At first look, a six-bedroom former schoolhouse in Maine seems like an unbelievable bargain on the property market. Priced at just $275,000, this spacious building costs roughly half the price of a typical American home. However, its quaint exterior and attractive price tag conceal a substantial renovation project that will test any new owner's resolve and budget.
A Historic Building with a Modern Price Tag
The 6,244 square foot property, constructed in 1853, originally served as both an elementary and high school for the coastal town of Stockton Springs, located about 55 miles northeast of Augusta. After a newer school was built, it was converted into office space for local businesses. A family purchased it in 2002, transforming it into a summer residence. Today, it boasts six bedrooms, five bathrooms, and retains charming original features like a bell tower and an old principal's office.
Listing agent Keirsten Wyman of RE/MAX Jaret & Cohn explained the core challenge to the Bangor Daily News: "It was never built to be a home, so there are a lot of renovations that would need to happen to make it one." She added, "It has its challenges, but the potential is amazing if someone has the heart. It could really be something special."
The Reality Behind the Bargain: Work Required
While sections of the building have been successfully updated into modern living spaces with hardwood floors and clean bathrooms, other areas feel distinctly institutional. Hallways feature scratched red floors and walls needing paint, while some rooms have undesirable, chipping blue flooring. One ground-floor room, a former classroom, still has a large chalkboard mounted on the wall, and some doors retain their classroom-style windows.
These necessary improvements are likely why the property has lingered on the market for 116 days on Zillow, far longer than the US average of 47 to 62 days. To attract interest, the price was slashed by $95,000 in mid-October. The $275,000 asking price is now nearly $100,000 below Stockton Springs' average home price of $360,000 and almost half the national average of $512,800.
Potential and Practicalities for Future Owners
For the right buyer, the historic charm is a significant draw. The building has been winterised, allowing for year-round living despite Maine's cold winters. It sits on a half-acre lot, offering space for gardens and children to play. Its location is a ten-minute drive from Fort Point State Park, with downtown Bangor less than an hour away.
However, major practical work remains. Agent Keirsten Wyman highlighted that one of the most significant necessary renovations would be an overhaul of the septic system to properly accommodate a family. The project represents a classic property trade-off: a uniquely charming historic building at a knockdown price, but with the considerable cost and effort of a full conversion looming large.
