203 4th St SW · Hillsboro, ND 58045

$59,900

3 bd · 1.0 ba · 1,112 sqft · SingleFamily · 17 Days on market

Built 1910 0.29 ac lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Sliding patio door
• Corner lot
• 0.29 acre lot

Tags

• CORNER LOT
• SLIDING PATIO DOOR
• ROOM FOR CUSTOMIZATION

Property features AI

Exterior

• Parking: No designated parking or carport
• Utilities: City water connected; City sewer connected; Propane fuel
• Home design: Residential property; Two levels
• Construction: Frame construction; Poured concrete foundation; Foundation area approximately 520
• Exterior features: Lot size about 0.287 acres (approximately 12,500 SF)

Interior

• Kitchen: Main-level kitchen
• Bedrooms: 3 bedrooms (all main level)
• Bathrooms: 1 full bathroom on the main floor
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Separate/formal dining room; Unfinished basement; Main-level foyer; Main-level living and dining areas
• Laundry & utility: Main-level laundry; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 78/100 on livability (#7 in ND, #2,511 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Hillsboro 9 (rural): math 51% / reading 44% proficiency, ranked #16 of 53 in ND (top 30%) — 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: 14 active listings in the ZIP; 8 units permitted in Traill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($414 loan paydown + $2k appreciation (3.7% local appreciation)).
• Traill County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.12% ✓
• Cap rate: 24.77%
• Cash-on-cash: 65.98%
• DSCR: 3.94
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 71.4%
• Equity multiple: 5.08×
• Total profit: $68,362
• Equity at exit: $29,379

10-year hold

• IRR: 70.4%
• Equity multiple: 10.45×
• Total profit: $158,457
• Equity at exit: $47,278

Cash invested: $16,772 (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 58045

• Home prices YoY: 2.7%
• Active inventory: 14
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,868 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$215 /mo · $2,577/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $922

Break-even live

Break-even rent $701

Max offer price $59,900

Occupancy floor 46%

Sensitivity live

Price	-10% $956	-5% $939	+0% $922	+5% $905	+10% $888
Rent	-10% $775	-5% $848	+0% $922	+5% $996	+10% $1,070
Rate	-1.0pp $952	-0.5pp $937	base $922	+0.5pp $907	+1.0pp $891

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $59,900 Active 17 DOM
2. 2026-06-18
   days on market $59,900 Active 15 DOM
3. 2026-06-17
   days on market $59,900 Active 14 DOM
4. 2026-06-16
   days on market $59,900 Active 13 DOM
5. 2026-06-15
   days on market $59,900 Active 12 DOM
6. 2026-06-13
   days on market $59,900 Active 10 DOM
7. 2026-06-12
   days on market $59,900 Active 9 DOM
8. 2026-06-09
   days on market $59,900 Active 6 DOM
9. 2026-06-08
   days on market $59,900 Active 5 DOM
10. 2026-06-07
    days on market $59,900 Active 4 DOM
11. 2026-06-05
    days on market $59,900 Active 2 DOM
12. 2026-06-04
    listed $59,900 Active 1 DOM

ⓘ 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: $2,577 · $215/mo
• Projected year-2 tax: $2,577 · $215/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,420
• − Mortgage interest: −$3,355
• − Property taxes: −$2,577
• − Insurance: −$300
• − Repairs & maintenance: −$1,794
• − Management: −$1,794
• − Depreciation: −$1,743
• Taxable income: $10,859
• Est. tax owed @ 24.0%: −$2,606
• After-tax cash flow: $8,460/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: Hillsboro 9
• NCES district ID: 3809570
• Math proficiency: 51% ▲ 1.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $51,294
• Composite: 40.88/100
• National rank: #3622
• State rank: #16 of 53 in ND

Livability — Hillsboro

• Score: 78/100
• State rank: #7
• US rank: #2511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, ND
• Population (ZIP): 2,181

Population outlook (Traill County) Hauer SSP2

• Today (2025): 8,107 people
• By 2030: 8,099 · -0.1%
• By 2040: 8,151 · +0.5%
• By 2050: 8,384 · +3.4%
• By 2075: 9,868 · +21.7%
• By 2100: 12,181 · +50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Portuguese 31% Scottish 6% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Traill

• 2024 margin: Solid R (+31.6) · D 33.3% · R 65.0% · Other 1.7%
• 2008→2024 swing: -38.8pp toward R · 2008: 7.2pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+24.9 2016: R+26.5 2012: R+4.7 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.72%
• Current HPI: 139.3759
• 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

+199.5% since first listed

7 events — show timeline

• 2026-06-03 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-15 Sold (Public Records) $546,000 Public Records
• 2016-02-19 Sold (Public Records) $57,730 Public Records
• 2015-12-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-06-24 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-06 Sold (Public Records) $54,000 Public Records
• 2004-06-18 Sold (Public Records) $20,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,577 · +208.5% YoY. Source: county tax records.