17 North Ridge Rd

Cushing, ME 04563

$680,000F

3 bd · 3.0 ba · 2,864 sqft · Built 2022 · MultiFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,736/mo
• Mortgage (P&I): −$3,566
• Tax + insurance: −$880
• HOA: −$130
• Vac / Maint / Mgmt: −$365
• Net cashflow: $-3,204/mo
• Annual: $-38,447/yr
• Cap rate: 0.64%
• Cash-on-cash: -20.19%
• DSCR: 0.10
• 1% rule: 0.26%
• Cash to close: $190,400

Investor read

• This is a 3-bed/3.0-bath multifamily listed at $680k.
• At list price, monthly cash flow is $-3k ($-38k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (79.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (74.5% below list).
• It's been on market 35 days — a 3% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (79.0% below list) — sets the bar for cash-flow.
• In year one you build about $48k of equity ($5k loan paydown + $43k appreciation (6.3% local appreciation)).
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• RSU 13 (town): math 77% / reading 85% proficiency, ranked #84 of 112 in ME (top 75%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 25 active listings in the ZIP; 160 units permitted in Knox County in 2024 (58 in 5+ unit buildings).
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 11y 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.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 79% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.