10 Mayflower Dr

Old Orchard Beach, ME 04064

$145,000D+

2 bd · 1.5 ba · 784 sqft · Built 2013 · Manufactured · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,083/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$168
• HOA: −$776
• Vac / Maint / Mgmt: −$437
• Net cashflow: $-59/mo
• Annual: $-712/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• 1% rule: 1.44%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $145k.
• At list price, monthly cash flow is $-59 ($-712/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (7.2% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 38 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (7.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#88 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living B+; Watch: amenities F, commute F, health & safety F.
• RSU 23 (suburban): math 78% / reading 80% proficiency, ranked #87 of 112 in ME (top 78%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Jameson Elementary School (184 students, 41% FRL); Loranger Memorial School (math 77% / reading 78%, grade A+, #73 of 85 statewide, top 87%, 279 students, 42% FRL); Old Orchard Beach High School (math 95% / reading 95%, grade A+, #12 of 108 statewide, top 15%, 203 students, 35% FRL) — zoned schools at 39% FRL track the district average.
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents rising fast (+4.9%/yr); 175 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,386 units permitted in York County in 2024 (338 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 2.0% in Old Orchard Beach — 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.
• This rent runs 42% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 38 days. Have you received any prior offers? Is the seller open to a 7% 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.
• 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?
• 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.