704 N 6th St · Bismarck, ND 58501

$125,000

3 bd · 1.0 ba · 1,332 sqft · SingleFamily · 5 Days on market

Built 1912 3,500 sqft lot Est $214k · 42% under

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Why this score? — see what drove the C+ 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 3,500 sq ft lot
• Garage
• Built 1912

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.2% vs local median 3.1% in Bismarck — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.8%/yr); 127 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 259 units permitted in Burleigh County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.00% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $214,452
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 N 6th St	0.00mi	3/1.0	1,332 (0%)	1mo	$125,000	$94	99
815 11th St N	0.40mi	3/2.0	1,320 (-1%)	3mo	$204,900	$155	73
608 N 3rd St	0.22mi	4/3.0 (+1)	1,332 (0%)	9mo	$75,000	$56	69
1120 C Ave E	0.43mi	3/1.5	1,369 (+3%)	9mo	$204,900	$150	65
1023 N 7th St	0.30mi	4/2.0 (+1)	1,296 (-3%)	12mo	$229,000	$177	62
803 N 11th St	0.39mi	3/1.5	1,245 (-6%)	12mo	$230,000	$185	58
825 N 2nd St	0.28mi	4/2.0 (+1)	1,464 (+10%)	6mo	$235,000	$161	56
1407 Thayer Ave	0.70mi	3/2.0	1,414 (+6%)	0mo	$249,000	$176	53
410 14 St	0.61mi	2/1.0 (-1)	1,394 (+5%)	12mo	$215,000	$154	48
500 W Ave C W	0.68mi	3/2.0	1,249 (-6%)	9mo	$229,900	$184	46
1313 E Rosser Ave	0.61mi	2/2.0 (-1)	1,266 (-5%)	11mo	$160,000	$126	45
827 13th St	0.54mi	3/2.0	1,194 (-10%)	12mo	$239,900	$201	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-949
• Equity at exit: $18,638

10-year hold

• IRR: 13.4%
• Equity multiple: 2.30×
• Total profit: $45,580
• Equity at exit: $10,808

Cash invested: $35,000 (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 58501

• Rents YoY: 10.8%
• Active inventory: 127
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,253 high
• Mortgage (P&I): −$656
• Tax from tax record: −$83 /mo · $997/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $200

Break-even live

Break-even rent $1,001

Max offer price $125,000

Occupancy floor 79%

Sensitivity live

Price	-10% $270	-5% $235	+0% $200	+5% $164	+10% $129
Rent	-10% $101	-5% $150	+0% $200	+5% $249	+10% $299
Rate	-1.0pp $262	-0.5pp $231	base $200	+0.5pp $167	+1.0pp $134

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 N 12th St Unit 3/4 Bismarck, ND	2.0	1.0	1100	$1,200	$1.09	22d	1	0.50mi
1121 N 12th St Unit Main Bismarck, ND	3.0	1.0	1600	$1,500	$0.94	22d	1	0.59mi
1020 N 15th St Bismarck, ND	2.0	1.0	1200	$1,400	$1.17	22d	1	0.69mi
505 1/2 S 10th St Bismarck, ND	3.0	1.0	1500	$1,600	$1.07	22d	1	0.83mi
201 E Arbor Ave Bismarck, ND	2.0	1.0	1100	$995	$0.90	22d	1	1.11mi
215 E Arbor Ave Unit 201-302E Bismarck, ND	2.0	1.0	1100	$995	$0.90	22d	1	1.12mi
215 E Arbor Ave Unit 205-305G Bismarck, ND	2.0	2.0	1031	$995	$0.97	22d	1	1.12mi
205 E Arbor Ave Bismarck, ND	2.0	2.0	1031	$995	$0.97	22d	1	1.14mi
700 N 22nd St Bismarck, ND	2.0	1.0	1000	$1,500	$1.50	22d	1	1.14mi
2220 East Avenue A Unit 1/2 Bismarck, ND	3.0	1.0	1227	$1,150	$0.94	22d	1	1.22mi
172 Boise Ave Bismarck, ND	2.0	1.0	1200	$1,050	$0.88	22d	1	1.27mi
2027 N 16th St Bismarck, ND	1.0–2.0	1.0–1.5	875	$995	$1.14	22d	9	1.32mi
2316 E Broadway Ave Bismarck, ND	3.0	1.0	1113	$1,250	$1.12	22d	1	1.33mi

Listing history 2 events

1. 2026-04-28
   status Pending
2. 2026-04-23
   listed $125,000 Active

ⓘ 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: $997 · $83/mo
• Projected year-2 tax: $1,225 · $102/mo
• Expected delta: +$228/yr (+$19/mo · 22.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,041
• − Mortgage interest: −$7,002
• − Property taxes: −$997
• − Insurance: −$625
• − Repairs & maintenance: −$1,203
• − Management: −$1,203
• − Depreciation: −$3,636
• Taxable income: $374
• Est. tax owed @ 24.0%: −$90
• After-tax cash flow: $2,305/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: Bismarck 1
• NCES district ID: 3800014
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,649
• Composite: 36.76/100
• National rank: #4577
• State rank: #25 of 53 in ND

Livability — Bismarck

• Score: 79/100
• State rank: #5
• US rank: #2213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bismarck, ND
• County: Burleigh County · 97,300 people
• City population: 97,300
• Metro: Bismarck, ND
• Population (ZIP): 29,405
• Household income: $68,755
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 865.0

Population outlook (Burleigh County) Hauer SSP2

• Today (2025): 119,359 people
• By 2030: 133,047 · +11.5%
• By 2040: 161,545 · +35.3%
• By 2050: 191,960 · +60.8%
• By 2075: 274,569 · +130.0%
• By 2100: 350,910 · +194.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Native American 5% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 14% Scotch-Irish 3% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Burleigh

• 2024 margin: Solid R (+43.2) · D 27.5% · R 70.7% · Other 1.8%
• 2008→2024 swing: -19.7pp toward R · 2008: -23.6pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+40.2 2016: R+46.1 2012: R+32.1 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.24%
• Current HPI: 218.67
• Rent YoY: ▲ 10.82%
• Metro: Bismarck, ND
• 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

2 events — show timeline

• 2026-04-28 Pending — GNMLS
• 2026-04-23 Listed $125,000 GNMLS

Property tax history

+0.4%/yr

Latest (2025): $997 · -37.3% YoY. Source: county tax records.