102 Thomas Mcclellan Rd · Farmington, ME 04938

$219,000

4 bd · 2.0 ba · 1,520 sqft · MultiFamily public records · 58 Days on market

Built 1900 3,920 sqft lot $144/sqft · 59% below area

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

Excellent investment opportunity in Farmington! This well-maintained 2 unit is ideally located just minutes from the university, making it highly appealing for student rentals. Each unit features two bedrooms, a functional layout, and abundant natural light. The first-floor unit has been completely renovated, including new doors, a new bathroom vanity, a new bathtub and shower surround, new kitchen cabinets and fixtures, and new flooring offering modern appeal and added value. Whether you're looking to owner-occupy while offsetting your mortgage or expand your investment portfolio, this property offers strong and consistent income potential. Situated on a quiet road, the property also includes ample parking--an essential amenity for tenants. Building is currently vacant so easy to show and ready for owner occupied or pick your own tenants. Don't miss this chance to own this great investment!

Key facts

• Ample parking
• New bathroom vanity
• New kitchen cabinets

Tags

• WELL MAINTAINED
• COMPLETELY RENOVATED
• NEW BATHROOM VANITY
• NEW KITCHEN CABINETS
• AMPLE PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $212k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 4.8% in Farmington — 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 80/100 on livability (#18 in ME, #1,653 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A-; Watch: schools D, employment D-.
• RSU 09 (rural): math 78% / reading 82% proficiency, ranked #88 of 112 in ME (top 79%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 90 active listings in the ZIP; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Franklin County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $175k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $212,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 12.21%
• Cash-on-cash: 21.13%
• DSCR: 1.94
• GRM: 5.8

CMA / ARV

• ARV (median comp): $498,503
• List price: $219,000
• Delta: -56.07%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.1%
• Equity multiple: 4.07×
• Total profit: $188,028
• Equity at exit: $197,293

10-year hold

• IRR: 34.5%
• Equity multiple: 9.15×
• Total profit: $499,578
• Equity at exit: $425,469

Cash invested: $61,320 (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 04938

• Home prices YoY: 6.4%
• Active inventory: 90
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $3,136 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$158 /mo · $1,894/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $1,080

Break-even live

Break-even rent $1,769

Max offer price $219,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,136
Total (2 units)			$3,136

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $219,000 Active 58 DOM
2. 2026-06-17
   days on market $219,000 Active 57 DOM
3. 2026-06-16
   days on market $219,000 Active 56 DOM
4. 2026-06-15
   days on market $219,000 Active 55 DOM
5. 2026-06-13
   days on market $219,000 Active 53 DOM
6. 2026-06-12
   days on market $219,000 Active 52 DOM
7. 2026-06-09
   days on market $219,000 Active 49 DOM
8. 2026-06-08
   days on market $219,000 Active 48 DOM
9. 2026-06-07
   days on market $219,000 Active 47 DOM
10. 2026-06-07
    days on market $219,000 Active 46 DOM
11. 2026-06-04
    days on market $219,000 Active 43 DOM
12. 2026-06-02
    days on market $219,000 Active 42 DOM
13. 2026-06-01
    days on market $219,000 Active 41 DOM
14. 2026-05-31
    days on market $219,000 Active 40 DOM
15. 2026-05-31
    days on market $219,000 Active 39 DOM
16. 2026-04-21
    listed $229,000 Active 904-char remark

    Show marketing remark (904 chars)

    Excellent investment opportunity in Farmington! This well-maintained 2 unit is ideally located just minutes from the university, making it highly appealing for student rentals. Each unit features two bedrooms, a functional layout, and abundant natural light. The first-floor unit has been completely renovated, including new doors, a new bathroom vanity, a new bathtub and shower surround, new kitchen cabinets and fixtures, and new flooring offering modern appeal and added value. Whether you're looking to owner-occupy while offsetting your mortgage or expand your investment portfolio, this property offers strong and consistent income potential. Situated on a quiet road, the property also includes ample parking--an essential amenity for tenants. Building is currently vacant so easy to show and ready for owner occupied or pick your own tenants. Don't miss this chance to own this great investment!

