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415 Deering Avenue
Portland, ME

415 Deering Avenue

$682,650
7 bd • 3 ba • 3,803 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$682,650

Price/Sq.Ft

$180

Year Built

AI Property Analysis

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

The Good

This 7-bedroom, 3-bathroom house at 415 Deering Avenue offers exceptional value at $179.50/sqft, which is approximately 25% below the Portland average of $240/sqft for similar properties. With 3,803 sqft, it's significantly larger than the typical Portland home, providing ample space for large families or potential rental income. The property's location on Deering Avenue places it in a desirable area, likely within walking distance to local amenities and potentially the University of Southern Maine. The classic New England architecture, including a charming front porch and bay windows, adds character and curb appeal that's highly sought after in the Portland market.

The Bad

While the year built is unknown, the architectural style suggests it's likely an older home, which may require significant updates and maintenance. The lack of listed features or detailed room information raises concerns about the interior condition and potential renovation needs. Given Portland's older housing stock, there's a high probability of outdated systems (plumbing, electrical, HVAC) that could require costly upgrades. The property's size, while an asset, also means higher heating costs during Maine's cold winters - a factor to consider in the total cost of ownership.

The Ugly

The absence of detailed property information is a red flag, potentially indicating severe issues that aren't being disclosed upfront. Given the age of many Portland homes, there's a significant risk of lead paint and asbestos, which could require expensive remediation (potentially $20,000-$30,000). The stone foundation visible in the image may be prone to water infiltration and structural issues common in older Portland homes, possibly necessitating extensive repairs ($10,000-$50,000). The property's large size and potential for multiple units could also mean it falls under Portland's strict rental property regulations, requiring additional inspections and potential upgrades to meet code compliance.

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 best suited for buyers with a household income of $150,000+ who can manage the potentially high maintenance costs. It's ideal for large families needing 5+ bedrooms or investors looking to convert the property into a multi-unit rental, capitalizing on Portland's strong rental market (with 3-bedroom units averaging $2,410/month). The property would also appeal to history enthusiasts or renovators who appreciate the charm of older homes and have the resources to restore and maintain its character.

Not For

This property is not suitable for first-time homebuyers or those without significant renovation experience and capital. It's also not ideal for buyers seeking a move-in ready home or those unable to manage potentially high maintenance and utility costs. Given the potential for extensive renovations, it's not appropriate for those with a timeline to move in quickly or who are uncomfortable with the uncertainties of an older home.
Demographics
Area Median Income

$76,540

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Risk Assessment

Risk Analysis

Major risks include potential structural issues common in older Portland homes, including foundation problems, roof leaks, and outdated electrical systems. The large size poses a risk of extremely high heating costs, potentially $500-$700/month during winter. There's a high probability of lead paint and asbestos, requiring careful management or removal. The property may not meet current energy efficiency standards, leading to higher than average utility costs. Zoning and code compliance for a house this size in Portland can be complex, especially if considering multi-unit conversion. Flood risk should be assessed, as some areas of Portland require flood insurance.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$822,500

20.5% above list price

Median Price

$830,000

Based on 2 recent sales

Price per Sq.Ft

$248

Comparable Properties

17 Powsland Street, Portland, ME 04102
Price: $830,000
Sq.Ft: 3,498
Beds/Baths: /3
$/Sq.Ft:
$23732.2%
Sale Date: 10/30/2024
79 Clinton Street, Portland, ME 04103
Price: $815,000
Sq.Ft: 3,158
Beds/Baths: /3
$/Sq.Ft:
$25843.8%
Sale Date: 9/12/2024

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