212 Pierce St

Noonan, ND 58765

$24,000B

1 bd · 1.0 ba · 702 sqft · Built 1930 · Other · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $920/mo
• Mortgage (P&I): −$126
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $533/mo
• Annual: $6,394/yr
• Cap rate: 32.93%
• Cash-on-cash: 95.15%
• DSCR: 5.23
• 1% rule: 3.83%
• Cash to close: $6,720

Investor read

• This is a 1-bed/1.0-bath other listed at $24k.
• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($920 rent vs $24k).
• It's been on market 150 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• In year one you build about $886 of equity ($166 loan paydown + $720 appreciation (3.0% local appreciation)).
• Location reads 57/100 on livability (#308 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: employment D, health & safety D, schools 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.
• Watch-outs: property tax is 2.9% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP.
• Divide County population projected at +85% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $20k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.