53 Central St

Bucksport, ME 04416

$413,790B

6 bd · 4.0 ba · 2,564 sqft · Built 1890 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,509/mo
• Mortgage (P&I): −$2,170
• Tax + insurance: −$595
• HOA: −$0
• Vac / Maint / Mgmt: −$1,367
• Net cashflow: $2,377/mo
• Annual: $28,529/yr
• Cap rate: 13.19%
• Cash-on-cash: 24.62%
• DSCR: 2.10
• 1% rule: 1.57%
• Cash to close: $115,861

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $414k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $594/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $414k).
• It's been on market 38 days — a 3% lower offer ($401k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $401k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#94 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• RSU 25 (rural): math 81% / reading 84% proficiency, ranked #72 of 112 in ME (top 64%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Miles Lane School (math 82% / reading 82%, grade A+, #155 of 294 statewide, top 59%, 300 students, 50% FRL); Bucksport Middle School (math 80% / reading 83%, grade A+, #56 of 85 statewide, top 67%, 282 students, 45% FRL); Bucksport High School (math 87% / reading 92%, grade A+, #56 of 108 statewide, top 60%, 356 students, 42% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 79 active listings in the ZIP; 270 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 16y 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.
• Current owner paid $215k; list at $414k implies a 92% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $116k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.2% vs local median 3.9% in Bucksport — 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.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.