13 Founders St

Patten, ME 04765

$95,000B

5 bd · 2.5 ba · 3,300 sqft · Built 1864 · Other · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,504/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $520/mo
• Annual: $6,240/yr
• Cap rate: 12.86%
• Cash-on-cash: 23.46%
• DSCR: 2.04
• 1% rule: 1.58%
• Cash to close: $26,600

Investor read

• This is a 5-bed/2.5-bath other listed at $95k.
• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($657 loan paydown + $962 appreciation (1.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• RSU 89 (rural): math 30% / reading 45% proficiency, ranked #136 of 185 in ME (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1864 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y 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.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1864 — 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 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.