1477 Main St · Winthrop, ME 04355

$223,000

3 bd · 1.0 ba · 1,188 sqft · MultiFamily public records · 133 Days on market

Built 1850 3.00 ac lot ↓ 6% since listing

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Why this score? — see what drove the B+ 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 +27.1/30.0
• Appreciation +10.0/10.0
• DSCR +9.4/10.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Three bedroom 1 bath room with laundry, accessible family room/bedroom on main level. Freshly painted throughout and move-in ready. Screened porch off kitchen to relax after a long day. Sunny living room with wood floors, formal dining room and conveniently located laundry! 3 Acres to explore! Come take a look.

Key facts

• Formal dining room
• Wood floors
• Screened porch

Tags

• SCREENED PORCH
• WOOD FLOORS
• FORMAL DINING ROOM
• 3 ACRES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $223k.

Deal economics

• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $223k).
• Recommended offer: $196k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 2.0% in Winthrop — 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 69/100 on livability (#76 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A, housing A; Watch: health & safety C-, employment D, amenities 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: 13 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 $24k of equity ($2k loan paydown + $22k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.11%
• DSCR: 1.54
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 33.2%
• Equity multiple: 3.59×
• Total profit: $161,546
• Equity at exit: $200,896

10-year hold

• IRR: 28.6%
• Equity multiple: 8.11×
• Total profit: $444,119
• Equity at exit: $433,240

Cash invested: $62,440 (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 04355

• Home prices YoY: 19.1%
• Active inventory: 13
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,610 medium
• Mortgage (P&I): −$1,169
• Tax from tax record: −$169 /mo · $2,032/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $630

Break-even live

Break-even rent $1,812

Max offer price $223,000

Occupancy floor 71%

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: $55,750
• Closing costs: $6,690
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-03-02
   status Pending
2. 2026-02-18
   historical Active Under Contract
3. 2026-02-09
   price $223,000
4. 2026-01-20
   status Active
5. 2026-01-12
   historical Active Under Contract
6. 2025-10-20
   listed $238,500 Active

ⓘ 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: $2,032 · $169/mo
• Projected year-2 tax: $2,532 · $211/mo
• Expected delta: +$500/yr (+$42/mo · 24.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $31,316
• − Mortgage interest: −$12,491
• − Property taxes: −$2,032
• − Insurance: −$1,115
• − Repairs & maintenance: −$2,505
• − Management: −$2,505
• − Depreciation: −$6,487
• Taxable income: $4,180
• Est. tax owed @ 24.0%: −$1,003
• After-tax cash flow: $6,556/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 — Winthrop

• Score: 69/100
• State rank: #76
• US rank: #8395

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 6,153
• Population (ZIP): 2,628

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 (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 8% Slovak 6% Serbian 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% French/Haitian/Cajun 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: ▲ 65.62%
• Current HPI: 408.9683
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-6.5% since first listed

6 events — show timeline

• 2026-03-02 Pending — MREIS
• 2026-02-18 Contingent — MREIS
• 2026-02-09 Price Changed $223,000 MREIS
• 2026-01-20 Relisted — MREIS
• 2026-01-12 Contingent — MREIS
• 2025-10-20 Listed $238,500 MREIS

Property tax history

+1.5%/yr

Latest (2025): $2,032 · +3.7% YoY. Source: county tax records.