283 Weeks Mills Rd

Augusta, ME 04358

$269,000D-

3 bd · 1.0 ba · 1,056 sqft · Built 2022 · Other · Pending · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,180/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $-707/mo
• Annual: $-8,485/yr
• Cap rate: 3.14%
• Cash-on-cash: -11.26%
• DSCR: 0.50
• 1% rule: 0.44%
• Cash to close: $75,320

Investor read

• This is a 3-bed/1.0-bath other listed at $269k.
• At list price, monthly cash flow is $-707 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (46.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (56.1% below list).
• It's been on market 191 days — a 12% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (56.1% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Location reads 81/100 on livability (#15 in ME, #1,476 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime D-, employment F.
• RSU 18 (rural): math 88% / reading 89% proficiency, ranked #36 of 112 in ME (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: China Primary School (math 92% / reading 87%, grade A+, #60 of 294 statewide, top 24%, 245 students, 30% FRL); China Middle School (math 87% / reading 92%, grade A+, #17 of 85 statewide, top 23%, 198 students, 37% FRL); Messalonskee High School (math 92% / reading 92%, grade A+, #27 of 108 statewide, top 36%, 725 students, 25% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 38 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 191 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.