76 Fish St

Thomaston, ME 04861

$149,000C

3 bd · 0.5 ba · 1,450 sqft · Built 1925 · SingleFamily · Active · 426 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,672/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$325
• HOA: −$0
• Vac / Maint / Mgmt: −$351
• Net cashflow: $215/mo
• Annual: $2,578/yr
• Cap rate: 8.02%
• Cash-on-cash: 6.18%
• DSCR: 1.27
• 1% rule: 1.12%
• Cash to close: $41,720

Investor read

• This is a 3-bed/0.5-bath single-family listed at $149k.
• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 426 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 72/100 on livability (#53 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools D+, employment D+, amenities F.
• RSU 13 (town): math 77% / reading 85% proficiency, ranked #84 of 112 in ME (top 75%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 160 units permitted in Knox County in 2024 (58 in 5+ unit buildings).
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $50k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 426 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.