415 Summit St · Underwood, ND 58576

$85,900

3 bd · 1.0 ba · 1,175 sqft · SingleFamily public records · 179 Days on market

Built 1920 8,712 sqft lot Est $106k · 19% under

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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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• Appreciation +5.4/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

OPEN HOUSE! SUNDAY SEPTEMBER 15TH, 1:00 PM - 2:30 PM. Peaceful living at its best! Come see your new home that offers all main floor living with the added bonus of an unfinished basement to make your own! Upstairs you will enter into your living area that flows towards the dining space and then into the kitchen. The main floor laundry will make your life a breeze in addition to the fact that there are so many possibilities to this property with the full space of the unfinished basement that is stubbed out for an additional bathroom. Additionally the basement could host two more bedrooms as well as a family area. At the moment you will find it to be your own canvas with a workbench space. Outside you can enjoy your beautiful backyard with a newly added pergola and sitting space, fruit trees and a double stall garage that has a large additional storage area in the back. A few added bonus's to this home are newer windows throughout the main level, newer HVAC updated electrical and newer flooring throughout the dining area.

Key facts

• Double garage
• 3rd bonus room
• 8,712 sq ft lot

Tags

• LAUNDRY ON MAIN LEVEL
• 3RD BONUS ROOM
• WORKING TOILET IN BASEMENT
• DRAIN TO INSTALL SHOWER
• PERGOLA ON CEMENT SLAB
• DOUBLE GARAGE

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces; Garage faces front; Garage door opener; Driveway; Unpaved parking areas
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Concrete and shake siding exterior; Concrete perimeter foundation; Metal roof; Built with concrete elements (year built not provided)
• Exterior features: Patio; Porch; Rain gutters; No fencing noted

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator
• Bedrooms: Total of 10 rooms (bedroom count not specified)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air; Ceiling fans
• Interior features: Ceiling fans; Window treatments; Unfinished partial concrete basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $86k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $76k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#78 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety D-.
• Underwood 8 (rural): math 40% / reading 55% proficiency, ranked #63 of 169 in ND (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 13 active listings in the ZIP; 43 units permitted in McLean County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($594 loan paydown + $750 appreciation (0.9% local appreciation)).
• McLean County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.9% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

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

Recommended offer $75,592 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.23% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.01%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $105,750
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Sayler St	0.06mi	3/1.0	1,221 (+4%)	1mo	$169,000	$138	90
501 Summit St	0.01mi	3/1.0	1,200 (+2%)	14mo	$99,900	$83	84
308 Borchardt Ave	0.24mi	2/1.0 (-1)	1,200 (+2%)	10mo	$79,900	$67	72
117 Summit St	0.26mi	2/2.0 (-1)	1,216 (+4%)	6mo	$109,000	$90	68
411 Mckinley Ave	0.15mi	3/1.5	1,312 (+12%)	14mo	$79,900	$61	60
600 2nd St	0.27mi	3/1.0	1,256 (+7%)	19mo	$190,000	$151	60

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

Projected returns pro-forma

0.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.68×
• Total profit: $16,429
• Equity at exit: $28,761

10-year hold

• IRR: 17.2%
• Equity multiple: 3.06×
• Total profit: $49,605
• Equity at exit: $37,789

Cash invested: $24,052 (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 58576

• Home prices YoY: 0.5%
• Active inventory: 13
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,059 medium
• Mortgage (P&I): −$450
• Tax from tax record: −$109 /mo · $1,311/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $241

Break-even live

Break-even rent $754

Max offer price $85,900

Occupancy floor 72%

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: $21,475
• Closing costs: $2,577
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-01
   days on market $85,900 Active 179 DOM
2. 2026-05-31
   days on market $85,900 Active 178 DOM
3. 2026-03-11
   price $85,900
4. 2025-12-05
   listed $90,000 Active
5. 2024-12-05
   soldstatus $81,600
6. 2024-12-04
   soldstatus Closed 1035-char remark

   Show marketing remark (1035 chars)

   OPEN HOUSE! SUNDAY SEPTEMBER 15TH, 1:00 PM - 2:30 PM. Peaceful living at its best! Come see your new home that offers all main floor living with the added bonus of an unfinished basement to make your own! Upstairs you will enter into your living area that flows towards the dining space and then into the kitchen. The main floor laundry will make your life a breeze in addition to the fact that there are so many possibilities to this property with the full space of the unfinished basement that is stubbed out for an additional bathroom. Additionally the basement could host two more bedrooms as well as a family area. At the moment you will find it to be your own canvas with a workbench space. Outside you can enjoy your beautiful backyard with a newly added pergola and sitting space, fruit trees and a double stall garage that has a large additional storage area in the back. A few added bonus's to this home are newer windows throughout the main level, newer HVAC updated electrical and newer flooring throughout the dining area.

