Is 102 Thomas Mcclellan Rd in Farmington, ME a good investment?

CashFlowRE grades it B+ with a 9.6% cap rate and $523/mo modeled cash flow at a $189,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 102 Thomas Mcclellan Rd?

The modeled cap rate is 9.6% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $2,216/month, from CashFlowRE's rent model.

Multi-family

B+ Composite 75.82

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 +26.9/30.0
Appreciation +10.0/10.0
DSCR +9.3/10.0
ARV discount +7.5/15.0
1% rule +6.7/10.0
Schools +6.7/10.0
Livability +4.0/5.0
Rent growth +2.5/5.0
Condition / age +2.2/5.0

$189,000

102 Thomas Mcclellan Rd · Farmington, ME 04938

4 bd · 2.0 ba · 1,520 sqft · MultiFamily public records · 155 Days on market

Built 1900 Fair condition 3,920 sqft lot $124/sqft · 67% below area

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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

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.

Key facts

Ample parking
New bathroom vanity
New kitchen cabinets

What this means for you Summary

Snapshot

This is a 4-bed/2.0-bath multifamily listed at $189k. Condition is rated fair.

Deal economics

At list price, monthly cash flow is $523 ($6k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $189k).
Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
Cap rate 9.6% vs local median 5.3% 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: 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.
Zoned schools: Mt Blue Middle School (math 78% / reading 79%, grade A+, #69 of 85 statewide, top 82%, 488 students, 50% FRL); Mt Blue High School (math 87% / reading 95%, grade A+, #42 of 108 statewide, top 38%, 733 students, 45% FRL) — zoned schools at 47% FRL track the district average.
Market conditions: 137 active listings in the ZIP; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
At $2,216/mo this rent would consume 49% of the median local household income ($54k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

In year one you build about $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.
By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 155 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
6 sale attempts since 19y ago; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

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?
Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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.
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?
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 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: 1.17% ✓
Cap rate: 9.61%
Cash-on-cash: 11.86%
DSCR: 1.53
GRM: 7.1

CMA / ARV

ARV (median comp): $544,839
List price: $189,000
Delta: -65.31%
Verdict: UNDERPRICED
Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
154 Greenwood Ave	0.52mi	3/2.0 (-1)	1,476 (-3%)	7mo	$272,000	$184	60
111 Town Farm Rd	0.14mi	4/1.0	1,700 (+12%)	12mo	$289,000	$170	60
111 Rosewood Dr	0.84mi	3/2.0 (-1)	1,568 (+3%)	4mo	$155,000	$99	51
252 Maple Ave	1.02mi	3/2.0 (-1)	1,636 (+8%)	4mo	$350,000	$214	44
TBD Granite Hts	1.16mi	3/2.0 (-1)	1,650 (+9%)	10mo	$400,000	$242	37
146 Belcher Rd	0.92mi	4/1.0	1,789 (+18%)	1mo	$344,000	$192	35
118 Corson Ln	1.37mi	3/1.0 (-1)	1,660 (+9%)	8mo	$110,000	$66	34
238 Middle St	1.19mi	3/1.0 (-1)	1,310 (-14%)	5mo	$304,000	$232	29
143 Voter Hill Rd	0.96mi	3/2.0 (-1)	1,228 (-19%)	8mo	$312,000	$254	28
233 Middle St	1.15mi	3/2.5 (-1)	1,848 (+22%)	8mo	$415,000	$225	26
121 Spruce Ln	0.68mi	3/1.0 (-1)	1,260 (-17%)	10mo	$230,000	$183	26
109 Beechwood Ln	0.87mi	3/1.5 (-1)	1,749 (+15%)	13mo	$310,000	$177	22

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

Projected returns pro-forma

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

5-year hold

IRR: 33.0%
Equity multiple: 3.57×
Total profit: $136,225
Equity at exit: $170,266

10-year hold

IRR: 28.4%
Equity multiple: 8.09×
Total profit: $374,939
Equity at exit: $367,185

Cash invested: $52,920 (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: 137
Price-to-rent: 14.2×

