3427 Middle Rd · Waterville, ME 04330

$379,000

3 bd · 1.5 ba · 2,004 sqft · MultiFamily · 37 Days on market

Built 1850 1.82 ac lot $189/sqft · 16% below area Est $451k · 16% under

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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 +23.5/30.0
• ARV discount +14.7/15.0
• DSCR +7.5/10.0
• Schools +7.5/10.0
• 1% rule +5.3/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Well maintained 1850's house on 3.08 Acres with attached barn and wood shed. Bonus workshop shed with heat and electricity (wood working tools are negotiable), Old barn that was jacked up and leveled ready for someone to make it into wedding barn, venue, or for their own farm animals. Extra storage with a second shed or convert something into vehicle storage. This beloved property is on the market for the first time since 1985!! Exposed beams, most floors are original, Currently 1 large bathroom but town has it listed as 2. Walk in closets and pantry and finished second floor. Separate laundry room or make it into a bedroom! Mature apple trees, Black walnut trees, path to the stream with a bench and room for a campfire. Barn measures 60X30, Wood working shed 20X24, additional shed 18X21

Key facts

• Wood shed
• Attached barn
• Open-concept kitchen

Tags

• ATTACHED BARN
• WOOD SHED
• BONUS LOFT SPACE
• MULTIPLE OUTBUILDINGS
• OPEN-CONCEPT KITCHEN
• NEWER APPLIANCES

Property features AI

Finance

• Financial info: Residential zoning

Exterior

• Parking: Paved parking with 5–10 spaces
• Utilities: Electric service with circuit breakers and generator hookup; Private water source; Electric water heater; Private sewer / septic design available; Utilities are on
• Home design: Single family residence; Facing direction not specified; Entry level not specified; 2,004 above-grade finished area (reported by seller)
• Construction: Originally built in 1850; Wood frame construction with vinyl and wood siding; Shingle roof; Foundation of block, stone, and granite
• Exterior features: Deck; Outbuilding and barn(s); Rural, farm setting; Level lot; Paved road access

Interior

• Kitchen: Eat-in kitchen; Electric range; Microwave; Refrigerator; Heat stove / heat stove hookup
• Bedrooms: Primary bedroom on the first floor with built-ins, ensuite features, and walk-in closet; Bedroom 2 on the second floor; Bedroom 3 on the second floor; Bonus room on the second floor
• Flooring: Laminate; Wood
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air; Heat pump (also provides cooling); Wood stove; Has heating and cooling
• Interior features: First-floor bedroom; Attic; Pantry; Walk-in closets; 8 total rooms; Unfurnished
• Laundry & utility: Laundry room on the first floor; Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath multifamily listed at $379k.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $379k).
• Recommended offer: $368k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#34 in ME, #3,498 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D, employment D, amenities F.
• RSU 18 (rural): math 88% / reading 89% proficiency, ranked #36 of 112 in ME (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+5.3%/yr); 55 active listings in the ZIP; 460 units permitted in Kennebec County in 2024 (0 in 5+ unit buildings).
• At $3,911/mo this rent would consume 86% of the median local household income ($55k/yr) (locally 760% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Kennebec County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $106k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($368k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $21k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $289k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $367,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.03% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (median comp): $450,697
• List price: $379,000
• Delta: -15.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-7,165
• Equity at exit: $56,510

10-year hold

• IRR: 10.2%
• Equity multiple: 1.87×
• Total profit: $91,946
• Equity at exit: $32,769

Cash invested: $106,120 (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 04330

• Home prices YoY: -4.7%
• Rents YoY: 5.3%
• Active inventory: 55
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $3,911 medium
• Mortgage (P&I): −$1,988
• Tax from tax record: −$240 /mo · $2,877/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $705

Break-even live

Break-even rent $3,019

Max offer price $379,000

Occupancy floor 77%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,910
Total (2 units)			$3,911

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $379,000 Active 37 DOM
2. 2026-06-18
   price $379,000 Active 36 DOM
3. 2026-06-18
   days on market $389,000 Active 36 DOM
4. 2026-06-17
   days on market $389,000 Active 35 DOM
5. 2026-06-16
   days on market $389,000 Active 34 DOM
6. 2026-06-16
   price $389,000 Active 33 DOM
7. 2026-06-15
   days on market $394,000 Active 33 DOM
8. 2026-06-14
   days on market $394,000 Active 31 DOM
9. 2026-06-12
   days on market $394,000 Active 30 DOM
10. 2026-06-09
    days on market $394,000 Active 27 DOM
11. 2026-06-09
    price $394,000 Active 26 DOM
12. 2026-06-08
    days on market $399,900 Active 26 DOM
13. 2026-06-07
    days on market $399,900 Active 25 DOM
14. 2026-06-05
    days on market $399,900 Active 22 DOM
15. 2026-06-03
    days on market $399,900 Active 21 DOM
16. 2026-06-03
    status $399,900 Active 20 DOM
17. 2026-06-02
    days on market $399,900 Active Under Contract 20 DOM
18. 2026-06-01
    days on market $399,900 Active Under Contract 19 DOM
19. 2026-05-31
    days on market $399,900 Active Under Contract 18 DOM
20. 2026-05-30
    days on market $399,900 Active Under Contract 17 DOM
21. 2026-05-18
    historical Active Under Contract 1282-char remark
22. 2026-05-13
    listed $399,900 Active 1282-char remark
23. 2023-08-14
    soldstatus $289,000 Closed 798-char remark

