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This page contains aggregated information about each property, and is not intended to serve as an appraisal. Projections for accumulated wealth, cash flow and equity are based on predictive models used to analyze big data on more than 110 million homes. Learn more about INVESTimate

24 Farmgate Rd South Berwick, ME 03908

2 Beds 1 Baths 782 sqft Built 1986
Last updated:  Oct 23, 2019

INVESTimate

$133,219

$115K - $152K

Price Est.

$1,260

$1.1K - $1.4K

Rent Est.

$140,400  ( +5.39%)   1 YR EST. FORECAST
  
  
  

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24 Farmgate Rd PROPERTY INFO

FACTS
  • Built In 1986
  • Price/Sqft : $170.36
CONSTRUCTION
  • Beds : 2
  • Floor Size : 782 sqft
  • Baths : 1 Full

24 Farmgate Rd SCHOOLS

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Financial Details

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Neighborhood

SOUTH BERWICK

  • 7,388

    POPULATION
  • 2,792

    HOUSEHOLDS
  • 71.5%

    WHITE COLLAR

Neighborhood : SOUTH BERWICK

HOUSEHOLDS
2,792
POPULATION

7,388

19.8%Renters
80.2%Home Owners
LABOR FORCE

 

71.5%White Collar
28.5%Blue Collar
DISTRIBUTION OF RENTS IN NEIGHBORHOOD

Approximately 91% of rental properties in this neighborhood have a monthly rental rate greater than or equal to the target rent for this property of $1,260 per month.

MY RENT : $1,260 MEDIAN RENT : $1,941

Rent % Distribution LEVEL
$500-699 0.0%
$700-899 0.0%
$900-999 0.0%
$1,000-1,499 18.2%
>=$1,500 81.8%
Household Rent Affordability

According to U.S. Department of Housing and Urban Development, families that use more than 30% of their income to pay for housing are considered cost burdened. A target rent of $1,260 would therefore be considered affordable for annual household incomes greater than $50,400 (12 months x 3.333 x $1,260).

Rent % Affordability
Above $500 91.9%
Above $700 87.9%
Above $1,100 77.1%
Above $1,500 67.3%
Above $1,900 58.0%
HOUSEHOLD INCOME RANGE

Approximately 1,932 of households in this neighborhood have a total annual income of $50,400 or more. This is the minimum amount of income necessary to comfortably afford the target rental rate for this property of $1,260 per month.

MINIMUM INCOME RANGE : $50,400

Income % Distribution
<$20K 8.1%
$20K-$35K 12.2%
$35K-$60K 12.4%
$60K-$100K 25.5%
>=$100K 41.8%
COMMUTE TIME DISTRIBUTION

70% of the working population has a commute time of 15 to 44 minutes, 16% has a commute time of 14 minutes or less and 14% has a commute time of 45 minutes or longer.

Time (mins) % Distribution
<5 mins 3.3%
5-9 mins 4.8%
10-14 mins 8.1%
15-19 mins 11.7%
20-29 mins 27.2%
30-44 mins 30.6%
45-59 mins 7.2%
>60 mins 7.1%
DISTRIBUTION OF RENTS IN NEIGHBORHOOD

Approximately 91% of rental properties in this neighborhood have a monthly rental rate greater than or equal to the target rent for this property of $1,260 per month.

MY RENT : $1,260 MEDIAN RENT : $1,941

Rent % Distribution
$500-699 0.0%
$700-899 0.0%
$900-999 0.0%
$1,000-1,499 18.2%
>=$1,500 81.8%
Household Rent Affordability

According to U.S. Department of Housing and Urban Development, families that use more than 30% of their income to pay for housing are considered cost burdened. A target rent of $1,260 would therefore be considered affordable for annual household incomes greater than $50,400 (12 months x 3.333 x $1,260).

Rent % Affordability
Above $500 91.9%
Above $700 87.9%
Above $1,100 77.1%
Above $1,500 67.3%
Above $1,900 58.0%
HOUSEHOLD INCOME RANGE

Approximately 1,932 of households in this neighborhood have a total annual income of $50,400 or more. This is the minimum amount of income necessary to comfortably afford the target rental rate for this property of $1,260 per month.

MINIMUM INCOME RANGE : $50,400

Income % Distribution
<$20K 8.1%
$20K-$35K 12.2%
$35K-$60K 12.4%
$60K-$100K 25.5%
>=$100K 41.8%
COMMUTE TIME DISTRIBUTION

70% of the working population has a commute time of 15 to 44 minutes, 16% has a commute time of 14 minutes or less and 14% has a commute time of 45 minutes or longer.

Time (mins) % Distribution
<5 mins 3.3%
5-9 mins 4.8%
10-14 mins 8.1%
15-19 mins 11.7%
20-29 mins 27.2%
30-44 mins 30.6%
45-59 mins 7.2%
>60 mins 7.1%

SOUTH BERWICK Demographics

INDUSTRY

Industry % Distribution
Arts & Entertainment 7.4%
Educational Services 13.8%
Financial Industries 7.9%
Health Care & Social Assistance 14.6%
Manufacturing 12.8%
Retail & Wholesale Trader 10.3%
Other 33.1%
AGE DISTRIBUTION

55% of the population is between the ages of 25 and 64, 32% is 24 or younger and 13% is 65 or older.

Age % Distribution
<15 20.0%
15-19 6.2%
20-24 5.8%
25-44 23.4%
45-65 32.0%
66+ 12.6%
OCCUPATION

Occupation % Distribution
Computer Engineering 8.0%
Construction 11.6%
Management, Business, & Financial 22.0%
Natural Resources Maintenance 13.4%
Production & Transportation 7.5%
Sales & Office 21.1%
Other 16.5%
HIGHEST EDUCATION LEVEL

25% of adults 25 and older have an education level of a bachelor's degree or higher.

Education Level % Distribution
Associates Degree 9.5%
High School 19.2%
Masters Degree 13.4%
Some College 19.5%
Some High School 5.3%
Other 33.1%

24 Farmgate Rd Comps

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24 Farmgate Rd, South Berwick, ME 03908 is a single family home of 782 sqft. HomeUnion INVESTimateĀ® for 24 Farmgate Rd includes a Price Estimate of $133,219 and a Rent Estimate of $1,260. This single family home has 2 bedrooms,1 bathrooms, and was built in 1986. This property has an estimated 15 year annualized Yield of 11.35% and Total Return of 22.40%. The estimated 1 year forecast in home value for 24 Farmgate Rd is 5.39%.

Looking for real estate investment properties in this area? You can browse additional properties and view investment data in ME , YORK County , or the 03908 Zipcode. Nearby Zipcodes include Zipcode1 and Zipcode2

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