202 N Main St · Velva, ND 58790

$139,900

2 bd · 1.5 ba · 1,736 sqft · Other · 40 Days on market

Built 1949 0.29 ac lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.4/30.0
• ARV discount +7.5/15.0
• Appreciation +5.8/10.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Listing remarks MLS

This house is "cute as a button"! This charmer is move-in ready and waiting for you. The main floor boasts a spacious; carpeted living room, open dining room with hardwood flooring, two main floor bedrooms, full bath and a cute kitchen that leads out to the garage entrance and a sizable backyard. The basement has a non-egress room along with an additional roomy area that would make for a future rec room, laundry area (washer and dryer stay), and storage room. Velva is a thriving community with many amenities such as: chiropractor, clinic, daycare services, dentist, grocery store, restaurants, pharmacy, stylists, tattoo shop, pool, park, 9-hole golf course, K-12 school and so much more! Call your REALTOR to schedule a showing today!

Key facts

• Attached garage
• Exterior greenhouse
• Archways

Tags

• STUCCO COTTAGE HOME
• OVER A QUARTER ACRE LOT
• HARDWOOD FLOORS
• ARCHWAYS
• ATTACHED GARAGE
• EXTERIOR GREENHOUSE

Property features AI

Finance

• Other: Zoning: R1

Exterior

• Parking: Detached garage (1 car) with concrete parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; One story
• Construction: Below-grade finished area present
• Exterior features: Front porch

Interior

• Kitchen: Dishwasher; Electric oven/range; Microwave; Range/Oven; Refrigerator
• Heating & cooling: Forced air heating; Window cooling units
• Interior features: Fireplace (1); Full, partially finished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath other listed at $140k.

Deal economics

• At list price, monthly cash flow is $-75 ($-906/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (26.0% below list).
• Recommended offer: $104k (26.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#65 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Velva 1 (rural): math 48% / reading 45% proficiency, ranked #18 of 53 in ND (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 8 units permitted in McHenry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($967 loan paydown + $2k appreciation (1.7% local appreciation)).
• McHenry County population projected at +57% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $140k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,551 (26.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.07×
• Total profit: $2,560
• Equity at exit: $52,845

10-year hold

• IRR: 5.5%
• Equity multiple: 1.72×
• Total profit: $28,250
• Equity at exit: $74,342

Cash invested: $39,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 82 Strongly Landlord-Friendly
• State North Dakota: 82 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

3-day notice; landlord-friendly.

Methodology + full state rankings →

ZIP-level market 58790

• Home prices YoY: 1.7%
• Active inventory: 8
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,036 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$102 /mo · $1,219/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $-75

Break-even live

Break-even rent $1,131

Max offer price $126,567

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-12
   status Pending
2. 2026-04-30
   historical Active Under Contract
3. 2026-04-14
   price $139,900
4. 2026-04-02
   listed $149,900 Active
5. 2022-05-27
   soldstatus 753-char remark

   Show marketing remark (753 chars)

   This house is "cute as a button"! This charmer is move-in ready and waiting for you. The main floor boasts a spacious; carpeted living room, open dining room with hardwood flooring, two main floor bedrooms, full bath and a cute kitchen that leads out to the garage entrance and a sizable backyard. The basement has a non-egress room along with an additional roomy area that would make for a future rec room, laundry area (washer and dryer stay), and storage room. Velva is a thriving community with many amenities such as: chiropractor, clinic, daycare services, dentist, grocery store, restaurants, pharmacy, stylists, tattoo shop, pool, park, 9-hole golf course, K-12 school and so much more! Call your REALTOR to schedule a showing today!

6. 2022-05-02
   soldstatus $84,900
7. 2022-02-18
   listed $84,900 753-char remark

   Show marketing remark (753 chars)

   This house is "cute as a button"! This charmer is move-in ready and waiting for you. The main floor boasts a spacious; carpeted living room, open dining room with hardwood flooring, two main floor bedrooms, full bath and a cute kitchen that leads out to the garage entrance and a sizable backyard. The basement has a non-egress room along with an additional roomy area that would make for a future rec room, laundry area (washer and dryer stay), and storage room. Velva is a thriving community with many amenities such as: chiropractor, clinic, daycare services, dentist, grocery store, restaurants, pharmacy, stylists, tattoo shop, pool, park, 9-hole golf course, K-12 school and so much more! Call your REALTOR to schedule a showing today!

