20 Harvard St · Steep Falls, ME 04029

$145,000

3 bd · None ba · 0 sqft · SingleFamily public records · 21 Days on market

Built 1968 4,356 sqft lot ↓ 20% since listing

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Why this score? — see what drove the C- 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 +22.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +4.5/10.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The oversized garage opens the door to endless possibilities. Currently outfitted with three bedrooms and a bathroom, it offers incredible potential to be transformed into a barndominium-style living space, guest quarters, or even a rental opportunity. Whether you choose to maintain it as functional storage or explore its conversion potential, this versatile space adds significant value and flexibility--making it ideal for investors, vacation rental prospects, or those seeking additional living space. Please MLS #'s 1658059 and 1659872 for other options.

Key facts

• Functional storage
• Versatile space
• Conversion potential

Tags

• OVERSIZED GARAGE
• GUEST QUARTERS
• RENTAL OPPORTUNITY
• FUNCTIONAL STORAGE
• CONVERSION POTENTIAL
• VERSATILE SPACE

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Detached 3-car garage; Paved parking with 1–4 spaces
• Utilities: Electric service with circuit breakers; Has heating (direct vent heater)
• Home design: Single family residence; Multi-level (built in 1968)
• Construction: Wood frame construction; Shingle roof; Built in 1968
• Exterior features: Vinyl siding; Zoned: village district

Interior

• Kitchen: Kitchen on the second level
• Bedrooms: Three bedrooms (all on the second level)
• Flooring: Wood flooring; Linoleum flooring
• Heating & cooling: Direct vent heater; Circuit breaker electrical panel
• Interior features: Total of 6 rooms; Wood and linoleum flooring

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (5.1% below list).
• Recommended offer: $138k (5.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#89 in ME) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: schools C-, amenities F, commute F.
• Sebago Public Schools (rural): math 30% / reading 55% proficiency, ranked #92 of 185 in ME (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 1,405 units permitted in Cumberland County in 2024 (420 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cumberland County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $137,661 (5.1% below list)

Questions for the listing agent

1. Built in 1968 — 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 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.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 8.26%
• Cash-on-cash: 7.02%
• DSCR: 1.31
• GRM: 8.8

CMA / ARV

• ARV (median comp): $511,810
• List price: $145,000
• Delta: -71.67%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Harvard St	0.00mi	3/—	1,120	0mo	$140,000	$125	87
13 Intervale St	0.05mi	3/1.0	796	2mo	$585,000	$735	83
28 Harvard St	0.03mi	2/1.5 (-1)	1,032	13mo	$535,000	$518	71
4 Porter Ln	0.34mi	3/1.0	1,488	11mo	$450,000	$302	62

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-8,445
• Equity at exit: $21,620

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $11,826
• Equity at exit: $12,537

Cash invested: $40,600 (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 04029

• Home prices YoY: -7.5%
• Active inventory: 31
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,377 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$29 /mo · $351/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $237

Break-even live

Break-even rent $1,076

Max offer price $145,000

Occupancy floor 78%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   price $145,000 560-char remark
2. 2026-04-30
   listed $150,000 Active 560-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: $351 · $29/mo
• Projected year-2 tax: $1,162 · $97/mo
• Expected delta: +$810/yr (+$68/mo · 230.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°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: $16,519
• − Mortgage interest: −$8,122
• − Property taxes: −$351
• − Insurance: −$725
• − Repairs & maintenance: −$1,322
• − Management: −$1,322
• − Depreciation: −$4,218
• Taxable income: $460
• Est. tax owed @ 24.0%: −$110
• After-tax cash flow: $2,739/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: Sebago Public Schools
• NCES district ID: 2314837
• Math proficiency: 30% —
• Reading proficiency: 55% —
• Median HH income: $49,654
• Composite: 38.81/100
• National rank: #8348
• State rank: #92 of 185 in ME

Livability — Steep Falls

• Score: 68/100
• State rank: #89
• US rank: #9949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,822
• Population (ZIP): 2,124

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 313,805 people
• By 2030: 324,054 · +3.3%
• By 2040: 340,380 · +8.5%
• By 2050: 351,796 · +12.1%
• By 2075: 383,075 · +22.1%
• By 2100: 394,972 · +25.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 15% Slovak 3% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Cumberland

• 2024 margin: Solid D (+36.3) · D 66.9% · R 30.6% · Other 2.5%
• 2008→2024 swing: +6.4pp toward D · 2008: 29.9pp · 2024: 36.3pp
• All cycles: 2024: D+36.3 2020: D+35.7 2016: D+26.4 2012: D+26.3 2008: D+29.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.09%
• Current HPI: 283.8753
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-20.0% since first listed

8 events — show timeline

• 2026-06-04 Sold (MLS) $140,000 MREIS
• 2026-05-21 Pending — MREIS
• 2026-05-12 Price Changed $145,000 MREIS
• 2026-04-30 Listed $150,000 MREIS
• 2026-01-12 Delisted — MREIS
• 2025-12-29 Relisted — MREIS
• 2025-10-08 Pending — MREIS
• 2025-08-20 Listed $175,000 MREIS

Property tax history

-0.4%/yr

Latest (2018): $351 · +1.4% YoY. Source: county tax records.