If you have been looking to buy a home in or around Portland, Maine, over the last few years, you have likely been presented with many challenges. Portland is one of the most desirable towns in Maine to buy a home. Factored in with the low inventory, Portland is Maine's biggest conveniently located to nearby jobs, schools, and many other of the state's amenities.

We have all seen home prices skyrocket over the last few years, but even with that said, it's pretty crazy to see that homes are up over 70% over the last five years. Finding a home in Portland for under $400,000 that doesn't need major renovations is pretty tough in the current market.

47 Tremaine St was a rare find, as it was the one home in Portland that sold last year for under $200,000. It was listed by John Hatcher and Kerry Buthy from Keller Williams Realty for $185,000. An offer was accepted in less than 24 hours, and it ended up closing at $191,000.

John Hatcher & Kerry Buther - Keller Williams Realty via Zillow
John Hatcher & Kerry Buther - Keller Williams Realty via Zillow

Why so cheap? Well, for starters, this a small 739-square-foot home built in 1920. It sits on just .05 acres of land and has two bedrooms and one bathroom. You might be thinking, "That still seems way under market value." In most cases, you could be correct. However, this home is a true fixer-upper and might have even ended up being a tear-down (or close to it).

Homes in desirable areas that are in this condition are still much more valuable than they would have been four years ago. In this situation (and many others), the buyers are essentially paying for the land and location, and will need to put tens or even hundreds of thousands of dollars into either fixing it up or rebuilding the home.

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