323 Comford St

Ray, ND 58849

$125,000C+

4 bd · 2.0 ba · 1,344 sqft · Built 1978 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,357/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $313/mo
• Annual: $3,754/yr
• Cap rate: 9.30%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• 1% rule: 1.09%
• Cash to close: $35,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#205 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: health & safety D, amenities F, commute F.
• Nesson 2 (rural): math 25% / reading 35% proficiency, ranked #139 of 169 in ND (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Ray Elementary School (math 47% / reading 42%, grade F, #102 of 236 statewide, top 49%, 306 students, 16% FRL); Ray High School (math 50% / reading 30%, grade F, #51 of 144 statewide, top 38%, 121 students, 16% FRL) — zoned schools at 16% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 30% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Nesson 2 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 2 active listings in the ZIP; 90 units permitted in Williams County in 2024 (0 in 5+ unit buildings).
• Williams County population projected at +158% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $48k; list at $125k implies a 163% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1978 — 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 D-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.
• 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.