402 East St N

Glen Ullin, ND 58638

$72,000B+

3 bd · 1.0 ba · 910 sqft · Built 2006 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $994/mo
• Mortgage (P&I): −$378
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $288/mo
• Annual: $3,456/yr
• Cap rate: 11.09%
• Cash-on-cash: 17.14%
• DSCR: 1.76
• 1% rule: 1.38%
• Cash to close: $20,160

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $72k. Condition is rated good.
• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $72k).
• It's been on market 20 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($498 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#210 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: schools C-, crime D+, health & safety D+.
• Glen Ullin 48 (rural): math 50% / reading 45% proficiency, ranked #74 of 169 in ND (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 15 active listings in the ZIP; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 3y 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.