108 Montana St

Carson, ND 58529

$47,000B

2 bd · 1.0 ba · 1,872 sqft · Built 1910 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,038/mo
• Mortgage (P&I): −$246
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $495/mo
• Annual: $5,943/yr
• Cap rate: 18.94%
• Cash-on-cash: 45.16%
• DSCR: 3.01
• 1% rule: 2.21%
• Cash to close: $13,160

Investor read

• This is a 2-bed/1.0-bath single-family listed at $47k. Condition is rated poor.
• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• It's been on market 49 days — a 3% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($325 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#204 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, employment D+.
• Roosevelt 18 (rural): math 40% / reading 40% proficiency, ranked #103 of 169 in ND (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).
• Grant County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely worn and outdated
• Major: bathroom vanity — severely worn and outdated
• Major: roof — visible wear and potential leaks
• Major: exterior siding — weathered and peeling
• Major: flooring — worn and outdated carpet
• Major: interior walls — dated and peeling paint