53 1st Ave NW

Mayville, ND 58257

$148,000D

5 bd · 3.0 ba · 2,839 sqft · Built 1880 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,360/mo
• Mortgage (P&I): −$776
• Tax + insurance: −$247
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $52/mo
• Annual: $624/yr
• Cap rate: 6.71%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• 1% rule: 0.92%
• Cash to close: $41,440

Investor read

• This is a 5-bed/3.0-bath single-family listed at $148k. Condition is rated fair.
• At list price, monthly cash flow is $52 ($624/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 $136k (8.1% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $136k (8.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#2 in ND, #959 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• May-Port Cg 14 (rural): math 42% / reading 50% proficiency, ranked #19 of 53 in ND (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Peter Boe Jr Elementary School (math 52% / reading 57%, grade C, #39 of 236 statewide, top 21%, 262 students, 21% FRL); May-Port Cg Middle School (math 32% / reading 37%, grade F, #24 of 35 statewide, top 71%, 114 students, 18% FRL); May-Port Cg High School (math 24% / reading 64%, grade F, #33 of 144 statewide, top 32%, 132 students, 18% FRL) — zoned schools at 19% FRL track the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 8 units permitted in Traill County in 2024 (0 in 5+ unit buildings).
• Traill County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Moderate: exterior siding — moderate wear