9 Bourne Ave Unit B6 · Wells, ME 04090

$220,000

1 bd · 1.0 ba · 396 sqft · Condo public records · 600 Days on market

Built 2018 $556/sqft · 8% below area Est $359k · 39% under $96/mo HOA · 5% of rent ↓ 6% since listing

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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 +15.2/30.0
• ARV discount +15.0/15.0
• Schools +7.6/10.0
• DSCR +4.7/10.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your summer dream retreat is here! This seasonal (April 15 to October 15) fully furnished 2018 park model home comes complete with the land! That's right! No leased land - YOU OWN IT! This is a one bedroom unit, but the sun porch is designed in a way that it can be divided for an additional private bedroom. There's plenty of space for all of your family and friends! The proximity to Ogunquit could not be more perfect and you have direct access to beautiful Moody Beach within minutes! Come escape to beautiful Wells for your summer retreat! Wells-Moody Condo Association has the LOWEST association fees around at a mere $1,156 for the entire season! Rentals are not allowed.

Key facts

• $96 HOA
• 2 parking spots
• Built 2018

Tags

• SEASONAL FULLY FURNISHED HOME
• SUN PORCH CAN BE DIVIDED
• DIRECT ACCESS TO MOODY BEACH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $75 ($903/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (15.4% below list).
• Recommended offer: $186k (15.4% below list) — sets the bar for 1% rule.

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; 1,386 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 600 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 58% 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 $186,047 (15.4% below list)

Questions for the listing agent

1. It's been on market 600 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.85% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (median comp): $358,662
• List price: $220,000
• Delta: -38.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.0%
• Equity multiple: 0.50×
• Total profit: $-30,907
• Equity at exit: $32,803

10-year hold

• IRR: -5.2%
• Equity multiple: 0.66×
• Total profit: $-20,943
• Equity at exit: $19,022

Cash invested: $61,600 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,860 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$53 /mo · $638/yr
• Insurance: −$92
• HOA: −$96
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $75

Break-even live

Break-even rent $1,765

Max offer price $220,000

Occupancy floor 91%

Sensitivity live

Price	-10% $200	-5% $138	+0% $75	+5% $13	+10% $-49
Rent	-10% $-72	-5% $2	+0% $75	+5% $149	+10% $222
Rate	-1.0pp $186	-0.5pp $131	base $75	+0.5pp $18	+1.0pp $-40

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $96 · $1,152/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $220,000 Active 600 DOM
2. 2026-06-17
   days on market $220,000 Active 599 DOM
3. 2026-06-16
   days on market $220,000 Active 598 DOM
4. 2026-06-15
   days on market $220,000 Active 597 DOM
5. 2026-06-14
   days on market $220,000 Active 595 DOM
6. 2026-06-13
   days on market $220,000 Active 594 DOM
7. 2026-06-10
   days on market $220,000 Active 592 DOM
8. 2026-06-09
   days on market $220,000 Active 591 DOM
9. 2026-06-08
   days on market $220,000 Active 590 DOM
10. 2026-06-07
    days on market $220,000 Active 589 DOM
11. 2026-06-05
    days on market $220,000 Active 586 DOM
12. 2026-06-03
    days on market $220,000 Active 585 DOM
13. 2026-06-02
    days on market $220,000 Active 584 DOM
14. 2026-06-01
    days on market $220,000 Active 583 DOM
15. 2026-05-31
    days on market $220,000 Active 582 DOM
16. 2026-05-30
    days on market $220,000 Active 581 DOM
17. 2026-01-20
    status Active 698-char remark

    Show marketing remark (698 chars)

    Your summer dream retreat is here! This seasonal (April 15 to October 15) fully furnished 2018 park model home comes complete with the land! That's right! No leased land - YOU OWN IT! This is a one bedroom unit, but the sun porch is designed in a way that it can be divided for an additional private bedroom. There's plenty of space for all of your family and friends! The proximity to Ogunquit could not be more perfect and you have direct access to beautiful Moody Beach within minutes! Come escape to beautiful Wells for your summer retreat! Wells-Moody Condo Association has the LOWEST association fees around at a mere $1,156 for the entire season! Rentals are not allowed.

