360 Water St · Ellsworth, ME 04605

$129,900

3 bd · 2.0 ba · 1,717 sqft · MultiFamily public records · 16 Days on market

Built 1900 4,791 sqft lot Est $230k · 44% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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

Location, location, location! Opportunity knocks! Water views of Harbor Park and marina. In Ellsworth's Urban Core. Older 3BR/1BA home with great potential, zoned General Development Downtown. The property sits steps from shops, restaurants, and the waterfront, making it ideal for those who want to live, work, or invest in the center of it all. Keep as residence, rent, or develop for downtown business. A rare chance to shape your future in one of Maine's most dynamic coastal communities. Endless possibilities! The view, the walkability, the Prime Location and Flexible Zoning say it all! Priced to Sell!

Key facts

• Water views
• Steps from shops
• 4,791 sq ft lot

Tags

• WATER VIEWS
• STEPS FROM SHOPS
• STEPS FROM RESTAURANTS
• STEPS FROM WATERFRONT

Property features AI

Finance

• Other: Zoned GEN. DEV. DWNTN RES; Lot size approximately 0.11 acre; Frontage on both Deane Street and Water Street
• Financial info: Annual tax information available

Exterior

• Parking: On-site parking; Gravel parking; 1–4 parking spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Electric water heater; Has heating
• Home design: Single-family residence; Multi-level; Built in 1900; Water view (Union River)
• Construction: Wood frame construction; Asbestos siding/materials; Fiberglass shingle roof; Stone and pillar/post/pier foundation
• Exterior features: Porch; Historic district setting; Intown location; Near public beach; Near shopping; Corner lot; Level lot; Sidewalks; Paved road

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Three bedrooms on the second level
• Flooring: Laminate; Tile; Vinyl; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Five total rooms; Unfurnished; Unfinished basement entry
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $817 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 2.3% in Ellsworth — 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 77/100 on livability (#32 in ME, #3,210 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, commute F.
• Ellsworth Public Schools (town): math 79% / reading 85% proficiency, ranked #75 of 112 in ME (top 67%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Ellsworth Elementary-Middle School (math 79% / reading 86%, grade A+, #154 of 294 statewide, top 52%, 775 students, 36% FRL); Ellsworth High School (math 92% / reading 87%, grade A+, #56 of 108 statewide, top 60%, 553 students, 27% FRL).
• Market conditions: 154 active listings in the ZIP; 270 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.59% ✓
• Cap rate: 13.84%
• Cash-on-cash: 26.94%
• DSCR: 2.20
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $230,078
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Water St	0.14mi	4/2.0 (+1)	1,872 (+9%)	6mo	$251,000	$134	68

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 20.8%
• Equity multiple: 1.85×
• Total profit: $30,936
• Equity at exit: $19,369

10-year hold

• IRR: 29.0%
• Equity multiple: 3.58×
• Total profit: $93,828
• Equity at exit: $11,231

Cash invested: $36,372 (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 04605

• Home prices YoY: -27.0%
• Active inventory: 154
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,068 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$82 /mo · $984/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $817

Break-even live

Break-even rent $1,035

Max offer price $129,900

Occupancy floor 56%

Sensitivity live

Price	-10% $890	-5% $853	+0% $817	+5% $780	+10% $743
Rent	-10% $653	-5% $735	+0% $817	+5% $898	+10% $980
Rate	-1.0pp $882	-0.5pp $850	base $817	+0.5pp $783	+1.0pp $749

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   status $129,900 Pending 16 DOM
2. 2026-06-18
   days on market $129,900 Active 16 DOM
3. 2026-06-17
   days on market $129,900 Active 15 DOM
4. 2026-06-16
   days on market $129,900 Active 14 DOM
5. 2026-06-15
   days on market $129,900 Active 13 DOM
6. 2026-06-13
   days on market $129,900 Active 11 DOM
7. 2026-06-12
   days on market $129,900 Active 10 DOM
8. 2026-06-09
   days on market $129,900 Active 7 DOM
9. 2026-06-08
   days on market $129,900 Active 6 DOM
10. 2026-06-07
    days on market $129,900 Active 5 DOM
11. 2026-06-07
    days on market $129,900 Active 4 DOM
12. 2026-06-03
    remarks 612-char remark
13. 2026-06-03
    listed $129,900 Active 1 DOM

ⓘ 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: $984 · $82/mo
• Projected year-2 tax: $1,375 · $115/mo
• Expected delta: +$391/yr (+$33/mo · 39.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $24,818
• − Mortgage interest: −$7,276
• − Property taxes: −$984
• − Insurance: −$650
• − Repairs & maintenance: −$1,985
• − Management: −$1,985
• − Depreciation: −$3,779
• Taxable income: $8,158
• Est. tax owed @ 24.0%: −$1,958
• After-tax cash flow: $7,840/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: Ellsworth Public Schools
• NCES district ID: 2305500
• Math proficiency: 79% ▲ 42.00%
• Reading proficiency: 85% ▲ 29.00%
• Median HH income: $47,000
• Composite: 69.01/100
• National rank: #325
• State rank: #75 of 112 in ME

Livability — Ellsworth

• Score: 77/100
• State rank: #32
• US rank: #3210

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellsworth, ME
• Population (ZIP): 14,695

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 53,608 people
• By 2030: 52,594 · -1.9%
• By 2040: 49,556 · -7.6%
• By 2050: 46,152 · -13.9%
• By 2075: 39,678 · -26.0%
• By 2100: 33,690 · -37.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Asian 1% Black 1%
• Common ancestry: Lithuanian 9% Slovak 5% Romanian 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 97% English-only · German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Hancock

• 2024 margin: D (+11.8) · D 54.7% · R 42.9% · Other 2.4%
• 2008→2024 swing: -7.5pp toward R · 2008: 19.3pp · 2024: 11.8pp
• All cycles: 2024: D+11.8 2020: D+12.4 2016: D+7.6 2012: D+16.7 2008: D+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.32%
• Current HPI: 187.7717
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-02 Listed $129,900 MREIS

Property tax history

+4.3%/yr

Latest (2024): $984 · +12.1% YoY. Source: county tax records.