371 Webhannet Dr #1 · Wells, ME 04090

$599,000

2 bd · 1.0 ba · 800 sqft · Condo public records · 59 Days on market

Built 1870 $749/sqft · 15% above area Est $520k · 15% over $425/mo HOA · 5% of rent

---

Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Schools +7.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

With two bedrooms, 2 parking spaces, and weekly rental potential, this property is just a short walk to the beach and Wells Beach Lobster Pound. The HOA includes flood insurance and weekly trash removal, making this an easy, low-maintenance coastal retreat or investment. Welcome to your coastal escape on Webhannet Drive in Wells, Maine, featuring stunning ocean and marsh views with sunrises out front and sunsets from your back deck. The open-concept living space flows into a bright kitchen with granite countertops and brand-new appliances.

Key facts

• $425 HOA
• 2 parking spots
• Built 1870

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $599k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $599k).
• Recommended offer: $581k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Wells-Ogunquit CSD (rural): math 87% / reading 90% proficiency, ranked #32 of 112 in ME (top 29%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 267 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $76k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $260k; list at $599k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $581,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.33% ✓
• Cap rate: 10.77%
• Cash-on-cash: 15.97%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (median comp): $520,000
• List price: $599,000
• Delta: 15.19%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $16,177
• Equity at exit: $89,313

10-year hold

• IRR: 12.1%
• Equity multiple: 1.96×
• Total profit: $160,922
• Equity at exit: $51,791

Cash invested: $167,720 (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 04090

• Home prices YoY: -20.0%
• Active inventory: 267
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $7,992 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$265 /mo · $3,183/yr
• Insurance: −$250
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$425
• Vacancy / Maint / Mgmt: −$1,678
• Net cashflow: $1,772

Break-even live

Break-even rent $5,749

Max offer price $599,000

Occupancy floor 73%

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
392 Post Rd Unit 1532216P Wells, ME	2.0	1.0	710	$7,992	$11.26	21d	1	1.49mi

HOA detail condo

• Monthly dues: $425 · $5,100/yr
• Likely covers: trash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $599,000 Active 59 DOM
2. 2026-06-17
   days on market $599,000 Active 58 DOM
3. 2026-06-16
   days on market $599,000 Active 57 DOM
4. 2026-06-15
   days on market $599,000 Active 56 DOM
5. 2026-06-14
   days on market $599,000 Active 54 DOM
6. 2026-06-13
   days on market $599,000 Active 53 DOM
7. 2026-06-10
   days on market $599,000 Active 51 DOM
8. 2026-06-09
   days on market $599,000 Active 50 DOM
9. 2026-06-08
   days on market $599,000 Active 49 DOM
10. 2026-06-07
    days on market $599,000 Active 48 DOM
11. 2026-06-05
    days on market $599,000 Active 45 DOM
12. 2026-06-03
    days on market $599,000 Active 44 DOM
13. 2026-06-02
    days on market $599,000 Active 43 DOM
14. 2026-06-01
    days on market $599,000 Active 42 DOM
15. 2026-05-31
    days on market $599,000 Active 41 DOM
16. 2026-05-30
    days on market $599,000 Active 40 DOM
17. 2026-04-27
    price $639,900 545-char remark

    Show marketing remark (545 chars)

    With two bedrooms, 2 parking spaces, and weekly rental potential, this property is just a short walk to the beach and Wells Beach Lobster Pound. The HOA includes flood insurance and weekly trash removal, making this an easy, low-maintenance coastal retreat or investment. Welcome to your coastal escape on Webhannet Drive in Wells, Maine, featuring stunning ocean and marsh views with sunrises out front and sunsets from your back deck. The open-concept living space flows into a bright kitchen with granite countertops and brand-new appliances.

18. 2026-04-20
    listed $675,000 Active 545-char remark

    Show marketing remark (545 chars)

    With two bedrooms, 2 parking spaces, and weekly rental potential, this property is just a short walk to the beach and Wells Beach Lobster Pound. The HOA includes flood insurance and weekly trash removal, making this an easy, low-maintenance coastal retreat or investment. Welcome to your coastal escape on Webhannet Drive in Wells, Maine, featuring stunning ocean and marsh views with sunrises out front and sunsets from your back deck. The open-concept living space flows into a bright kitchen with granite countertops and brand-new appliances.

19. 2019-11-07
    soldstatus $260,000 Closed 866-char remark

    Show marketing remark (866 chars)

    Imagine waking up to stunning views over the ocean each day! Located across the street from Fisherman's Cove, this well-appointed condo features open layout, expansive views of ocean and a partially covered back deck overlooking the marsh area made for viewing captivating sunsets! 1st floor living and a very short stroll to Crescent Beach. Could easily be a potential lucrative income earner through rentals. Stainless appliances, granite countertops/island, laminate flooring throughout along with a large living room with views of the cove. If you are looking to own along the ocean but don't want to waste time doing routine maintenance, look no further. Just bring your family and bare essentials, kick back, watch the sailboats and frolicking seals; enjoying your restful time at the ocean. Recently filmed for an upcoming episode of HGTV BEACHFRONT BARGAINS!

20. 2019-10-07
    status Pending 866-char remark

    Show marketing remark (866 chars)

    Imagine waking up to stunning views over the ocean each day! Located across the street from Fisherman's Cove, this well-appointed condo features open layout, expansive views of ocean and a partially covered back deck overlooking the marsh area made for viewing captivating sunsets! 1st floor living and a very short stroll to Crescent Beach. Could easily be a potential lucrative income earner through rentals. Stainless appliances, granite countertops/island, laminate flooring throughout along with a large living room with views of the cove. If you are looking to own along the ocean but don't want to waste time doing routine maintenance, look no further. Just bring your family and bare essentials, kick back, watch the sailboats and frolicking seals; enjoying your restful time at the ocean. Recently filmed for an upcoming episode of HGTV BEACHFRONT BARGAINS!

