41 Bay St · Winslow, ME 04901

$233,900

5 bd · 2.0 ba · 2,037 sqft · MultiFamily public records · 39 Days on market

Built 1860 10,454 sqft lot Est $244k · at est.

---

Why this score? — see what drove the B+ 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
• ARV discount +9.4/15.0
• 1% rule +9.1/10.0
• Schools +7.1/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

🏡 Investment Opportunity in Winslow, Maine! 📍 41 Bay St, Winslow, ME 💲 $239,000 Turn-key 2-unit apartment building in a prime in-town location with strong rental potential and low-maintenance ownership appeal. ✅ Recently Renovated ✅ New Heating System ✅ New Asphalt Roof ✅ Updated Lateral/Sewer System ✅ Vinyl Windows Throughout ✅ Large Tenant Parking Area Unit 1 (Downstairs): • Spacious 2-bedroom layout • Large laundry area Unit 2 (Upstairs): • 3-bedroom unit • Washer & dryer hookups Perfect for investors looking for cash flow, owner-occupants wanting rental income, or anyone seeking a solid multi-unit property in a convenient location close t

Key facts

• 0.24 acre lot
• 5 parking spots
• Built 1860

Property features AI

Finance

• Other: Zoning: CD
• Financial info: Gross annual income reported as $31,500; Operating expenses reported as $999; Actual rents: $1,275 for the 3-bed unit, $1,350 for the 2-bed unit

Exterior

• Parking: Off-street paved parking with 5–10 spaces
• Utilities: Public water; Public sewer; Electric service via circuit breakers; Utilities currently listed as not on
• Home design: Multi-unit property (2 units); Built in 1860
• Construction: Wood siding and vinyl siding on a wood frame; Shingle roof; Above-grade finished area approximately 2,037 sq. ft.
• Exterior features: Front porch; Open, level lot near shopping, turnpike/interstate, town and railroad; Paved road access

Interior

• Kitchen: No refrigerators listed in either unit
• Bedrooms: Two-unit property: one 3-bedroom unit (second level) and one 2-bedroom unit (first level)
• Flooring: Wood; Laminate; Carpet
• Bathrooms: Two full bathrooms (total for the building)
• Heating & cooling: Multiple heating systems: hot water, forced air, baseboard and direct vent heater; Circuit breaker electrical panel
• Interior features: Wood, laminate and carpet floors; Unfinished full basement with exterior-only entry
• Laundry & utility: Each unit has a dedicated water heater; Dedicated electric meters for both units; Water heater types: electric and oil

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $234k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $521/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $234k).
• Recommended offer: $227k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.5% in Winslow — 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 83/100 on livability (#10 in ME, #937 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A; Watch: employment D+.
• Winslow Schools (town): math 81% / reading 87% proficiency, ranked #61 of 112 in ME (top 54%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+6.3%/yr); 42 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).
• At $3,289/mo this rent would consume 69% of the median local household income ($57k/yr) (locally 1102% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kennebec 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 + 6.3% rent growth), your $65k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,883 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.41% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.09%
• DSCR: 1.85
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $244,440
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Whipple St	0.54mi	6/2.0 (+1)	1,976 (-3%)	8mo	$297,900	$151	58
16 Hallowell St	0.34mi	4/2.0 (-1)	2,297 (+13%)	4mo	$275,000	$120	54
2 South Garand St	0.34mi	4/2.0 (-1)	1,904 (-6%)	23mo	$185,000	$97	49
26 Stobie St	0.53mi	6/2.0 (+1)	2,080 (+2%)	23mo	$225,000	$108	47
1 Bolduc Ave	0.69mi	6/3.0 (+1)	2,332 (+14%)	9mo	$349,000	$150	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.3% rent growth · sell at horizon

5-year hold

• IRR: 14.6%
• Equity multiple: 1.61×
• Total profit: $39,748
• Equity at exit: $34,875

10-year hold

• IRR: 25.6%
• Equity multiple: 3.59×
• Total profit: $169,652
• Equity at exit: $20,223

Cash invested: $65,492 (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 04901

• Home prices YoY: -9.3%
• Rents YoY: 6.3%
• Active inventory: 42
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,289 medium
• Mortgage (P&I): −$1,227
• Tax from tax record: −$232 /mo · $2,789/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $1,042

Break-even live

Break-even rent $1,970

Max offer price $233,900

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,538
1× unit	3	1	$1,751
Total (2 units)			$3,289

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: $58,475
• Closing costs: $7,017
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-01
   statusdays on market $233,900 Pending 39 DOM
2. 2026-05-31
   days on market $233,900 Active 38 DOM
3. 2026-05-30
   days on market $233,900 Active 37 DOM
4. 2026-04-23
   listed $239,000 Active
5. 2024-09-26
   historical $1,375
6. 2024-08-20
   price $1,375
7. 2024-07-25
   listed $1,500
8. 2016-11-11
   historical
9. 2016-09-09
   status Pending
10. 2016-08-17
    listed $75,000 Active
11. 2005-05-19
    listed $72,900

ⓘ 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: $2,789 · $232/mo
• Projected year-2 tax: $2,985 · $249/mo
• Expected delta: +$196/yr (+$16/mo · 7.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% 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: $39,468
• − Mortgage interest: −$13,102
• − Property taxes: −$2,789
• − Insurance: −$1,170
• − Repairs & maintenance: −$3,157
• − Management: −$3,157
• − Depreciation: −$6,804
• Taxable income: $9,288
• Est. tax owed @ 24.0%: −$2,229
• After-tax cash flow: $10,273/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: Winslow Schools
• NCES district ID: 2313860
• Math proficiency: 81% ▲ 52.00%
• Reading proficiency: 87% ▲ 28.00%
• Median HH income: $46,883
• Composite: 70.66/100
• National rank: #254
• State rank: #61 of 112 in ME

Livability — Winslow

• Score: 83/100
• State rank: #10
• US rank: #937

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winslow, ME
• County: Kennebec County · 54,560 people
• City population: 27,870
• Metro: Augusta-Waterville, ME
• Population (ZIP): 27,870
• Household income: $57,403
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 1102.0

Population outlook (Kennebec County) Hauer SSP2

• Today (2025): 115,421 people
• By 2030: 111,852 · -3.1%
• By 2040: 103,757 · -10.1%
• By 2050: 95,710 · -17.1%
• By 2075: 78,172 · -32.3%
• By 2100: 59,500 · -48.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Lithuanian 19% Slovak 4% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · French/Haitian/Cajun 2% Spanish 1% Chinese 1%

Political lean MEDSL · Kennebec

• 2024 margin: Toss-up / Even · D 47.5% · R 50.2% · Other 2.4%
• 2008→2024 swing: -17.5pp toward R · 2008: 14.8pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+0.2 2016: R+3.7 2012: D+13.5 2008: D+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.04%
• Current HPI: 351.0657
• Rent YoY: ▲ 6.30%
• Metro: Augusta-Waterville, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+227.8% since first listed

8 events — show timeline

• 2026-04-23 Listed $239,000 MREIS
• 2024-09-26 Rental Removed $1,375 APPFOLIO
• 2024-08-20 Price Changed $1,375 APPFOLIO
• 2024-07-25 Listed for Rent $1,500 APPFOLIO
• 2016-11-11 Delisted — MREIS
• 2016-09-09 Pending — MREIS
• 2016-08-17 Listed $75,000 MREIS
• 2005-05-19 Listed $72,900 MREIS

Property tax history

+6.4%/yr

Latest (2024): $2,789 · +2.4% YoY. Source: county tax records.