903 Western Ave · Augusta, ME 04351

$335,000

3 bd · 1.5 ba · 682 sqft · SingleFamily public records · 91 Days on market

Built 1860 10,018 sqft lot $491/sqft · 206% above area Est $490k · 32% under ↓ 7% since listing

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Why this score? — see what drove the D+ 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
• Schools +7.6/10.0
• Cash flow +5.7/30.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.4/10.0
• DSCR +0.1/10.0

Listing remarks MLS

Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

Key facts

• Bright kitchen
• Historic gem
• Large bonus room

Tags

• HISTORIC GEM
• BRIGHT KITCHEN
• BUTLER PANTRY
• FLEXIBLE FAMILY ROOM
• LARGE BONUS ROOM
• TWO SEPARATE ENTRANCES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $335k.

Deal economics

• At list price, monthly cash flow is $-687 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (36.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (46.1% below list).
• Recommended offer: $181k (46.1% below list) — sets the bar for 1% rule.
• Cap rate 3.8% vs local median 2.6% in Augusta — 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 81/100 on livability (#15 in ME, #1,476 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D+, crime D-, employment F.
• RSU 38 (rural): math 89% / reading 89% proficiency, ranked #27 of 112 in ME (top 24%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 12 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $180,549 (46.1% 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. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
3. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.54% ✗
• Cap rate: 3.83%
• Cash-on-cash: -8.78%
• DSCR: 0.61
• GRM: 15.5

CMA / ARV

• ARV (median comp): $489,755
• List price: $335,000
• Delta: -31.60%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.1%
• Equity multiple: 2.48×
• Total profit: $138,628
• Equity at exit: $301,795

10-year hold

• IRR: 16.9%
• Equity multiple: 5.72×
• Total profit: $442,428
• Equity at exit: $650,831

Cash invested: $93,800 (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 04351

• Home prices YoY: 9.1%
• Active inventory: 12
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $1,805 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$216 /mo · $2,598/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-687

Break-even live

Break-even rent $2,675

Max offer price $213,723

Occupancy floor —

Sensitivity live

Price	-10% $-497	-5% $-592	+0% $-687	+5% $-781	+10% $-876
Rent	-10% $-829	-5% $-758	+0% $-687	+5% $-615	+10% $-544
Rate	-1.0pp $-518	-0.5pp $-601	base $-687	+0.5pp $-773	+1.0pp $-862

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $335,000 Active 91 DOM
2. 2026-06-18
   days on market $335,000 Active 90 DOM
3. 2026-06-17
   days on market $335,000 Active 89 DOM
4. 2026-06-16
   days on market $335,000 Active 88 DOM
5. 2026-06-15
   days on market $335,000 Active 87 DOM
6. 2026-06-14
   days on market $335,000 Active 85 DOM
7. 2026-06-12
   days on market $335,000 Active 84 DOM
8. 2026-06-09
   days on market $335,000 Active 81 DOM
9. 2026-06-08
   days on market $335,000 Active 80 DOM
10. 2026-06-07
    days on market $335,000 Active 79 DOM
11. 2026-06-02
    days on market $335,000 Active 74 DOM
12. 2026-06-01
    days on market $335,000 Active 73 DOM
13. 2026-05-31
    days on market $335,000 Active 72 DOM
14. 2026-05-30
    days on market $335,000 Active 71 DOM
15. 2026-05-15
    status Active 637-char remark

    Show marketing remark (637 chars)

    Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

16. 2026-05-14
    historical Active Under Contract 637-char remark

    Show marketing remark (637 chars)

    Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

17. 2026-05-14
    status Active 637-char remark

    Show marketing remark (637 chars)

    Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

18. 2026-04-23
    historical Active Under Contract 637-char remark

    Show marketing remark (637 chars)

    Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

19. 2026-04-16
    price $335,000 637-char remark

    Show marketing remark (637 chars)

    Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

20. 2026-03-20
    listed $349,900 Active 637-char remark

    Show marketing remark (637 chars)

    Versatility meets opportunity! This spacious, character-filled property is a historic gem. It is a wonderful home that is also ideal for a combined home and business location. The first floor features a bright kitchen and butler pantry, dining area, and living space filled with natural light. Upstairs offers a flexible family room and a large bonus room, perfect for offices, studio space, or additional living options. It also has two separate entrances for added convenience. With prime location on a main road with great visibility, this property has an inviting atmosphere for both living and working. Listed as commercial #1654882

21. 2025-08-11
    price $359,900

ⓘ 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: $2,598 · $216/mo
• Projected year-2 tax: $3,577 · $298/mo
• Expected delta: +$979/yr (+$82/mo · 37.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% 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: $21,666
• − Mortgage interest: −$18,765
• − Property taxes: −$2,598
• − Insurance: −$1,675
• − Repairs & maintenance: −$1,733
• − Management: −$1,733
• − Depreciation: −$9,745
• Taxable loss: −$14,584
• Est. tax savings @ 24.0%: +$3,500
• After-tax cash flow: $-4,738/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 38
• NCES district ID: 2314788
• Math proficiency: 89% ▲ 54.00%
• Reading proficiency: 89% ▲ 29.00%
• Median HH income: $63,163
• Composite: 76.39/100
• National rank: #107
• State rank: #27 of 112 in ME

Livability — Augusta

• Score: 81/100
• State rank: #15
• US rank: #1476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 26,690
• Population (ZIP): 2,464

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 (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 19% Slovak 4% Italian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · German/W. Germanic 2% French/Haitian/Cajun 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: ▲ 31.10%
• Current HPI: 372.6818
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-6.9% since first listed

7 events — show timeline

• 2026-05-15 Relisted — MREIS
• 2026-05-14 Contingent — MREIS
• 2026-05-14 Relisted — MREIS
• 2026-04-23 Contingent — MREIS
• 2026-04-16 Price Changed $335,000 MREIS
• 2026-03-20 Listed $349,900 MREIS
• 2025-08-11 Price Changed $359,900 MREIS

Property tax history

+0.8%/yr

Latest (2024): $2,598 · +0.0% YoY. Source: county tax records.