Cumberland County • 1 ZIP Code
Freeport, a coastal town in Cumberland County, has a population of roughly 16,000 residents, with a median household income of $58,000. The renter profile skews toward young professionals and retirees, reflecting the town’s blend of maritime commerce and tourism. Key employment sectors include shipping, retail, and hospitality, with the Port of Freeport and the historic downtown area driving economic activity. Population growth has been modest, with a 1.2% increase over the past five years, indicating a stable but slowly expanding market. Vacancy rates are low, averaging 4.8% across the city, a figure well below the national average of 8.3%. Year‑over‑year rent growth has averaged 3.5% for the past three years, supported by the steady influx of seasonal workers and retirees. Overall, Freeport presents a stable investment climate with predictable cash flow, modest appreciation, and a low risk profile for Section 8 investors.
Property prices in Freeport range from $210,000 for a well‑maintained 2‑bedroom apartment to $420,000 for a single‑family home in a desirable neighborhood. A typical 2‑BR unit can generate a gross yield of 8.5% based on the FY 2026 studio FMR of $1,520, while a 3‑BR unit yields 9.2%. Cash‑flow potential is strong, especially for turnkey rentals priced at $1,800–$2,200 per month, delivering net cash flow of $300–$450 after operating expenses. The ZIP code 04032, encompassing downtown and waterfront properties, offers the highest return potential due to proximity to commercial hubs. Target property types include 2‑BR and 3‑BR multifamily units and single‑family homes in the 04032 zone. Recommended strategies are a mix of rehab (up to 20% of purchase price) and turnkey acquisitions, with a focus on Section 8 lease agreements to ensure steady income. Investors can expect a balanced mix of immediate cash flow and long‑term appreciation of 4–5% annually.
Neighborhood variations in Freeport show that properties near the harbor command higher rents but also higher maintenance costs due to salt exposure. Tenant screening should prioritize credit scores above 650 and stable employment history, given the high turnover of seasonal workers. Property management fees typically range from 8–10% of monthly rent, while maintenance budgets should allocate 12–15% of gross rent for ongoing repairs. Risks include the town’s susceptibility to harsh winter weather and seasonal tourism fluctuations, which can affect vacancy rates. However, the long‑term appreciation potential remains solid, with historic preservation incentives boosting property values in prime locations. Investors should maintain a conservative reserve of $1,500–$2,000 per unit for unexpected repairs.