Real Estate Investing in Farmington, Maine (04938)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 04938 (Farmington, 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: 17.3% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Farmington, ME (04938)?
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Market Analysis: 04938 Farmington
This part of Franklin County is not an easy win. The 04938 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Distressed markets are won on execution, not on spreadsheets. ZIP 04938 reflects the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
On the rental side, 04938 offers a low basis, the region around Farmington has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 04938 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategy in 04938 is an operator game, not a passive one. Put differently, entry prices of $280K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Farmington:
Property Strategy for 04938
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $234,799 | $1,360 | 4.2% | +10.5% | $117,400 |
| 3BR | $281,585 | $1,800 | 4.6% | +9.9% | $93,862 |
| 4BR | $329,835 | $1,810 | 4.0% | +10.1% | $82,459 |
Market Trends
Home Value History (with trend line)
📊 How Does 04938 Compare?
| Metric | 04938 | Farmington | Maine |
|---|---|---|---|
| Home Value | $280,382 | $280,382 | $401,109 |
| 5-Year CAGR | 6.9% | 6.9% | 8.6% |
| Avg Rent | $1,224 | $1,224 | - |
| Cap Rate | 3.4% | 3.4% | - |
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 04938 (Farmington, ME). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $280,382 |
| Monthly Rent | $1,224 |
| Price-to-Rent | 19.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.2% |
| Cap Rate | 3.4% |
| 5-Year IRR | 10.3% |
📈 Home Appreciation
| 1-Year | +5.3% ▲ |
| 3-Year CAGR | +3.6% ▲ |
| 5-Year CAGR | +6.9% ▲ |
| 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 (3.4%). 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 04938
Population: 10,368
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 04938
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
Frequently Asked Questions
What strategy should investors use in Farmington, ME?
A careful cash-flow rentals with hands-on management strategy Farmington, ME best. The market produces consistent results for that approach at the $280K price point.
How quickly do rentals get leased in Farmington, ME?
Vacancy risk in Farmington, ME is elevated. That supports predictable cash flow for typical rental holds.
What price range are homes in Farmington, ME?
The median home value in Farmington, ME is roughly $280K. That puts it reasonable relative to the ME statewide average.
What does house hacking look like in Farmington, ME?
For house hackers, Farmington, ME is a challenging. The $1,224/mo rent on a unit helps defray the mortgage on a $280K property.
How deep is the rental pool in Farmington, ME?
Expect a solid tenant pool in Farmington, ME. The rental market absorbs $1,224/mo rents without meaningful friction.
You know 04938 now. You don’t know where it ranks.
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