17. 2022-10-25
    historical 284-char remark

    Show marketing remark (284 chars)

    Nice Property near town easy to walk to most locations. Washer and Dryer in entry for both units. New oil Furnace 7 years ago. Both units are kept rented. Nice porch on front of building. Metal roof recently painted in August 2022. Nice income property live in one and rent the other.

18. 2022-10-24
    soldstatus $174,700 Closed 284-char remark

    Show marketing remark (284 chars)

    Nice Property near town easy to walk to most locations. Washer and Dryer in entry for both units. New oil Furnace 7 years ago. Both units are kept rented. Nice porch on front of building. Metal roof recently painted in August 2022. Nice income property live in one and rent the other.

19. 2022-09-21
    status Pending 284-char remark

    Show marketing remark (284 chars)

    Nice Property near town easy to walk to most locations. Washer and Dryer in entry for both units. New oil Furnace 7 years ago. Both units are kept rented. Nice porch on front of building. Metal roof recently painted in August 2022. Nice income property live in one and rent the other.

20. 2022-09-17
    price $174,600 284-char remark

    Show marketing remark (284 chars)

    Nice Property near town easy to walk to most locations. Washer and Dryer in entry for both units. New oil Furnace 7 years ago. Both units are kept rented. Nice porch on front of building. Metal roof recently painted in August 2022. Nice income property live in one and rent the other.

21. 2022-08-28
    listed $274,600 Active 284-char remark

    Show marketing remark (284 chars)

    Nice Property near town easy to walk to most locations. Washer and Dryer in entry for both units. New oil Furnace 7 years ago. Both units are kept rented. Nice porch on front of building. Metal roof recently painted in August 2022. Nice income property live in one and rent the other.

22. 2022-03-30
    price $179,000
23. 2021-11-06
    price $159,000
24. 2021-09-27
    price $169,000

ⓘ 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: $1,894 · $158/mo
• Projected year-2 tax: $2,436 · $203/mo
• Expected delta: +$542/yr (+$45/mo · 28.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,632
• − Mortgage interest: −$12,267
• − Property taxes: −$1,894
• − Insurance: −$1,095
• − Repairs & maintenance: −$3,011
• − Management: −$3,011
• − Depreciation: −$6,371
• Taxable income: $9,984
• Est. tax owed @ 24.0%: −$2,396
• After-tax cash flow: $10,563/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 09
• NCES district ID: 2314809
• Math proficiency: 78% ▲ 48.00%
• Reading proficiency: 82% ▲ 31.00%
• Median HH income: $40,202
• Composite: 66.71/100
• National rank: #409
• State rank: #88 of 112 in ME

Livability — Farmington

• Score: 80/100
• State rank: #18
• US rank: #1653

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, ME
• Population (ZIP): 10,368

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 28,948 people
• By 2030: 27,889 · -3.7%
• By 2040: 25,275 · -12.7%
• By 2050: 22,770 · -21.3%
• By 2075: 18,980 · -34.4%
• By 2100: 16,816 · -41.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 11% Italian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+8.2) · D 44.8% · R 53.0% · Other 2.2%
• 2008→2024 swing: -28.5pp toward R · 2008: 20.3pp · 2024: -8.2pp
• All cycles: 2024: R+8.2 2020: R+3.9 2016: R+5.5 2012: D+18.5 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.53%
• Current HPI: 325.7666
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+35.5% since first listed

9 events — show timeline

• 2026-04-21 Listed $229,000 MREIS
• 2022-10-25 Delisted — MREIS
• 2022-10-24 Sold (MLS) $174,700 MREIS
• 2022-09-21 Pending — MREIS
• 2022-09-17 Price Changed $174,600 MREIS
• 2022-08-28 Listed $274,600 MREIS
• 2022-03-30 Price Changed $179,000 MREIS
• 2021-11-06 Price Changed $159,000 MREIS
• 2021-09-27 Price Changed $169,000 MREIS

Property tax history

+4.0%/yr

Latest (2025): $1,894 · +17.6% YoY. Source: county tax records.