392 Elm St · Mechanic Falls, ME 04256

$215,000

3 bd · 1.0 ba · 1,040 sqft · MultiFamily public records · 11 Days on market

5.95 ac lot $207/sqft · 39% below area Est $352k · 39% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +7.1/30.0
• Schools +6.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 5.95 acre lot
• 5 parking spots
• Listed 11 days

Property features AI

Exterior

• Parking: No garage; Parking for 5–10 vehicles
• Utilities: Private water; Private sewer; Electric service with circuit breakers
• Home design: Ranch-style single-family home; One-story (single level)
• Construction: Wood frame construction with wood siding; Shingle roof
• Exterior features: Deck; Trees/woods view

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Three first-floor bedrooms
• Flooring: Laminate flooring; Wood flooring
• Bathrooms: One full bathroom
• Heating & cooling: Oil heating with hot water distribution
• Interior features: 5 total rooms; Interior-entry full basement with dirt floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $-307 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (25.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (33.0% below list).
• Recommended offer: $144k (33.0% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 2.4% in Mechanic Falls — 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 69/100 on livability (#78 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• RSU 16 (rural): math 79% / reading 83% proficiency, ranked #73 of 112 in ME (top 65%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 21 active listings in the ZIP; 358 units permitted in Androscoggin County in 2024 (57 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Androscoggin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $144,063 (33.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.67% ✗
• Cap rate: 4.58%
• Cash-on-cash: -6.11%
• DSCR: 0.73
• GRM: 12.4

CMA / ARV

• ARV (median comp): $352,378
• List price: $215,000
• Delta: -38.99%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.62×
• Total profit: $97,556
• Equity at exit: $193,689

10-year hold

• IRR: 18.3%
• Equity multiple: 6.03×
• Total profit: $302,642
• Equity at exit: $417,698

Cash invested: $60,200 (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 04256

• Home prices YoY: 4.0%
• Active inventory: 21
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,441 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$228 /mo · $2,733/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-307

Break-even live

Break-even rent $1,829

Max offer price $160,817

Occupancy floor —

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-08
   listed $215,000 Active 823-char remark

ⓘ 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: $2,733 · $228/mo
• Projected year-2 tax: $2,828 · $236/mo
• Expected delta: +$96/yr (+$8/mo · 3.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,288
• − Mortgage interest: −$12,043
• − Property taxes: −$2,733
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,383
• − Management: −$1,383
• − Depreciation: −$6,255
• Taxable loss: −$7,584
• Est. tax savings @ 24.0%: +$1,820
• After-tax cash flow: $-1,860/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 16
• NCES district ID: 2314775
• Math proficiency: 79% ▲ 40.00%
• Reading proficiency: 83% ▲ 29.00%
• Median HH income: $58,651
• Composite: 69.31/100
• National rank: #315
• State rank: #73 of 112 in ME

Livability — Mechanic Falls

• Score: 69/100
• State rank: #78
• US rank: #8822

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: Mechanic Falls, ME
• Population (ZIP): 3,108

Population outlook (Androscoggin County) Hauer SSP2

• Today (2025): 103,965 people
• By 2030: 101,004 · -2.8%
• By 2040: 93,218 · -10.3%
• By 2050: 84,222 · -19.0%
• By 2075: 63,391 · -39.0%
• By 2100: 43,273 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 16% Black 4% Asian 2%
• Common ancestry: Lithuanian 5% Slovak 3% Romanian 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Chinese 2%

Political lean MEDSL · Androscoggin

• 2024 margin: Lean R (+6.1) · D 45.9% · R 52.0% · Other 2.1%
• 2008→2024 swing: -21.3pp toward R · 2008: 15.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+2.8 2016: R+9.4 2012: D+12.8 2008: D+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.44%
• Current HPI: 327.6966
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-19 Pending — MREIS
• 2026-05-08 Listed $215,000 MREIS

Property tax history

+2.3%/yr

Latest (2025): $2,733 · -3.3% YoY. Source: county tax records.