8. 2018-07-05
   soldstatus $74,100
9. 2018-06-25
   soldstatus 497-char remark

   Show marketing remark (497 chars)

   Looking for affordable living? There's more charm packed into this cozy home than you can imagine! If small town life is right up your alley then please consider this! Velva has what you need including K-12 school and you're just a short drive to Minot for shopping and entertainment. Many updates have been done the last few years including electrical, shingles, furnace and paint just to name a few. 2 bedrooms, 1 1/2 baths, garage, semi-finished useable basement and a nice yard!! Check it out!

10. 2017-10-03
    listed $79,990 497-char remark

    Show marketing remark (497 chars)

    Looking for affordable living? There's more charm packed into this cozy home than you can imagine! If small town life is right up your alley then please consider this! Velva has what you need including K-12 school and you're just a short drive to Minot for shopping and entertainment. Many updates have been done the last few years including electrical, shingles, furnace and paint just to name a few. 2 bedrooms, 1 1/2 baths, garage, semi-finished useable basement and a nice yard!! Check it out!

11. 2014-11-17
    soldstatus
12. 2014-11-14
    soldstatus
13. 2014-07-17
    listed $69,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $1,219 · $102/mo
• Projected year-2 tax: $1,371 · $114/mo
• Expected delta: +$152/yr (+$13/mo · 12.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 27% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,426
• − Mortgage interest: −$7,837
• − Property taxes: −$1,219
• − Insurance: −$700
• − Repairs & maintenance: −$994
• − Management: −$994
• − Depreciation: −$4,070
• Taxable loss: −$3,387
• Est. tax savings @ 24.0%: +$813
• After-tax cash flow: $-93/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Velva 1
• NCES district ID: 3817040
• Math proficiency: 48% ▼ -2.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $53,531
• Composite: 40.24/100
• National rank: #3771
• State rank: #18 of 53 in ND

Livability — Velva

• Score: 71/100
• State rank: #65
• US rank: #7311

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B- Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Velva, ND
• Population (ZIP): 1,500

Population outlook (McHenry County) Hauer SSP2

• Today (2025): 7,220 people
• By 2030: 7,919 · +9.7%
• By 2040: 9,489 · +31.4%
• By 2050: 11,306 · +56.6%
• By 2075: 16,500 · +128.5%
• By 2100: 20,768 · +187.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1% Native American 1%
• Common ancestry: Portuguese 25% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · McHenry

• 2024 margin: Solid R (+63.8) · D 17.5% · R 81.3% · Other 1.2%
• 2008→2024 swing: -47.5pp toward R · 2008: -16.3pp · 2024: -63.8pp
• All cycles: 2024: R+63.8 2020: R+59.9 2016: R+56.5 2012: R+27.4 2008: R+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.69%
• Current HPI: 99.2809
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.09%
• F500 in state: 2

Industry mix (Fortune 500 HQ in ND)

Industry	F500 HQs	Revenue
▸Utilities / Construction	1	$6B

Price history

+100.1% since first listed

13 events — show timeline

• 2026-05-12 Pending — MMLS
• 2026-04-30 Contingent — MMLS
• 2026-04-14 Price Changed $139,900 MMLS
• 2026-04-02 Listed $149,900 MMLS
• 2022-05-27 Sold (MLS) — MMLS
• 2022-05-02 Sold (Public Records) $84,900 Public Records
• 2022-02-18 Listed $84,900 MMLS
• 2018-07-05 Sold (Public Records) $74,100 Public Records
• 2018-06-25 Sold (MLS) — MMLS
• 2017-10-03 Listed $79,990 MMLS
• 2014-11-17 Sold (Public Records) — Public Records
• 2014-11-14 Sold (MLS) — MMLS
• 2014-07-17 Listed $69,900 MMLS

Property tax history

+4.0%/yr

Latest (2024): $1,219 · +2.9% YoY. Source: county tax records.