Real Estate Investing in Gorham, Maine (04038)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 04038 (Gorham, ME)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Gorham, ME (04038)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 04038 Gorham
The 04038 ZIP in Gorham, ME is a local-operator market. Outside capital chasing a $553K entry has to pair deep knowledge with the discount.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $553K asset, 04038 is the wrong submarket. If the plan prices in friction, the yield can still work.
Within ME, ZIP 04038 trails on several market indicators that neighboring Cumberland County submarkets outperform. The gap is real and notable enough to shape underwriting.
Demographically, 04038 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 04038 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Gorham:
Property Strategy for 04038
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $367,685 | $1,530 | 3.0% | +8.2% | $367,685 |
| 2BR | $421,219 | $1,960 | 3.4% | +8.2% | $210,609 |
| 3BR | $523,844 | $2,380 | 3.3% | +8.9% | $174,615 |
| 4BR | $633,952 | $2,600 | 3.0% | +9.5% | $158,488 |
| 5BR | $645,963 | — | — | +9.5% | $129,193 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 04038 Compare?
| Metric | 04038 | Gorham | Portland-South Portland, ME | Maine |
|---|---|---|---|---|
| Home Value | $553,325 | $553,325 | N/A | $401,109 |
| 5-Year CAGR | 6.4% | 6.4% | N/A | 8.6% |
| Avg Rent | $2,175 | $2,175 | N/A | - |
| Cap Rate | 3.1% | 3.1% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 04038 (Gorham, ME). Anonymous, moderated, never written by AI.
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Property managers serving Cumberland County
Manage rentals here? List your business →Port Property offers apartments for rent and commercial property management services in Portland, South Portland, and Biddeford, Maine. summary from their website
Schneider Property Management, part of HomeRiver Group, offers property management, brokerage, rehab and construction, leasing, and maintenance services for single-family and multi-family properties. summary from their website
Aquarius Property Management offers property management services in Greater Portland, including Portland, South Portland, Falmouth, Cape Elizabeth, and Scarborough. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $553,325 |
| Monthly Rent | $2,175 |
| Price-to-Rent | 21.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.1% |
| 5-Year IRR | 9.5% |
📈 Home Appreciation
| 1-Year | +5.8% ▲ |
| 3-Year CAGR | +4.6% ▲ |
| 5-Year CAGR | +6.4% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 04038
Population: 18,192
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 04038
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,551 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How does Gorham, ME stack up for property investment?
Gorham, ME stands at an investability rating of 3.0/5, with median home values near $553K and average rents around $2,175/mo. That combination puts it in the resilient tier for investor interest.
What are home prices like in Gorham, ME?
The median home value in Gorham, ME is roughly $553K. That puts it reasonable relative to the ME statewide average.
What do landlords charge for rent in Gorham, ME?
Expect rents around $2,175/mo per month in Gorham, ME. With home values at $553K, the yield math works out to reasonable levels for rental investors.
Does a duplex house hack pencil in Gorham, ME?
For house hackers, Gorham, ME is a challenging. The $2,175/mo rent on a unit helps defray the mortgage on a $553K property.
Do rentals sit vacant long in Gorham, ME?
Rental vacancy in Gorham, ME is elevated. Investors should budget normal turnover but not chronic empty units.
You know 04038 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 04038 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 04038 ranks in Portland-South Portland, ME
Every ZIP in this metro, ranked. Free.
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