Real Estate Investing in Gray, Maine (04039)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 04039 (Gray, ME)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 16.3% of homes vacant — above national norms.
What’s happening in Gray, ME (04039)?
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Market Analysis: 04039 Gray
This part of Cumberland County is not an easy win. The 04039 ZIP comes in at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Stepping back, the numbers look inviting — $524K purchase price, 0.0% nominal cap — the work to hit that pro forma in 04039 is substantial and deserves full respect.
Statewide comparisons place 04039 among ME's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Who lives in 04039 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 04039 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Gray:
Property Strategy for 04039
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $405,342 | $1,960 | 3.5% | +8.3% | $202,671 |
| 3BR | $487,611 | $2,380 | 3.5% | +8.5% | $162,537 |
| 4BR | $562,857 | $2,600 | 3.3% | +8.5% | $140,714 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 04039 Compare?
| Metric | 04039 | Gray | Portland-South Portland, ME | Maine |
|---|---|---|---|---|
| Home Value | $524,436 | $524,436 | N/A | $401,109 |
| 5-Year CAGR | 6.9% | 6.9% | N/A | 8.6% |
| Avg Rent | $2,050 | $2,050 | 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 04039 (Gray, 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 | $524,436 |
| Monthly Rent | $2,050 |
| Price-to-Rent | 21.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.1% |
| 5-Year IRR | 9.9% |
📈 Home Appreciation
| 1-Year | +10.4% ▲ |
| 3-Year CAGR | +5.6% ▲ |
| 5-Year CAGR | +6.9% ▲ |
| 10-Year CAGR | +8.7% ▲ |
🏠 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 04039
Population: 8,004
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 04039
Schools in This ZIP Code
About Repit School Scores
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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
Frequently Asked Questions
Do landlords face vacancy issues in Gray, ME?
Rental vacancy in Gray, ME is elevated. Investors should budget normal turnover but not chronic empty units.
How much rent can I charge in Gray, ME?
Rents in Gray, ME run near $2,050/mo. Compared with median home prices of $524K that produces solid gross yields for typical rentals.
What type of investing works in Gray, ME?
A careful cash-flow rentals with hands-on management strategy Gray, ME best. The market produces predictable results for that approach at the $524K price point.
How viable is house hacking in Gray, ME?
The house hack math a challenging in Gray, ME. Owner-occupant buyers benefit from the $2,050/mo rents and $524K home values.
What is the investability score for Gray, ME?
Gray, ME stands at an investability rating of 3.0/5, with median home values near $524K and average rents around $2,050/mo. That combination puts it in the substantial tier for investor interest.
You know 04039 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 04039 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 04039 ranks in Portland-South Portland, ME
Every ZIP in this metro, ranked. Free.
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