• Schools +7.6/10.0
• Cash flow +5.8/30.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.2/10.0

Listing remarks MLS

Welcome to 488 Main Street, Unit 9--an exceptional and rarely available opportunity to own the largest residence within the sought-after Sea Rose Condominium community in the heart of Ogunquit. Perfectly positioned just a half-mile to downtown and under a mile to both Ogunquit Beach and Footbridge Beach, this property offers an unmatched blend of walkability, coastal lifestyle, and long-term value. Set along the trolley route for effortless access to Ogunquit's vibrant village, this location allows you to fully experience one of Maine's most iconic seaside destinations--renowned for its beaches, dining, boutiques, and charm--without ever needing to rely on your car. Inside, the home offers a spacious and flexible 3-bedroom, 2 full bathroom layout designed for both comfort and functionality. Thoughtful updates throughout--including fresh interior paint, updated flooring in select areas, and a brand-new oil tank--create a move-in ready experience while still allowing room to personalize and elevate over time. The home welcomes you through a charming front sunporch, setting the tone for relaxed coastal living and leading into a warm and inviting main living space anchored by a wood-burning fireplace. Natural light and an easy, livable flow make this home equally suited for quiet retreats or hosting family and guests. A private rear deck offers a peaceful outdoor escape--ideal for morning coffee or unwinding after a day at the beach--while a private grassy area at the front enhances the sense of space and separation rarely found in condominium living. Additional features include a one-car garage, full basement, and attic space, providing excellent storage and flexibility. Residents of Sea Rose enjoy access to a community pool, further enhancing the lifestyle appeal and seasonal enjoyment. Perhaps most compelling, this property offers proven and continued short-term rental potential in a high-demand destination--making it a great personal retreat or

Key facts

• Private rear deck
• $673 HOA
• Garage

Tags

• HALF-MILE TO DOWNTOWN
• UNDER A MILE TO OGUNQUIT BEACH
• SET ALONG THE TROLLEY ROUTE
• CHARMING FRONT SUNPORCH
• WOOD-BURNING FIREPLACE
• PRIVATE REAR DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $640k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $414k (35.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $413k (35.5% below list).
• Recommended offer: $413k (35.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#58 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Wells-Ogunquit CSD (rural): math 87% / reading 90% proficiency, ranked #32 of 112 in ME (top 29%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 42 active listings in the ZIP; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $40k of equity ($4k loan paydown + $36k appreciation (5.6% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($621k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $382k; list at $640k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $412,867 (35.5% 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 35 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.65% ✗
• Cap rate: 3.89%
• Cash-on-cash: -8.58%
• DSCR: 0.62
• GRM: 12.9

CMA / ARV

• ARV (median comp): $866,694
• List price: $639,900
• Delta: -26.17%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

5.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.5%
• Equity multiple: 1.50×
• Total profit: $89,442
• Equity at exit: $387,540

10-year hold

• IRR: 9.4%
• Equity multiple: 2.85×
• Total profit: $331,222
• Equity at exit: $690,412

Cash invested: $179,172 (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 03907

• Home prices YoY: 1.2%
• Active inventory: 42
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,129 medium
• Mortgage (P&I): −$3,356
• Tax from tax record: −$248 /mo · $2,971/yr
• Insurance: −$267
• HOA: −$673
• Vacancy / Maint / Mgmt: −$867
• Net cashflow: $-1,281

Break-even live

Break-even rent $5,751

Max offer price $413,559

Occupancy floor —

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: $159,975
• Closing costs: $19,197
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $673 · $8,076/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-04-16
   listed $639,900 Active 1978-char remark

   Show marketing remark (1978 chars)

   Welcome to 488 Main Street, Unit 9--an exceptional and rarely available opportunity to own the largest residence within the sought-after Sea Rose Condominium community in the heart of Ogunquit. Perfectly positioned just a half-mile to downtown and under a mile to both Ogunquit Beach and Footbridge Beach, this property offers an unmatched blend of walkability, coastal lifestyle, and long-term value. Set along the trolley route for effortless access to Ogunquit's vibrant village, this location allows you to fully experience one of Maine's most iconic seaside destinations--renowned for its beaches, dining, boutiques, and charm--without ever needing to rely on your car. Inside, the home offers a spacious and flexible 3-bedroom, 2 full bathroom layout designed for both comfort and functionality. Thoughtful updates throughout--including fresh interior paint, updated flooring in select areas, and a brand-new oil tank--create a move-in ready experience while still allowing room to personalize and elevate over time. The home welcomes you through a charming front sunporch, setting the tone for relaxed coastal living and leading into a warm and inviting main living space anchored by a wood-burning fireplace. Natural light and an easy, livable flow make this home equally suited for quiet retreats or hosting family and guests. A private rear deck offers a peaceful outdoor escape--ideal for morning coffee or unwinding after a day at the beach--while a private grassy area at the front enhances the sense of space and separation rarely found in condominium living. Additional features include a one-car garage, full basement, and attic space, providing excellent storage and flexibility. Residents of Sea Rose enjoy access to a community pool, further enhancing the lifestyle appeal and seasonal enjoyment. Perhaps most compelling, this property offers proven and continued short-term rental potential in a high-demand destination--making it a great personal retreat or

