109 6th St N

Hettinger, ND 58639

$129,000C+

4 bd · 2.0 ba · 1,960 sqft · Built 1953 · Other · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,379/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $226/mo
• Annual: $2,708/yr
• Cap rate: 8.39%
• Cash-on-cash: 7.50%
• DSCR: 1.33
• 1% rule: 1.07%
• Cash to close: $36,120

Investor read

• This is a 4-bed/2.0-bath other listed at $129k.
• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• It's been on market 42 days — a 3% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (3.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($892 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 69/100 on livability (#94 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: employment D+, health & safety D+, amenities F.
• Hettinger 13 (rural): math 30% / reading 45% proficiency, ranked #118 of 169 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.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP.
• Adams County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 2y 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.
• Current owner paid $100k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1953 — 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.