Monthly cashflow live

Estimated rent: $2,216 medium interval (Pro) →
Mortgage (P&I): −$991
Tax from tax record: −$158 /mo · $1,894/yr
Insurance: −$79
HOA: −$0
Lot rent: −$0
Vacancy / Maint / Mgmt: −$465
Net cashflow: $523

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,216
#1	2	1	$1,108
#2	2	1	$1,108
Total (2 units)			$2,216

Break-even live

Break-even rent $1,554

Max offer price $189,000

Occupancy floor 71%

Sensitivity live

Price	-10% $630	-5% $576	+0% $523	+5% $469	+10% $416
Rent	-10% $348	-5% $435	+0% $523	+5% $610	+10% $698
Rate	-1.0pp $618	-0.5pp $571	base $523	+0.5pp $474	+1.0pp $424

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: $47,250
Closing costs: $5,670
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Bridge St Unit 6 Farmington, ME	2.0	1.0	—	$1,200	—	1d	1	0.06mi
163 Main St Unit 4 Farmington, ME	2.0	1.0	—	$975	—	1d	1	0.61mi
163 Main St Apt 7 Farmington, ME	1.0	1.0	—	$900	—	1d	1	0.61mi
138 High St Unit Rose Room Farmington, ME	1.0	1.0	350	$1,000	$2.86	139d	1	0.66mi
114 Perham St Unit 114 Perham St, 2nd Fl Farmington, ME	2.0	1.0	1500	$2,500	$1.67	139d	1	0.73mi
126 Willow Springs Dr Farmington, ME	1.0	1.0	500	$972	$1.94	1d	1	1.41mi

Property features AI

Finance

Financial info: Gross income reported: $31,200Operating expenses reported: $8,430Unit 1 actual rent: $1,450Unit 2 actual rent: $1,150

Exterior

Parking: On-site gravel parking with 1–4 spaces
Utilities: Public waterPublic sewerUtilities currently onWater heaters: oil-fired tied to heating system (off heating system)
Home design: Multi-level buildingWood-frame construction with clapboard sidingMetal roofEntry includes porch
Construction: Built in 1900Slab and brick/mortar foundation
Exterior features: PorchIntown locationCorner lotLevel lot with sidewalksPaved road access

Interior

Kitchen: Unit 1: no refrigerator providedUnit 2: refrigerator provided
Bedrooms: Two 2-bedroom units (one on the first level, one on the second level)
Flooring: CarpetLaminateTileVinyl
Bathrooms: 2 full bathrooms (total for the property)
Heating & cooling: Has heatingBaseboard heatingHot water heatZoned heatingCircuit breaker electrical panel
Interior features: First-floor bedroomBathtub32–36 inch interior doorsDouble-pane windows with low-emissivity glassCable service available
Laundry & utility: Coin laundry on siteDedicated water heaters for each unit

