118 Smithville Rd · Steuben, ME 04680

$249,000

4 bd · 1.0 ba · 2,008 sqft · MultiFamily public records · 21 Days on market

Built 1840 6.70 ac lot $124/sqft · 44% below area Est $441k · 44% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Schools +7.1/10.0
• Cash flow +6.0/30.0
• Appreciation +4.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +0.4/10.0

Multi-family units

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

Listing remarks

Step back in time classic 1840 Cape-style home nestled in the charming town of Steuben . Rich in New England character, this traditional Cape offers warmth and simplicity the style is known for-cozy living spaces, practical layout, and timeless appeal. Set well back from the road on a generous 6.7 + acres, the property provides privacy and room to roam while still being conveniently located just minutes from Route 1 for easy access up and down the coast. Inside, you will find a spacious eat-in kitchen-perfect for gatherings-along with a formal dining room featuring built in storage that adds both charm and functionality. The inviting living room is anchored by a wood stove, creating a warm

Key facts

• Built in storage
• Formal dining room
• Generous acres

Tags

• CAPE-STYLE HOME
• GENEROUS ACRES
• SPACIOUS EAT-IN KITCHEN
• FORMAL DINING ROOM
• BUILT IN STORAGE
• INVITING LIVING ROOM

Property features AI

Finance

• Other: Property zoned Rural; Approximately 6.7 acres

Exterior

• Parking: Detached 1-car garage; Additional gravel parking for 1–4 vehicles
• Utilities: Private well water; Private sewer; Circuit breakers for electric
• Home design: Single family residence; Built in 1840
• Construction: Wood frame construction; Wood siding; Shingle roof
• Exterior features: Glassed-in porch; Screened porch; Neighborhood setting; Wooded lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Bedroom 1 on the first floor; Bedroom 2 on the second floor; Bedroom 3 on the second floor; Bedroom 4 on the second floor
• Flooring: Carpet; Wood; Linoleum
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating; Hot water heating; Circuit breaker electrical panel; Water heater off the heating system
• Interior features: First-floor bedroom; Den; Dining room; Living room; Kitchen; Eight total rooms
• Laundry & utility: Washer; Dryer; Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $-475 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (33.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (39.4% below list).
• Recommended offer: $151k (39.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• RSU 24 (rural): math 83% / reading 86% proficiency, ranked #59 of 112 in ME (top 53%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP; 67 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($2k loan paydown + $-699 appreciation (-0.3% local appreciation)).
• Washington County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,823 (39.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1840 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.61% ✗
• Cap rate: 4.00%
• Cash-on-cash: -8.18%
• DSCR: 0.64
• GRM: 13.8

CMA / ARV

• ARV (median comp): $440,775
• List price: $249,000
• Delta: -43.51%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-0.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.41×
• Total profit: $-40,819
• Equity at exit: $68,824

10-year hold

• IRR: -6.4%
• Equity multiple: 0.35×
• Total profit: $-45,525
• Equity at exit: $80,004

Cash invested: $69,720 (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 04680

• Home prices YoY: -0.2%
• Active inventory: 40
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $1,508 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$257 /mo · $3,084/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-475

Break-even live

Break-even rent $2,110

Max offer price $165,084

Occupancy floor —

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-01
   status $249,000 Pending 21 DOM
2. 2026-06-01
   days on market $249,000 Active 21 DOM
3. 2026-05-31
   days on market $249,000 Active 20 DOM
4. 2026-05-31
   days on market $249,000 Active 19 DOM
5. 2026-05-12
   status Pending 1152-char remark
6. 2026-05-04
   listed $249,000 Active 1152-char remark

ⓘ 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: $3,084 · $257/mo
• Projected year-2 tax: $3,235 · $270/mo
• Expected delta: +$151/yr (+$13/mo · 4.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥85°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $18,099
• − Mortgage interest: −$13,948
• − Property taxes: −$3,084
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − Depreciation: −$7,244
• Taxable loss: −$10,318
• Est. tax savings @ 24.0%: +$2,476
• After-tax cash flow: $-3,224/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 24
• NCES district ID: 2314790
• Math proficiency: 83% ▲ 60.00%
• Reading proficiency: 86% ▲ 34.00%
• Median HH income: $44,304
• Composite: 70.84/100
• National rank: #249
• State rank: #59 of 112 in ME

Livability — Steuben

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,233

Population outlook (Washington County) Hauer SSP2

• Today (2025): 28,818 people
• By 2030: 27,147 · -5.8%
• By 2040: 23,809 · -17.4%
• By 2050: 21,035 · -27.0%
• By 2075: 16,793 · -41.7%
• By 2100: 14,395 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 1% Asian 1%
• Common ancestry: Lithuanian 5% Slovak 4% Scottish 2%
• Foreign-born: 1% · Canada, South Korea
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+23.5) · D 37.5% · R 61.0% · Other 1.6%
• 2008→2024 swing: -24.5pp toward R · 2008: 1.0pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+19.8 2016: R+16.2 2012: D+1.6 2008: D+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.28%
• Current HPI: 164.3632
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

4 events — show timeline

• 2026-06-01 Pending — MREIS
• 2026-05-19 Relisted — MREIS
• 2026-05-12 Pending — MREIS
• 2026-05-04 Listed $249,000 MREIS

Property tax history

+2.5%/yr

Latest (2025): $3,084 · +9.4% YoY. Source: county tax records.