    Show marketing remark (798 chars)

    Well maintained 1850's house on 3.08 Acres with attached barn and wood shed. Bonus workshop shed with heat and electricity (wood working tools are negotiable), Old barn that was jacked up and leveled ready for someone to make it into wedding barn, venue, or for their own farm animals. Extra storage with a second shed or convert something into vehicle storage. This beloved property is on the market for the first time since 1985!! Exposed beams, most floors are original, Currently 1 large bathroom but town has it listed as 2. Walk in closets and pantry and finished second floor. Separate laundry room or make it into a bedroom! Mature apple trees, Black walnut trees, path to the stream with a bench and room for a campfire. Barn measures 60X30, Wood working shed 20X24, additional shed 18X21

24. 2023-06-30
    status Pending 798-char remark

    Show marketing remark (798 chars)

    Well maintained 1850's house on 3.08 Acres with attached barn and wood shed. Bonus workshop shed with heat and electricity (wood working tools are negotiable), Old barn that was jacked up and leveled ready for someone to make it into wedding barn, venue, or for their own farm animals. Extra storage with a second shed or convert something into vehicle storage. This beloved property is on the market for the first time since 1985!! Exposed beams, most floors are original, Currently 1 large bathroom but town has it listed as 2. Walk in closets and pantry and finished second floor. Separate laundry room or make it into a bedroom! Mature apple trees, Black walnut trees, path to the stream with a bench and room for a campfire. Barn measures 60X30, Wood working shed 20X24, additional shed 18X21

25. 2023-06-23
    price $319,000 798-char remark

    Show marketing remark (798 chars)

    Well maintained 1850's house on 3.08 Acres with attached barn and wood shed. Bonus workshop shed with heat and electricity (wood working tools are negotiable), Old barn that was jacked up and leveled ready for someone to make it into wedding barn, venue, or for their own farm animals. Extra storage with a second shed or convert something into vehicle storage. This beloved property is on the market for the first time since 1985!! Exposed beams, most floors are original, Currently 1 large bathroom but town has it listed as 2. Walk in closets and pantry and finished second floor. Separate laundry room or make it into a bedroom! Mature apple trees, Black walnut trees, path to the stream with a bench and room for a campfire. Barn measures 60X30, Wood working shed 20X24, additional shed 18X21

26. 2023-06-16
    listed $335,000 Active 798-char remark

    Show marketing remark (798 chars)

    Well maintained 1850's house on 3.08 Acres with attached barn and wood shed. Bonus workshop shed with heat and electricity (wood working tools are negotiable), Old barn that was jacked up and leveled ready for someone to make it into wedding barn, venue, or for their own farm animals. Extra storage with a second shed or convert something into vehicle storage. This beloved property is on the market for the first time since 1985!! Exposed beams, most floors are original, Currently 1 large bathroom but town has it listed as 2. Walk in closets and pantry and finished second floor. Separate laundry room or make it into a bedroom! Mature apple trees, Black walnut trees, path to the stream with a bench and room for a campfire. Barn measures 60X30, Wood working shed 20X24, additional shed 18X21

ⓘ 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: $2,877 · $240/mo
• Projected year-2 tax: $4,016 · $335/mo
• Expected delta: +$1,139/yr (+$95/mo · 39.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,932
• − Mortgage interest: −$21,230
• − Property taxes: −$2,877
• − Insurance: −$1,895
• − Repairs & maintenance: −$3,755
• − Management: −$3,755
• − Depreciation: −$11,025
• Taxable income: $2,396
• Est. tax owed @ 24.0%: −$575
• After-tax cash flow: $7,879/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 18
• NCES district ID: 2314779
• Math proficiency: 88% ▲ 53.00%
• Reading proficiency: 89% ▲ 32.00%
• Median HH income: $55,125
• Composite: 75.2/100
• National rank: #139
• State rank: #36 of 112 in ME

Livability — Waterville

• Score: 76/100
• State rank: #34
• US rank: #3498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kennebec County · 54,560 people
• Metro: Augusta-Waterville, ME
• Population (ZIP): 26,690
• Household income: $54,775
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 760.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 1% Asian 1%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · French/Haitian/Cajun 4% Spanish 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: ▼ -17.46%
• Current HPI: 353.9463
• Rent YoY: ▲ 5.35%
• Metro: Augusta-Waterville, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+16.1% since first listed

9 events — show timeline

• 2026-06-15 Price Changed $389,000 MREIS
• 2026-06-08 Price Changed $394,000 MREIS
• 2026-06-02 Relisted — MREIS
• 2026-05-18 Contingent — MREIS
• 2026-05-13 Listed $399,900 MREIS
• 2023-08-14 Sold (MLS) $289,000 MREIS
• 2023-06-30 Pending — MREIS
• 2023-06-23 Price Changed $319,000 MREIS
• 2023-06-16 Listed $335,000 MREIS

Property tax history

+5.1%/yr

Latest (2025): $2,877 · +7.5% YoY. Source: county tax records.