3 Park St · Orono, ME 04473

$277,000

5 bd · 2.0 ba · 1,806 sqft · MultiFamily public records · 37 Days on market

Built 1920 8,276 sqft lot $153/sqft · 11% below area Est $284k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.6/15.0
• Schools +7.5/10.0
• Livability +3.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

LOCATION, LOCATION, LOCATION !! Short walk to the University of Maine Campus and to downtown Orono! This 2 unit property consist of a 3 bedroom apartment and a 2 bedroom apartment. Both have new tenants that moved in June 1, 2016. Leases go through May 2017. $1425 rent for the 3 bedroom, $950 rent for the 2 bedroom. Apt A just renovated. Need to give tenants 24 hour notice for showings. Don't miss this great opportunity.

Key facts

• Consistent occupancy
• Convenient access
• Local restaurants

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• CONSISTENT OCCUPANCY
• CONVENIENT ACCESS
• LOCAL RESTAURANTS
• SHOPPING

Property features AI

Finance

• Other: Zoning: MDR
• Financial info: Property is a 2-unit building; Gross income: $31,500; Operating expenses: $19,061; Actual rents listed: Unit 1 $1,050; Unit 2 $1,575

Exterior

• Parking: Gravel parking; 5–10 spaces on site; Off-street parking
• Utilities: Public water; Public sewer; Electric with circuit breakers; Electric water heater; Utilities are on
• Home design: Duplex; 2 stories; Built in 1920; Facing direction not specified
• Construction: Wood frame with vinyl siding; Shingle roof; Full unfinished walk-out basement with interior entry and sump pump
• Exterior features: Intown lot; Level yard; Sidewalks; Paved road

Interior

• Kitchen: Refrigerator in each unit
• Bedrooms: Unit 1: 2 bedrooms (first level); Unit 2: 3 bedrooms (first level)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; Has heat in both units
• Interior features: First-floor bedroom; Shower
• Laundry & utility: Washer hookup; Dedicated water heater for each unit; Dedicated electric meter for each unit

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $277k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $740/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $277k).
• Recommended offer: $269k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#49 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• RSU 26 (suburban): math 88% / reading 90% proficiency, ranked #39 of 112 in ME (top 35%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 25 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• At $4,245/mo this rent would consume 83% of the median local household income ($62k/yr) (locally 423% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% 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 $78k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($269k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $125k; list at $277k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $268,690 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 12.70%
• Cash-on-cash: 22.89%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (median comp): $284,134
• List price: $277,000
• Delta: -2.51%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Penobscot St	0.46mi	4/2.0 (-1)	1,979 (+10%)	12mo	$253,500	$128	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 15.8%
• Equity multiple: 1.64×
• Total profit: $49,364
• Equity at exit: $41,302

10-year hold

• IRR: 24.5%
• Equity multiple: 3.12×
• Total profit: $164,456
• Equity at exit: $23,950

Cash invested: $77,560 (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 04473

• Home prices YoY: -34.5%
• Active inventory: 25
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $4,245 medium
• Mortgage (P&I): −$1,453
• Tax from tax record: −$306 /mo · $3,676/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$891
• Net cashflow: $1,479

Break-even live

Break-even rent $2,373

Max offer price $277,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,927
1× unit	3	1	$2,318
Total (2 units)			$4,245

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: $69,250
• Closing costs: $8,310
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $277,000 Active 37 DOM
2. 2026-06-18
   days on market $277,000 Active 36 DOM
3. 2026-06-17
   days on market $277,000 Active 35 DOM
4. 2026-06-16
   days on market $277,000 Active 34 DOM
5. 2026-06-15
   days on market $277,000 Active 33 DOM
6. 2026-06-14
   days on market $277,000 Active 31 DOM
7. 2026-06-13
   days on market $277,000 Active 30 DOM
8. 2026-06-10
   days on market $277,000 Active 28 DOM
9. 2026-06-09
   days on market $277,000 Active 27 DOM
10. 2026-06-08
    days on market $277,000 Active 26 DOM
11. 2026-06-07
    days on market $277,000 Active 25 DOM
12. 2026-06-05
    days on market $277,000 Active 22 DOM
13. 2026-06-03
    days on market $277,000 Active 21 DOM
14. 2026-06-02
    days on market $277,000 Active 20 DOM
15. 2026-06-01
    days on market $277,000 Active 19 DOM
16. 2026-05-31
    days on market $277,000 Active 18 DOM
17. 2026-05-30
    days on market $277,000 Active 17 DOM
18. 2026-05-13
    listed $277,000 Active 552-char remark
19. 2016-08-15
    soldstatus $125,000 Sold 428-char remark

