28 Roberts St

Caribou, ME 04736

$50,000B

7 bd · 2.0 ba · 750 sqft · Built — · MultiFamily · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,026/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $393/mo
• Annual: $4,721/yr
• Cap rate: 15.74%
• Cash-on-cash: 33.72%
• DSCR: 2.50
• 1% rule: 2.05%
• Cash to close: $14,000

Investor read

• This is a 7-bed/2.0-bath multifamily listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $393 ($5k/yr) — positive. Per door: $197/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 85 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#46 in ME, #4,849 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• RSU 39 (town): math 82% / reading 83% proficiency, ranked #79 of 112 in ME (top 70%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Caribou Community School (math 81% / reading 83%, grade A+, #155 of 294 statewide, top 59%, 750 students, 49% FRL); Caribou High School (math 92% / reading 92%, grade A+, #27 of 108 statewide, top 36%, 470 students, 51% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: property tax is 3.2% of price.
• Market conditions: 134 active listings in the ZIP; 112 units permitted in Aroostook County in 2024 (45 in 5+ unit buildings).
• Aroostook County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.7% vs local median 3.4% in Caribou — 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.
• This rent per unit is only 11% of the median local income ($56k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: exterior siding — Weathered and in need of repainting
• Moderate: landscaping — Overgrown and requires trimming