304 Main St

Stanton, ND 58571

$165,000D+

4 bd · 2.0 ba · 2,016 sqft · Built 1975 · Other · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,391/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $111/mo
• Annual: $1,334/yr
• Cap rate: 7.10%
• Cash-on-cash: 2.89%
• DSCR: 1.13
• 1% rule: 0.84%
• Cash to close: $46,200

Investor read

• This is a 4-bed/2.0-bath other listed at $165k.
• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (15.7% below list).
• It's been on market 92 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (15.7% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 62/100 on livability (#241 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Center-Stanton 1 (rural): math 30% / reading 40% proficiency, ranked #125 of 169 in ND (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 15 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).
• Mercer County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; list at $165k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.