119 Town Farm Rd · Farmington, ME 04938

$198,700

4 bd · 2.0 ba · 2,181 sqft · SingleFamily public records · 156 Days on market

Built 1850 0.55 ac lot $91/sqft · 41% below area Est $307k · 35% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

INVESTORS TAKE NOTICE!! Two family property in need of complete rehab. First unit not too bad, second unit in need of complete 'do-over'. Great potential for owner occupied property. Location convenient to all Farmington amenities. Less than one mile from UMF! Current owner says sell!

Key facts

• Two family property
• Complete rehab
• 0.55 acre lot

Tags

• TWO FAMILY PROPERTY
• COMPLETE REHAB
• OWNER OCCUPIED PROPERTY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: 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: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 164 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $35k; list at $199k implies a 466% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,856 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.61% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.55%
• DSCR: 2.14
• GRM: 5.2

CMA / ARV

• ARV (median comp): $306,555
• List price: $198,700
• Delta: -35.18%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
150 Greenwood Ave	0.64mi	4/1.5	2,032 (-7%)	1mo	$325,000	$160	56
249 High St	0.68mi	3/1.5 (-1)	2,064 (-5%)	24mo	$325,000	$157	32
236 High St	0.69mi	5/2.0 (+1)	2,493 (+14%)	11mo	$242,000	$97	30

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: 43.5%
• Equity multiple: 4.30×
• Total profit: $183,681
• Equity at exit: $179,005

10-year hold

• IRR: 37.7%
• Equity multiple: 9.66×
• Total profit: $481,649
• Equity at exit: $386,030

Cash invested: $55,636 (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: 92
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$1,042
• Tax from tax record: −$219 /mo · $2,626/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $1,184

Break-even live

Break-even rent $1,701

Max offer price $198,700

Occupancy floor 58%

Sensitivity live

Price	-10% $1,297	-5% $1,241	+0% $1,184	+5% $1,128	+10% $1,072
Rent	-10% $932	-5% $1,058	+0% $1,184	+5% $1,311	+10% $1,437
Rate	-1.0pp $1,284	-0.5pp $1,235	base $1,184	+0.5pp $1,133	+1.0pp $1,081

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: $49,675
• Closing costs: $5,961
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 High St Unit A Farmington, ME	5.0	3.0	2600	$3,200	$1.23	45d	1	0.62mi

Listing history 21 events

1. 2026-06-21
   days on market $198,700 Active 156 DOM
2. 2026-06-21
   days on market $198,700 Active 155 DOM
3. 2026-06-18
   days on market $198,700 Active 153 DOM
4. 2026-06-17
   days on market $198,700 Active 152 DOM
5. 2026-06-16
   days on market $198,700 Active 151 DOM
6. 2026-06-15
   days on market $198,700 Active 150 DOM
7. 2026-06-13
   days on market $198,700 Active 148 DOM
8. 2026-06-12
   days on market $198,700 Active 147 DOM
9. 2026-06-09
   days on market $198,700 Active 144 DOM
10. 2026-06-08
    days on market $198,700 Active 143 DOM
11. 2026-06-07
    days on market $198,700 Active 142 DOM
12. 2026-06-07
    days on market $198,700 Active 141 DOM
13. 2026-06-04
    days on market $198,700 Active 138 DOM
14. 2026-06-02
    days on market $198,700 Active 137 DOM
15. 2026-06-01
    days on market $198,700 Active 136 DOM
16. 2026-05-31
    days on market $198,700 Active 135 DOM
17. 2026-05-31
    days on market $198,700 Active 134 DOM
18. 2026-01-16
    listed $198,700 Active 285-char remark

    Show marketing remark (285 chars)

    INVESTORS TAKE NOTICE!! Two family property in need of complete rehab. First unit not too bad, second unit in need of complete 'do-over'. Great potential for owner occupied property. Location convenient to all Farmington amenities. Less than one mile from UMF! Current owner says sell!

19. 2018-01-09
    soldstatus $35,100 Sold 435-char remark

    Show marketing remark (435 chars)

    This property could be used as a spacious single family or as a two unit. Large rooms. Close to everything Farmington has to offer! One car garage under, large back yard, plenty of parking. Build equity here. "Seller will not complete any repairs to the subject property, either Lender or Buyer requested. The property is sold in as is condition. " Seller is negotiating multiple offers. Deadline is November 29 2017 at 1 pm

20. 2017-12-06
    status Pending 435-char remark

    Show marketing remark (435 chars)

    This property could be used as a spacious single family or as a two unit. Large rooms. Close to everything Farmington has to offer! One car garage under, large back yard, plenty of parking. Build equity here. "Seller will not complete any repairs to the subject property, either Lender or Buyer requested. The property is sold in as is condition. " Seller is negotiating multiple offers. Deadline is November 29 2017 at 1 pm

21. 2017-11-21
    listed $32,900 Active 435-char remark

    Show marketing remark (435 chars)

    This property could be used as a spacious single family or as a two unit. Large rooms. Close to everything Farmington has to offer! One car garage under, large back yard, plenty of parking. Build equity here. "Seller will not complete any repairs to the subject property, either Lender or Buyer requested. The property is sold in as is condition. " Seller is negotiating multiple offers. Deadline is November 29 2017 at 1 pm

ⓘ 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: $2,626 · $219/mo
• Projected year-2 tax: $2,664 · $222/mo
• Expected delta: +$38/yr (+$3/mo · 1.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $38,400
• − Mortgage interest: −$11,130
• − Property taxes: −$2,626
• − Insurance: −$994
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$5,780
• Taxable income: $11,726
• Est. tax owed @ 24.0%: −$2,814
• After-tax cash flow: $11,398/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

+504.0% since first listed

4 events — show timeline

• 2026-01-16 Listed $198,700 MREIS
• 2018-01-09 Sold (MLS) $35,100 MREIS
• 2017-12-06 Pending — MREIS
• 2017-11-21 Listed $32,900 MREIS

Property tax history

+5.8%/yr

Latest (2025): $2,626 · +49.9% YoY. Source: county tax records.