603 Main St S

McVille, ND 58254

$60,000B+

4 bd · 1.5 ba · 1,000 sqft · Built 1904 · Other · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,089/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $463/mo
• Annual: $5,558/yr
• Cap rate: 15.56%
• Cash-on-cash: 33.08%
• DSCR: 2.47
• 1% rule: 1.81%
• Cash to close: $16,800

Investor read

• This is a 4-bed/1.5-bath other listed at $60k.
• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 67/100 on livability (#146 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, health & safety D+.
• Dakota Prairie 1 (rural): math 50% / reading 45% proficiency, ranked #72 of 169 in ND (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dakota Prairie Elementary School (math 72% / reading 52%, grade B, #11 of 236 statewide, top 7%, 168 students, 31% FRL); Dakota Prairie High School (math 32% / reading 32%, grade F, #85 of 144 statewide, top 62%, 127 students, 31% FRL) — zoned schools at 31% FRL track the district average.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 1 units permitted in Nelson County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 12y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.