119 Town Farm Rd · Farmington, ME 04938

$169,000

4 bd · 2.0 ba · 2,181 sqft · MultiFamily public records · 204 Days on market

Built 1850 Poor condition 0.55 ac lot $77/sqft · 51% below area Est $313k · 46% 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 +1.0/5.0

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 2 × 3-bed/1.0-bath units multifamily listed at $169k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $169k).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.0% vs local median 5.1% 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: 114 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 $18k of equity ($1k loan paydown + $17k 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 $47k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $169k implies a 381% 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 $148,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.96% ✓
• Cap rate: 25.99%
• Cash-on-cash: 70.36%
• DSCR: 4.13
• GRM: 2.8

CMA / ARV

• ARV (median comp): $313,149
• List price: $169,000
• Delta: -46.03%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Town Farm Rd	0.04mi	4/1.0	1,700 (-22%)	11mo	$289,000	$170	60
150 Greenwood Ave	0.64mi	4/1.5	2,032 (-7%)	2mo	$325,000	$160	54
163 Perham St	0.90mi	4/2.0	2,000 (-8%)	12mo	$395,000	$198	42
189 Middle St	1.01mi	4/2.5	1,968 (-10%)	7mo	$432,000	$220	41
456 Temple Rd	1.50mi	3/1.5 (-1)	1,972 (-10%)	4mo	$456,000	$231	39
252 Maple Ave	1.15mi	3/2.0 (-1)	1,636 (-25%)	3mo	$350,000	$214	33
236 High St	0.69mi	5/2.0 (+1)	2,493 (+14%)	12mo	$242,000	$97	29
TBD Granite Hts	1.26mi	3/2.0 (-1)	1,650 (-24%)	9mo	$400,000	$242	28
233 Middle St	1.21mi	3/2.5 (-1)	1,848 (-15%)	7mo	$415,000	$225	28
118 Corson Ln	1.29mi	3/1.0 (-1)	1,660 (-24%)	6mo	$110,000	$66	26
109 Beechwood Ln	0.97mi	3/1.5 (-1)	1,749 (-20%)	12mo	$310,000	$177	23
104 Orchard St	0.88mi	3/1.0 (-1)	1,670 (-23%)	13mo	$326,000	$195	20

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: 81.3%
• Equity multiple: 6.68×
• Total profit: $268,831
• Equity at exit: $152,249

10-year hold

• IRR: 75.6%
• Equity multiple: 14.80×
• Total profit: $652,860
• Equity at exit: $328,330

Cash invested: $47,320 (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: 114
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $5,000 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$219 /mo · $2,626/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,050
• Net cashflow: $2,774

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,000
Total (2 units)			$5,000

Break-even live

Break-even rent $1,488

Max offer price $169,000

Occupancy floor 40%

Sensitivity live

Price	-10% $2,870	-5% $2,822	+0% $2,774	+5% $2,727	+10% $2,679
Rent	-10% $2,379	-5% $2,577	+0% $2,774	+5% $2,972	+10% $3,169
Rate	-1.0pp $2,860	-0.5pp $2,817	base $2,774	+0.5pp $2,731	+1.0pp $2,686

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: $42,250
• Closing costs: $5,070
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Perham St Unit 114 Perham St, 2nd Fl Farmington, ME	2.0	1.0	1500	$2,500	$1.67	93d	1	0.68mi

