413 Main St

Crosby, ND 58730

$63,000B

2 bd · 1.0 ba · 752 sqft · Built 1940 · Other · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,113/mo
• Mortgage (P&I): −$330
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $494/mo
• Annual: $5,923/yr
• Cap rate: 15.69%
• Cash-on-cash: 33.58%
• DSCR: 2.49
• 1% rule: 1.77%
• Cash to close: $17,640

Investor read

• This is a 2-bed/1.0-bath other listed at $63k.
• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• It's been on market 51 days — a 3% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($436 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 71/100 on livability (#63 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Divide County 1 (rural): math 30% / reading 43% proficiency, ranked #121 of 169 in ND (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Divide County Elementary School (math 42% / reading 37%, grade F, #137 of 236 statewide, top 63%, 222 students, 26% FRL); Divide County High School (math 22% / reading 47%, grade F, #77 of 144 statewide, top 57%, 161 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP.
• Divide County population projected at +85% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.