Listing history 50 events

2026-09-23

days on market $189,000 Active 155 DOM
2026-09-20

days on market $189,000 Active 152 DOM
2026-09-19

days on market $189,000 Active 150 DOM
2026-09-17

days on market $189,000 Active 149 DOM
2026-09-17

days on market $189,000 Active 148 DOM
2026-09-16

days on market $189,000 Active 147 DOM
2026-09-14

days on market $189,000 Active 146 DOM
2026-09-13

days on market $189,000 Active 145 DOM
2026-09-12

days on market $189,000 Active 144 DOM
2026-09-11

days on market $189,000 Active 143 DOM
2026-09-05

days on market $189,000 Active 137 DOM
2026-09-04

days on market $189,000 Active 136 DOM
2026-09-03

pricedays on market $189,000 Active 135 DOM
2026-09-02

days on market $199,000 Active 134 DOM
2026-08-29

days on market $199,000 Active 130 DOM
2026-08-28

days on market $199,000 Active 129 DOM
2026-08-27

days on market $199,000 Active 128 DOM
2026-08-25

days on market $199,000 Active 126 DOM
2026-08-24

days on market $199,000 Active 125 DOM
2026-08-23

days on market $199,000 Active 124 DOM
2026-08-22

days on market $199,000 Active 123 DOM
2026-08-21

days on market $199,000 Active 122 DOM
2026-08-20

days on market $199,000 Active 121 DOM
2026-08-19

days on market $199,000 Active 120 DOM
2026-08-18

days on market $199,000 Active 119 DOM
2026-08-17

days on market $199,000 Active 118 DOM
2026-08-16

days on market $199,000 Active 117 DOM
2026-08-15

days on market $199,000 Active 116 DOM
2026-08-15

days on market $199,000 Active 115 DOM
2026-08-13

days on market $199,000 Active 114 DOM
2026-08-12

days on market $199,000 Active 113 DOM
2026-08-11

days on market $199,000 Active 112 DOM
2026-08-10

days on market $199,000 Active 111 DOM
2026-08-09

days on market $199,000 Active 110 DOM
2026-08-08

days on market $199,000 Active 109 DOM
2026-08-07

days on market $199,000 Active 108 DOM
2026-08-06

days on market $199,000 Active 107 DOM
2026-08-05

days on market $199,000 Active 106 DOM
2026-08-04

days on market $199,000 Active 105 DOM
2026-08-03

days on market $199,000 Active 104 DOM
2026-07-31

days on market $199,000 Active 101 DOM
2026-07-30

days on market $199,000 Active 100 DOM
2026-07-29

days on market $199,000 Active 99 DOM
2026-07-27

days on market $199,000 Active 97 DOM
2026-07-25

days on market $199,000 Active 95 DOM
2026-07-24

days on market $199,000 Active 94 DOM
2026-07-23

days on market $199,000 Active 93 DOM
2026-07-22

days on market $199,000 Active 92 DOM
2026-07-21

days on market $199,000 Active 91 DOM
2026-07-18

days on market $199,000 Active 88 DOM

ⓘ 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: $2,232 · $186/mo
Expected delta: +$338/yr (+$28/mo · 17.9%)

ⓘ 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $26,592
− Mortgage interest: −$10,587
− Property taxes: −$1,894
− Insurance: −$945
− Repairs & maintenance: −$2,127
− Management: −$2,127
− Depreciation: −$5,498
Taxable income: $3,413

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$819
After-tax cash flow: $5,456/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab Est. rehab $38,000–$68,400 screening

This multi-family property requires moderate renovations to its exterior and interior, with fresh paint and landscaping being the highest-ROI updates for both resale and rental value.

Components & finishes AI

Roof metal · good

Deferred maintenance Est. $11,500–$36,000 screening

Minor Roof (roof) — No visible signs of damage or wear on the roof.
Minor Windows (windows) — No visible signs of damage or wear on the windows.
Minor Electrical (electrical) — No visible signs of damage or wear on the electrical components.
Major Exterior (exterior) — Significant wear and tear on the exterior siding and trim.

Repairs flagged

Major exterior siding — Significant peeling and wear
Major interior walls — Paint is chipped and worn
Minor landscaping — Overgrown vegetation

Value-add opportunities

Both paint exterior — Fresh paint enhances curb appeal and value ↑
Both paint interior walls — Fresh paint improves interior aesthetics and value ↑
Both landscaping — Well-maintained landscaping enhances curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

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

A Composite livability gradescore 80/100

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
County: Franklin · 28,948 people
Population (ZIP): 10,368
Household income: $54,281
Rent vs Own: 37.2% rent · 62.8% own
Severe rent burden: 13% of renters

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

+82.5% since first listed

16 events — show timeline

2026-05-22 Price Changed $219,000 MREIS
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
2022-06-24 Delisted — MREIS
2022-03-30 Price Changed $179,000 MREIS
2022-03-30 Relisted — MREIS
2022-03-16 Pending — MREIS
2021-11-06 Price Changed $159,000 MREIS
2021-09-27 Price Changed $169,000 MREIS
2021-06-23 Listed $179,000 MREIS
2008-04-14 Listed $120,000 MREIS
2007-12-27 Listed $120,000 MREIS

Property tax history

+4.0%/yr

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

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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