2. 2018-09-04
   soldstatus $382,000 Sold 807-char remark

   Show marketing remark (807 chars)

   Location, location, location! Park your car, walk to the beach and town from this deceptively spacious, this year round home was solidly built (8x10 floor joists) in the '50's and invites you to bring your modern interpretation and design ideas or enjoy as is. Offered turn-key. Listed as a 2 bedroom, it easily sleeps many more with 2 dens and 2 full baths. Original features include oak hardwood floors, a working brick fireplace, a huge front porch/den that serves as a fantastic sound buffer to Main Street. There is an attached garage which could be converted to additional living space if desired, an attic and a full basement. The front yard is dedicated space and perfect for family gatherings around a fire-pit. Searose is a small community of cottages and great neighbors. Seasonal in-ground pool.

3. 2018-06-18
   status Pending 807-char remark

   Show marketing remark (807 chars)

   Location, location, location! Park your car, walk to the beach and town from this deceptively spacious, this year round home was solidly built (8x10 floor joists) in the '50's and invites you to bring your modern interpretation and design ideas or enjoy as is. Offered turn-key. Listed as a 2 bedroom, it easily sleeps many more with 2 dens and 2 full baths. Original features include oak hardwood floors, a working brick fireplace, a huge front porch/den that serves as a fantastic sound buffer to Main Street. There is an attached garage which could be converted to additional living space if desired, an attic and a full basement. The front yard is dedicated space and perfect for family gatherings around a fire-pit. Searose is a small community of cottages and great neighbors. Seasonal in-ground pool.

4. 2018-06-06
   listed $395,000 Active 807-char remark

   Show marketing remark (807 chars)

   Location, location, location! Park your car, walk to the beach and town from this deceptively spacious, this year round home was solidly built (8x10 floor joists) in the '50's and invites you to bring your modern interpretation and design ideas or enjoy as is. Offered turn-key. Listed as a 2 bedroom, it easily sleeps many more with 2 dens and 2 full baths. Original features include oak hardwood floors, a working brick fireplace, a huge front porch/den that serves as a fantastic sound buffer to Main Street. There is an attached garage which could be converted to additional living space if desired, an attic and a full basement. The front yard is dedicated space and perfect for family gatherings around a fire-pit. Searose is a small community of cottages and great neighbors. Seasonal in-ground pool.

ⓘ 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: $2,971 · $248/mo
• Projected year-2 tax: $5,837 · $486/mo
• Expected delta: +$2,866/yr (+$239/mo · 96.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥86°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,544
• − Mortgage interest: −$35,844
• − Property taxes: −$2,971
• − Insurance: −$3,200
• − Repairs & maintenance: −$3,964
• − Management: −$3,964
• − HOA: −$8,076
• − Depreciation: −$18,615
• Taxable loss: −$27,089
• Est. tax savings @ 24.0%: +$6,501
• After-tax cash flow: $-8,874/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: Wells-Ogunquit CSD
• NCES district ID: 2313490
• Math proficiency: 87% ▲ 42.00%
• Reading proficiency: 90% ▲ 26.00%
• Median HH income: $61,341
• Composite: 75.79/100
• National rank: #125
• State rank: #32 of 112 in ME

Livability — Cape Neddick

• Score: 72/100
• State rank: #58
• US rank: #6028

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,264

Population outlook (York County) Hauer SSP2

• Today (2025): 209,961 people
• By 2030: 212,816 · +1.4%
• By 2040: 214,360 · +2.1%
• By 2050: 210,350 · +0.2%
• By 2075: 201,686 · -3.9%
• By 2100: 183,392 · -12.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 13% German 5% Slovak 4%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Other Indo-European 2% Other Asian/Pacific 2%

Political lean MEDSL · York

• 2024 margin: D (+10.5) · D 54.3% · R 43.8% · Other 1.9%
• 2008→2024 swing: -10.1pp toward R · 2008: 20.5pp · 2024: 10.5pp
• All cycles: 2024: D+10.5 2020: D+12.6 2016: D+4.8 2012: D+16.4 2008: D+20.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.63%
• Current HPI: 471.7521
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+62.0% since first listed

4 events — show timeline

• 2026-04-16 Listed $639,900 MREIS
• 2018-09-04 Sold (MLS) $382,000 MREIS
• 2018-06-18 Pending — MREIS
• 2018-06-06 Listed $395,000 MREIS

Property tax history

+0.7%/yr

Latest (2025): $2,971 · +4.2% YoY. Source: county tax records.