    Show marketing remark (428 chars)

    LOCATION, LOCATION, LOCATION !! Short walk to the University of Maine Campus and to downtown Orono! This 2 unit property consist of a 3 bedroom apartment and a 2 bedroom apartment. Both have new tenants that moved in June 1, 2016. Leases go through May 2017. $1425 rent for the 3 bedroom, $950 rent for the 2 bedroom. Apt A just renovated. Need to give tenants 24 hour notice for showings. Don't miss this great opportunity.

20. 2016-06-12
    status Pending 428-char remark

    Show marketing remark (428 chars)

    LOCATION, LOCATION, LOCATION !! Short walk to the University of Maine Campus and to downtown Orono! This 2 unit property consist of a 3 bedroom apartment and a 2 bedroom apartment. Both have new tenants that moved in June 1, 2016. Leases go through May 2017. $1425 rent for the 3 bedroom, $950 rent for the 2 bedroom. Apt A just renovated. Need to give tenants 24 hour notice for showings. Don't miss this great opportunity.

21. 2016-06-08
    listed $125,000 Active 428-char remark

    Show marketing remark (428 chars)

    LOCATION, LOCATION, LOCATION !! Short walk to the University of Maine Campus and to downtown Orono! This 2 unit property consist of a 3 bedroom apartment and a 2 bedroom apartment. Both have new tenants that moved in June 1, 2016. Leases go through May 2017. $1425 rent for the 3 bedroom, $950 rent for the 2 bedroom. Apt A just renovated. Need to give tenants 24 hour notice for showings. Don't miss this great opportunity.

ⓘ 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: $3,676 · $306/mo
• Projected year-2 tax: $3,722 · $310/mo
• Expected delta: +$46/yr (+$4/mo · 1.2%)

ⓘ 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 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $50,940
• − Mortgage interest: −$15,516
• − Property taxes: −$3,676
• − Insurance: −$1,385
• − Repairs & maintenance: −$4,075
• − Management: −$4,075
• − Depreciation: −$8,058
• Taxable income: $14,154
• Est. tax owed @ 24.0%: −$3,397
• After-tax cash flow: $14,353/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 26
• NCES district ID: 2314778
• Math proficiency: 88% ▲ 33.00%
• Reading proficiency: 90% ▲ 21.00%
• Median HH income: $44,087
• Composite: 74.55/100
• National rank: #156
• State rank: #39 of 112 in ME

Livability — Orono

• Score: 73/100
• State rank: #49
• US rank: #5067

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orono, ME
• County: Penobscot County · 81,539 people
• City population: 8,371
• Metro: Bangor, ME
• Population (ZIP): 8,371
• Household income: $61,528
• Rent vs Own: 53.4% rent · 46.6% own
• Severe rent burden: 423.0

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Lithuanian 7% Slovak 4% Romanian 3%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 92% English-only · Other Indo-European 2% French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.22%
• Current HPI: 220.35
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+121.6% since first listed

4 events — show timeline

• 2026-05-13 Listed $277,000 MREIS
• 2016-08-15 Sold (MLS) $125,000 MREIS
• 2016-06-12 Pending — MREIS
• 2016-06-08 Listed $125,000 MREIS

Property tax history

+4.3%/yr

Latest (2025): $3,676 · +1.7% YoY. Source: county tax records.