206 2nd Ave E · Zap, ND 58580

$60,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily · 4 Days on market

Built 1920 Fair condition 10,454 sqft lot Est $62k · at est.

---

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 +9.2/15.0
• Appreciation +5.0/10.0
• Livability +3.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Key facts

• Generous lot
• 0.24 acre lot
• Built 1920

Tags

• CLASSIC VICTORIAN HOME
• TRADITIONAL VICTORIAN DESIGN
• GENEROUS LOT

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Wood siding; Wood and composition roof; Unfinished basement
• Exterior features: Partial fencing; Level lot; Lot dimensions approximately 75 x 140

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Natural gas heating; No central cooling
• Interior features: See remarks

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).

Location & tenants

• Location reads 60/100 on livability (#267 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, health & safety D+, schools F.
• Beulah 27 (town): math 31% / reading 33% proficiency, ranked #37 of 53 in ND (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 15 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Mercer County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 1.78% ✓
• Cap rate: 14.84%
• Cash-on-cash: 30.54%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $62,400
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 1st Ave E	0.10mi	3/1.0	1,134 (-6%)	5mo	$59,000	$52	82
103 1st Ave E	0.10mi	3/1.0	1,134 (-6%)	23mo	$48,000	$42	67
100 1st Ave W	0.15mi	2/1.0 (-1)	1,120 (-7%)	14mo	$84,000	$75	66

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 36.4%
• Equity multiple: 3.05×
• Total profit: $34,474
• Equity at exit: $26,979

10-year hold

• IRR: 36.5%
• Equity multiple: 6.04×
• Total profit: $84,593
• Equity at exit: $41,577

Cash invested: $16,800 (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 58580

• Active inventory: 1
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,066 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $428

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 55%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $60,000 Active 4 DOM
2. 2026-06-17
   days on market $60,000 Active 3 DOM
3. 2026-06-16
   days on market $60,000 Active 2 DOM
4. 2026-06-15
   listed $60,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $12,793
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,023
• − Management: −$1,023
• − Depreciation: −$1,745
• Taxable income: $4,439
• Est. tax owed @ 24.0%: −$1,065
• After-tax cash flow: $4,065/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.

Condition & rehab AI · 8 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathroom, and flooring.

Repairs flagged

• Major Kitchen cabinets — Older cabinets in need of replacement
• Major Bathroom tile — Dated tile in need of replacement
• Major Flooring — Carpeted floors in need of replacement

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal
• Resale Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics
• Resale Replace bathroom tile — Fresh tile enhances curb appeal and functionality
• Resale Replace flooring — Fresh flooring improves functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Older cabinets in need of replacement	Major	$15,000–50,000
Bathroom tile · Dated tile in need of replacement	Major	$15,000–50,000
Flooring · Carpeted floors in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal ↑
• Resale Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics ↑
• Resale Replace bathroom tile — Fresh tile enhances curb appeal and functionality ↑
• Resale Replace flooring — Fresh flooring improves functionality and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Beulah 27
• NCES district ID: 3800032
• Math proficiency: 31% ▼ -13.00%
• Reading proficiency: 33% ▼ -6.00%
• Median HH income: $65,415
• Composite: 29.33/100
• National rank: #6547
• State rank: #37 of 53 in ND

Livability — Zap

• Score: 60/100
• State rank: #267
• US rank: #19203

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zap, ND
• Population (ZIP): 508

Population outlook (Mercer County) Hauer SSP2

• Today (2025): 9,891 people
• By 2030: 10,506 · +6.2%
• By 2040: 11,872 · +20.0%
• By 2050: 13,612 · +37.6%
• By 2075: 19,871 · +100.9%
• By 2100: 25,938 · +162.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Native American 6% Two or more races 3%
• Common ancestry: Scotch-Irish 18% Portuguese 9% Norwegian 4%
• Languages at home: 86% English-only · German/W. Germanic 14%

Political lean MEDSL · Mercer

• 2024 margin: Solid R (+69.0) · D 14.8% · R 83.8% · Other 1.3%
• 2008→2024 swing: -39.2pp toward R · 2008: -29.9pp · 2024: -69.0pp
• All cycles: 2024: R+69.0 2020: R+67.4 2016: R+67.9 2012: R+44.9 2008: R+29.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-06-14 Listed $60,000 GNMLS