Listing history 50 events

1. 2026-08-08
   days on market $169,000 Active 204 DOM
2. 2026-08-07
   days on market $169,000 Active 203 DOM
3. 2026-08-06
   days on market $169,000 Active 202 DOM
4. 2026-08-05
   days on market $169,000 Active 201 DOM
5. 2026-08-04
   days on market $169,000 Active 200 DOM
6. 2026-08-03
   days on market $169,000 Active 199 DOM
7. 2026-07-31
   days on market $169,000 Active 196 DOM
8. 2026-07-30
   days on market $169,000 Active 195 DOM
9. 2026-07-29
   days on market $169,000 Active 194 DOM
10. 2026-07-27
    days on market $169,000 Active 192 DOM
11. 2026-07-25
    days on market $169,000 Active 190 DOM
12. 2026-07-24
    days on market $169,000 Active 189 DOM
13. 2026-07-23
    days on market $169,000 Active 188 DOM
14. 2026-07-22
    days on market $169,000 Active 187 DOM
15. 2026-07-21
    days on market $169,000 Active 186 DOM
16. 2026-07-18
    days on market $169,000 Active 183 DOM
17. 2026-07-17
    days on market $169,000 Active 181 DOM
18. 2026-07-15
    days on market $169,000 Active 180 DOM
19. 2026-07-14
    days on market $169,000 Active 179 DOM
20. 2026-07-13
    days on market $169,000 Active 178 DOM
21. 2026-07-12
    days on market $169,000 Active 177 DOM
22. 2026-07-12
    days on market $169,000 Active 176 DOM
23. 2026-07-10
    days on market $169,000 Active 175 DOM
24. 2026-07-09
    days on market $169,000 Active 174 DOM
25. 2026-07-08
    days on market $169,000 Active 172 DOM
26. 2026-07-06
    days on market $169,000 Active 171 DOM
27. 2026-07-05
    days on market $169,000 Active 170 DOM
28. 2026-07-04
    days on market $169,000 Active 169 DOM
29. 2026-07-03
    days on market $169,000 Active 168 DOM
30. 2026-07-03
    days on market $169,000 Active 167 DOM
31. 2026-07-01
    days on market $169,000 Active 166 DOM
32. 2026-06-30
    days on market $169,000 Active 165 DOM
33. 2026-06-29
    days on market $169,000 Active 164 DOM
34. 2026-06-28
    days on market $169,000 Active 163 DOM
35. 2026-06-28
    remarks 335-char remark
36. 2026-06-28
    price $169,000 Active 162 DOM
37. 2026-06-27
    days on market $198,700 Active 162 DOM
38. 2026-06-26
    days on market $198,700 Active 160 DOM
39. 2026-06-22
    days on market $198,700 Active 157 DOM
40. 2026-06-21
    days on market $198,700 Active 156 DOM
41. 2026-06-21
    days on market $198,700 Active 155 DOM
42. 2026-06-18
    days on market $198,700 Active 153 DOM
43. 2026-06-17
    days on market $198,700 Active 152 DOM
44. 2026-06-16
    days on market $198,700 Active 151 DOM
45. 2026-06-15
    days on market $198,700 Active 150 DOM
46. 2026-06-13
    days on market $198,700 Active 148 DOM
47. 2026-06-12
    days on market $198,700 Active 147 DOM
48. 2026-06-09
    days on market $198,700 Active 144 DOM
49. 2026-06-08
    days on market $198,700 Active 143 DOM
50. 2026-06-07
    days on market $198,700 Active 142 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: $2,626 · $219/mo
• Projected year-2 tax: $2,626 · $219/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $60,000
• − Mortgage interest: −$9,467
• − Property taxes: −$2,626
• − Insurance: −$845
• − Repairs & maintenance: −$4,800
• − Management: −$4,800
• − Depreciation: −$4,916
• Taxable income: $32,546
• Est. tax owed @ 24.0%: −$7,811
• After-tax cash flow: $25,483/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

Poor 20/100 Extensive rehab Est. rehab $109,050–$196,290 screening

This two-family property requires extensive repairs and maintenance, including a new roof, siding, and landscaping. Immediate updates will significantly improve its resale and rental value.

Repairs flagged

• Major roof — Signs of wear and potential leaks
• Major siding — Worn and peeling
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both landscaping and exterior painting — Enhances curb appeal and property value ↑
• Both roof replacement — Fixes major structural issue and improves property value ↑
• Both HVAC system upgrade — Improves comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Extensive 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

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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%

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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%

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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.