21. 2019-09-30
    status Active 866-char remark

    Show marketing remark (866 chars)

    Imagine waking up to stunning views over the ocean each day! Located across the street from Fisherman's Cove, this well-appointed condo features open layout, expansive views of ocean and a partially covered back deck overlooking the marsh area made for viewing captivating sunsets! 1st floor living and a very short stroll to Crescent Beach. Could easily be a potential lucrative income earner through rentals. Stainless appliances, granite countertops/island, laminate flooring throughout along with a large living room with views of the cove. If you are looking to own along the ocean but don't want to waste time doing routine maintenance, look no further. Just bring your family and bare essentials, kick back, watch the sailboats and frolicking seals; enjoying your restful time at the ocean. Recently filmed for an upcoming episode of HGTV BEACHFRONT BARGAINS!

22. 2019-09-18
    status Pending 866-char remark

    Show marketing remark (866 chars)

    Imagine waking up to stunning views over the ocean each day! Located across the street from Fisherman's Cove, this well-appointed condo features open layout, expansive views of ocean and a partially covered back deck overlooking the marsh area made for viewing captivating sunsets! 1st floor living and a very short stroll to Crescent Beach. Could easily be a potential lucrative income earner through rentals. Stainless appliances, granite countertops/island, laminate flooring throughout along with a large living room with views of the cove. If you are looking to own along the ocean but don't want to waste time doing routine maintenance, look no further. Just bring your family and bare essentials, kick back, watch the sailboats and frolicking seals; enjoying your restful time at the ocean. Recently filmed for an upcoming episode of HGTV BEACHFRONT BARGAINS!

23. 2019-09-11
    price $272,000 866-char remark

    Show marketing remark (866 chars)

    Imagine waking up to stunning views over the ocean each day! Located across the street from Fisherman's Cove, this well-appointed condo features open layout, expansive views of ocean and a partially covered back deck overlooking the marsh area made for viewing captivating sunsets! 1st floor living and a very short stroll to Crescent Beach. Could easily be a potential lucrative income earner through rentals. Stainless appliances, granite countertops/island, laminate flooring throughout along with a large living room with views of the cove. If you are looking to own along the ocean but don't want to waste time doing routine maintenance, look no further. Just bring your family and bare essentials, kick back, watch the sailboats and frolicking seals; enjoying your restful time at the ocean. Recently filmed for an upcoming episode of HGTV BEACHFRONT BARGAINS!

24. 2019-06-08
    listed $290,000 Active 866-char remark

    Show marketing remark (866 chars)

    Imagine waking up to stunning views over the ocean each day! Located across the street from Fisherman's Cove, this well-appointed condo features open layout, expansive views of ocean and a partially covered back deck overlooking the marsh area made for viewing captivating sunsets! 1st floor living and a very short stroll to Crescent Beach. Could easily be a potential lucrative income earner through rentals. Stainless appliances, granite countertops/island, laminate flooring throughout along with a large living room with views of the cove. If you are looking to own along the ocean but don't want to waste time doing routine maintenance, look no further. Just bring your family and bare essentials, kick back, watch the sailboats and frolicking seals; enjoying your restful time at the ocean. Recently filmed for an upcoming episode of HGTV BEACHFRONT BARGAINS!

25. 2018-08-23
    price $295,000

ⓘ 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: $3,183 · $265/mo
• Projected year-2 tax: $5,665 · $472/mo
• Expected delta: +$2,482/yr (+$207/mo · 78.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥87°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $95,904
• − Mortgage interest: −$33,553
• − Property taxes: −$3,183
• − Insurance: −$8,520
• − Repairs & maintenance: −$7,672
• − Management: −$7,672
• − HOA: −$5,100
• − Depreciation: −$17,425
• Taxable income: $12,778
• Est. tax owed @ 24.0%: −$3,067
• After-tax cash flow: $18,200/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: Wells-Ogunquit CSD
• NCES district ID: 2313490
• Math proficiency: 87% ▲ 42.00%
• Reading proficiency: 90% ▲ 26.00%
• Median HH income: $61,341
• Composite: 75.79/100
• National rank: #125
• State rank: #32 of 112 in ME

Livability — Wells

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 11,544

Population outlook (York County) Hauer SSP2

• Today (2025): 209,961 people
• By 2030: 212,816 · +1.4%
• By 2040: 214,360 · +2.1%
• By 2050: 210,350 · +0.2%
• By 2075: 201,686 · -3.9%
• By 2100: 183,392 · -12.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 3% Asian 1%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Other Indo-European 1% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · York

• 2024 margin: D (+10.5) · D 54.3% · R 43.8% · Other 1.9%
• 2008→2024 swing: -10.1pp toward R · 2008: 20.5pp · 2024: 10.5pp
• All cycles: 2024: D+10.5 2020: D+12.6 2016: D+4.8 2012: D+16.4 2008: D+20.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.52%
• Current HPI: 413.9951
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+116.9% since first listed

9 events — show timeline

• 2026-04-27 Price Changed $639,900 MREIS
• 2026-04-20 Listed $675,000 MREIS
• 2019-11-07 Sold (MLS) $260,000 MREIS
• 2019-10-07 Pending — MREIS
• 2019-09-30 Relisted — MREIS
• 2019-09-18 Pending — MREIS
• 2019-09-11 Price Changed $272,000 MREIS
• 2019-06-08 Listed $290,000 MREIS
• 2018-08-23 Price Changed $295,000 MREIS

Property tax history

+1.2%/yr

Latest (2025): $3,183 · +6.3% YoY. Source: county tax records.