She might be waiting at the station around now.

Literal

She [topic-は] around-this-time station [at-で] is-waiting [might-かもしれない].

~かもしれない ('might') is the everyday possibility marker, less indirect than ~のではないかと思う. かもしれない attaches directly to the plain form of verbs, i-adjectives, or the bare form of nouns/na-adjectives. The compactness of かもしれない compared to longer hedging frames reflects how Japanese has multiple gradations of doubt-marking, each tuned to a different social situation.