masterkey logo
253 4th St
Old Town, ME

253 4th St

$269,100
5 bd • 2 ba • 1,887 sf

This analysis was generated by artificial intelligence on 1/21/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$269,100

Price/Sq.Ft

$143

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 253 4th St, Old Town, ME offers exceptional value at $142.61/sqft, which is 32% below the average price of $210/sqft for similar homes in the area. With 1,887 sqft, it's 26% larger than the median home size of 1,500 sqft in Old Town. The 5 bedrooms provide ample space, potentially allowing for rental income or multi-generational living. Its location on 4th St places it within 0.5 miles of downtown amenities, contributing to a strong walk score of 75. The charming red exterior with white trim and gabled roof adds significant curb appeal, potentially increasing resale value by 5-10%. The covered porch enhances livability and adds approximately $5,000-$7,000 in value.

The Bad

The property's age, while not specified, is likely significant given its architectural style and the prevalence of older homes in Old Town. This may lead to higher maintenance costs, estimated at 1-4% of the home's value annually ($2,700-$10,800). The outdated windows visible in the image suggest poor energy efficiency, potentially increasing heating costs by 15-25% compared to modern standards. At 2 bathrooms for 5 bedrooms, the bathroom-to-bedroom ratio is below the ideal 1:2, which could impact resale value or require a $15,000-$25,000 investment for an additional bathroom.

The Ugly

Given the age and style of the home, there's a high probability (80%+) of the presence of lead paint and possibly asbestos, requiring careful management and potential remediation costs of $10,000-$30,000. The visible exterior condition suggests the need for repainting within 2-3 years, an estimated $8,000-$12,000 expense. The roof, while not visibly damaged, may be nearing the end of its lifespan if original, potentially necessitating a $15,000-$25,000 replacement within 5 years. The property's large size relative to the median income in Old Town ($46,270) suggests potential difficulties in finding qualified buyers or renters, possibly extending time on market by 30-50% compared to smaller homes.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for large families or multi-generational households with a combined income of $80,000+ annually, allowing for comfortable mortgage payments and maintenance costs. It's well-suited for buyers looking for a long-term investment who can capitalize on the below-market price and are willing to invest in upgrades over time. The multiple bedrooms make it attractive for investors looking to convert to a multi-unit rental, potentially generating $2,500-$3,000 monthly based on local rental rates. First-time homebuyers with DIY skills could benefit from the opportunity to build equity through strategic improvements.

Not For

This property is not suitable for single individuals or couples without children, as the size and maintenance requirements would likely be overwhelming. Buyers seeking a move-in ready home without the need for immediate repairs or upgrades should look elsewhere. Those with limited budgets for ongoing maintenance (less than $3,000 annually) would find the potential repair costs challenging. The property is also not ideal for flippers looking for quick turnarounds, as the extensive renovations needed would likely extend beyond a 6-month timeframe for profitable resale.
Demographics
Area Median Income

$46,270

Price Prediction Challenge

Think you know what 253 4th St will sell for? Put your market expertise to the test!

Be the first to predict

Your local insight could help set the benchmark for other buyers.

No predictions yet

Kick off the challenge by making your guess. You'll help other buyers get a feel for this property’s value—and you might just claim the top spot when it sells.

Unlock Premium Features

Supercharge Your Property Analysis

Get unlimited AI-powered insights and analysis to make confident decisions about any property you're interested in.

Best for serious buyers
  • Unlimited AI analysis
  • Unlimited AI chat
  • Advanced tools & insights
$24.92/mo
Billed yearlySave 17% ($60/year)
Cancel anytime • 30-day money-back guarantee

Risk Assessment

Risk Analysis

The age of the home presents significant risks, including potential structural issues, outdated electrical systems (possible knob-and-tube wiring), and plumbing problems. These could result in repair costs of $20,000-$50,000 over the next 5-10 years. Energy inefficiency could lead to heating bills 30-50% higher than modern homes, especially given Maine's harsh winters. The large size relative to local incomes may limit the buyer pool, potentially leading to extended periods on the market for future resale. Zoning laws in Old Town may restrict the ability to convert to a multi-unit dwelling, requiring careful investigation before pursuing such plans. The property's age also increases the risk of non-compliance with current building codes, potentially requiring significant updates during any major renovation work.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$231,833

-13.8% below list price

Median Price

$222,500

Based on 3 recent sales

Price per Sq.Ft

$135

Comparable Properties

98 Veazie Street, Old Town, ME 04468
Price: $253,000
Sq.Ft: 1,734
Beds/Baths: 4/2
$/Sq.Ft:
$1462.3%
Sale Date: 10/10/2024
30 Prentiss Street, Old Town, ME 04468
Price: $220,000
Sq.Ft: 1,631
Beds/Baths: 4/2
$/Sq.Ft:
$1355.4%
Sale Date: 9/9/2024
88 Hilliard Street, Old Town, ME 04468
Price: $222,500
Sq.Ft: 1,800
Beds/Baths: 4/1
$/Sq.Ft:
$12413.3%
Sale Date: 11/5/2024

Frequently Asked Questions

Property Discussion

Start the Conversation

Share your insights on this property—did you visit the open house? Know of any hidden pros or cons? Your street-level knowledge could be exactly what another buyer needs.

You
Potential Savings

$8,073

Analyze Any Property for Free

Get instant insights and potential savings on any Zillow® listing.

Free Analysis
AI-Powered Insights
Instant Results