115 1st Ave NW

Streeter, ND 58483

$69,900B

2 bd · 2.0 ba · 1,792 sqft · Built 1946 · Other · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,041/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$51
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $405/mo
• Annual: $4,854/yr
• Cap rate: 13.24%
• Cash-on-cash: 24.80%
• DSCR: 2.10
• 1% rule: 1.49%
• Cash to close: $19,572

Investor read

• This is a 2-bed/2.0-bath other listed at $70k.
• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 25 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($483 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#207 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, amenities F, commute F.
• Gackle-Streeter 56 (rural): math 20% / reading 50% proficiency, ranked #133 of 169 in ND (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gackle-Streeter Elementary School (math 24% / reading 34%, grade F, #185 of 236 statewide, top 84%, 88 students, 41% FRL); Gackle-Streeter High School (math 24% / reading 75%, 21 students, 43% FRL).
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 19 units permitted in Stutsman County in 2024 (0 in 5+ unit buildings).
• Stutsman County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $7k; list at $70k implies a 899% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1946 — 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 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?
• 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.