18. 2026-01-01
    historical 698-char remark

    Show marketing remark (698 chars)

    Your summer dream retreat is here! This seasonal (April 15 to October 15) fully furnished 2018 park model home comes complete with the land! That's right! No leased land - YOU OWN IT! This is a one bedroom unit, but the sun porch is designed in a way that it can be divided for an additional private bedroom. There's plenty of space for all of your family and friends! The proximity to Ogunquit could not be more perfect and you have direct access to beautiful Moody Beach within minutes! Come escape to beautiful Wells for your summer retreat! Wells-Moody Condo Association has the LOWEST association fees around at a mere $1,156 for the entire season! Rentals are not allowed.

19. 2025-09-24
    price $220,000 698-char remark

    Show marketing remark (698 chars)

    Your summer dream retreat is here! This seasonal (April 15 to October 15) fully furnished 2018 park model home comes complete with the land! That's right! No leased land - YOU OWN IT! This is a one bedroom unit, but the sun porch is designed in a way that it can be divided for an additional private bedroom. There's plenty of space for all of your family and friends! The proximity to Ogunquit could not be more perfect and you have direct access to beautiful Moody Beach within minutes! Come escape to beautiful Wells for your summer retreat! Wells-Moody Condo Association has the LOWEST association fees around at a mere $1,156 for the entire season! Rentals are not allowed.

20. 2025-08-25
    price $229,900 698-char remark

    Show marketing remark (698 chars)

    Your summer dream retreat is here! This seasonal (April 15 to October 15) fully furnished 2018 park model home comes complete with the land! That's right! No leased land - YOU OWN IT! This is a one bedroom unit, but the sun porch is designed in a way that it can be divided for an additional private bedroom. There's plenty of space for all of your family and friends! The proximity to Ogunquit could not be more perfect and you have direct access to beautiful Moody Beach within minutes! Come escape to beautiful Wells for your summer retreat! Wells-Moody Condo Association has the LOWEST association fees around at a mere $1,156 for the entire season! Rentals are not allowed.

21. 2024-10-07
    listed $235,000 Active 698-char remark

    Show marketing remark (698 chars)

    Your summer dream retreat is here! This seasonal (April 15 to October 15) fully furnished 2018 park model home comes complete with the land! That's right! No leased land - YOU OWN IT! This is a one bedroom unit, but the sun porch is designed in a way that it can be divided for an additional private bedroom. There's plenty of space for all of your family and friends! The proximity to Ogunquit could not be more perfect and you have direct access to beautiful Moody Beach within minutes! Come escape to beautiful Wells for your summer retreat! Wells-Moody Condo Association has the LOWEST association fees around at a mere $1,156 for the entire season! Rentals are not allowed.

ⓘ 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: $638 · $53/mo
• Projected year-2 tax: $1,815 · $151/mo
• Expected delta: +$1,177/yr (+$98/mo · 184.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥86°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% 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: $22,326
• − Mortgage interest: −$12,323
• − Property taxes: −$638
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,786
• − Management: −$1,786
• − HOA: −$1,152
• − Depreciation: −$6,400
• Taxable loss: −$2,860
• Est. tax savings @ 24.0%: +$686
• After-tax cash flow: $1,589/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

-6.4% since first listed

5 events — show timeline

• 2026-01-20 Relisted — MREIS
• 2026-01-01 Delisted — MREIS
• 2025-09-24 Price Changed $220,000 MREIS
• 2025-08-25 Price Changed $229,900 MREIS
• 2024-10-07 Listed $235,000 MREIS

Property tax history

+4.8%/yr

Latest (2025): $638 · +9.6% YoY. Source: county tax records.