715 College Ave #23 · Old Town, ME 04468

$27,500

2 bd · 1.0 ba · 780 sqft · Manufactured public records · 9 Days on market

Built 1970 $440/mo HOA · 27% of rent

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0

Listing remarks

Welcome to Lot 23 in the peaceful Riverside Estates Mobile Home Park in Old Town, ME. This cozy, 720-square-foot single-family mobile home features 2 bedrooms, 1 bathroom, and a modern open layout. At the heart of the home is a thoughtfully designed kitchen boasting a large island perfect for entertaining, and included in the sale is a stainless steel refrigerator and electric stove, both less than a year old. Located in a quiet, affordable, and close-knit community, the mobile home park sits on a beautiful natural setting adjacent to the river. Enjoy the ultimate convenience of being just one mile from the University of Maine, with easy access to both Orono and Old Town amenities. Schedule

Key facts

• Large island
• Electric stove
• Parking

Tags

• THOUGHTFULLY DESIGNED KITCHEN
• LARGE ISLAND
• STAINLESS STEEL REFRIGERATOR
• ELECTRIC STOVE
• BEAUTIFUL NATURAL SETTING
• ADJACENT TO THE RIVER

Property features AI

Finance

• Other: Annual tax listed (not included per instructions)
• Financial info: Land lease required
• HOA & community: Community association with monthly fee of $440; Pets allowed with size limit

Exterior

• Parking: Gravel parking; 1–4 parking spaces
• Utilities: Public water; Public sewer
• Home design: Mobile home (single wide); Built in 1970
• Construction: Aluminum siding; Vinyl siding; Flat, membrane, and pitched roof options
• Exterior features: Located in a mobile home park; Situated in a business district; Private road frontage

Interior

• Kitchen: Electric range; Refrigerator; Eat-in kitchen
• Bedrooms: Bedroom 1 on the first floor; Bedroom 2 on the first floor
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Direct vent furnace; Forced air heating; Window unit(s) for cooling; Circuit breaker electrical service
• Interior features: One-floor living; First-floor bedrooms; Living room; Eat-in kitchen; Negotiable furnished status; One fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $28k.

Deal economics

• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $28k).
• Cap rate 36.5% vs local median 6.0% in Old Town — 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 75/100 on livability (#38 in ME, #3,905 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• RSU 34 (suburban): math 81% / reading 83% proficiency, ranked #80 of 112 in ME (top 71%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• This rent runs 35% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $190 of loan paydown is wiped out by about $825 of value loss. Plan a longer hold.
• Penobscot County population projected at -17% 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $27,500

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 6.00% ✓
• Cap rate: 36.54%
• Cash-on-cash: 108.01%
• DSCR: 5.81
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.19×
• Total profit: $39,969
• Equity at exit: $4,100

10-year hold

• IRR: —
• Equity multiple: 13.05×
• Total profit: $92,796
• Equity at exit: $2,378

Cash invested: $7,700 (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 04468

• Home prices YoY: -1.8%
• Active inventory: 46
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,651 medium
• Mortgage (P&I): −$144
• Tax from tax record: −$16 /mo · $190/yr
• Insurance: −$11
• HOA: −$440
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $693

Break-even live

Break-even rent $774

Max offer price $27,500

Occupancy floor 53%

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: $6,875
• Closing costs: $825
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 Centre Dr Orono, ME	1.0–2.0	1.0	796	$1,575	$1.98	44d	1	0.55mi

HOA detail

• Monthly dues: $440 · $5,280/yr
• Likely covers: electric

Listing history 8 events

1. 2026-06-15
   days on market $27,500 Active 9 DOM
2. 2026-06-14
   days on market $27,500 Active 7 DOM
3. 2026-06-13
   days on market $27,500 Active 6 DOM
4. 2026-06-10
   days on market $27,500 Active 4 DOM
5. 2026-06-09
   days on market $27,500 Active 3 DOM
6. 2026-06-08
   days on market $27,500 Active 2 DOM
7. 2026-06-07
   remarks 699-char remark
8. 2026-06-07
   listed $27,500 Active 1 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: $190 · $16/mo
• Projected year-2 tax: $282 · $24/mo
• Expected delta: +$92/yr (+$8/mo · 48.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 36% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,816
• − Mortgage interest: −$1,540
• − Property taxes: −$190
• − Insurance: −$138
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − HOA: −$5,280
• − Depreciation: −$800
• Taxable income: $8,698
• Est. tax owed @ 24.0%: −$2,087
• After-tax cash flow: $6,229/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 34
• NCES district ID: 2314782
• Math proficiency: 81% ▲ 48.00%
• Reading proficiency: 83% ▲ 31.00%
• Median HH income: $39,466
• Composite: 68.31/100
• National rank: #351
• State rank: #80 of 112 in ME

Livability — Old Town

• Score: 75/100
• State rank: #38
• US rank: #3905

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Town, ME
• County: Penobscot County · 81,539 people
• City population: 9,291
• Metro: Bangor, ME
• Population (ZIP): 9,291
• Household income: $56,358
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 334.0

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Native American 6% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.29%
• Current HPI: 285.3183
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-06 Listed $27,500 MREIS

Property tax history

+5.6%/yr

Latest (2025): $190 · +13.1% YoY. Source: county tax records.