214 Avenue F E

Napoleon, ND 58561

$162,500C-

4 bd · 2.0 ba · 2,200 sqft · Built 1966 · Other · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,456/mo
• Mortgage (P&I): −$852
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$306
• Net cashflow: $154/mo
• Annual: $1,846/yr
• Cap rate: 7.43%
• Cash-on-cash: 4.06%
• DSCR: 1.18
• 1% rule: 0.90%
• Cash to close: $45,500

Investor read

• This is a 4-bed/2.0-bath other listed at $162k.
• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (10.4% below list).
• It's been on market 27 days — a 2% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (10.4% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 70/100 on livability (#87 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools C-, crime C-, amenities F.
• Napoleon 2 (rural): math 50% / reading 40% proficiency, ranked #84 of 169 in ND (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 1 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 5y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1966 — 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.
• 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.