7. 2024-10-27
   historical Active Under Contract 1035-char remark

   Show marketing remark (1035 chars)

   OPEN HOUSE! SUNDAY SEPTEMBER 15TH, 1:00 PM - 2:30 PM. Peaceful living at its best! Come see your new home that offers all main floor living with the added bonus of an unfinished basement to make your own! Upstairs you will enter into your living area that flows towards the dining space and then into the kitchen. The main floor laundry will make your life a breeze in addition to the fact that there are so many possibilities to this property with the full space of the unfinished basement that is stubbed out for an additional bathroom. Additionally the basement could host two more bedrooms as well as a family area. At the moment you will find it to be your own canvas with a workbench space. Outside you can enjoy your beautiful backyard with a newly added pergola and sitting space, fruit trees and a double stall garage that has a large additional storage area in the back. A few added bonus's to this home are newer windows throughout the main level, newer HVAC updated electrical and newer flooring throughout the dining area.

8. 2024-09-09
   price $89,900 1035-char remark

   Show marketing remark (1035 chars)

   OPEN HOUSE! SUNDAY SEPTEMBER 15TH, 1:00 PM - 2:30 PM. Peaceful living at its best! Come see your new home that offers all main floor living with the added bonus of an unfinished basement to make your own! Upstairs you will enter into your living area that flows towards the dining space and then into the kitchen. The main floor laundry will make your life a breeze in addition to the fact that there are so many possibilities to this property with the full space of the unfinished basement that is stubbed out for an additional bathroom. Additionally the basement could host two more bedrooms as well as a family area. At the moment you will find it to be your own canvas with a workbench space. Outside you can enjoy your beautiful backyard with a newly added pergola and sitting space, fruit trees and a double stall garage that has a large additional storage area in the back. A few added bonus's to this home are newer windows throughout the main level, newer HVAC updated electrical and newer flooring throughout the dining area.

9. 2024-07-08
   listed $95,900 Active 1035-char remark

   Show marketing remark (1035 chars)

   OPEN HOUSE! SUNDAY SEPTEMBER 15TH, 1:00 PM - 2:30 PM. Peaceful living at its best! Come see your new home that offers all main floor living with the added bonus of an unfinished basement to make your own! Upstairs you will enter into your living area that flows towards the dining space and then into the kitchen. The main floor laundry will make your life a breeze in addition to the fact that there are so many possibilities to this property with the full space of the unfinished basement that is stubbed out for an additional bathroom. Additionally the basement could host two more bedrooms as well as a family area. At the moment you will find it to be your own canvas with a workbench space. Outside you can enjoy your beautiful backyard with a newly added pergola and sitting space, fruit trees and a double stall garage that has a large additional storage area in the back. A few added bonus's to this home are newer windows throughout the main level, newer HVAC updated electrical and newer flooring throughout the dining area.

10. 2011-09-01
    soldstatus $24,000
11. 2003-08-12
    soldstatus $17,000

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

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $1,311 · $109/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,703
• − Mortgage interest: −$4,812
• − Property taxes: −$1,311
• − Insurance: −$430
• − Repairs & maintenance: −$1,016
• − Management: −$1,016
• − Depreciation: −$2,499
• Taxable income: $1,620
• Est. tax owed @ 24.0%: −$389
• After-tax cash flow: $2,501/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.

Schools (NCES district)

• District: Underwood 8
• NCES district ID: 3818660
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $54,442
• Composite: 43.22/100
• National rank: #6568
• State rank: #63 of 169 in ND

Livability — Underwood

• Score: 70/100
• State rank: #78
• US rank: #7630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Underwood, ND
• Population (ZIP): 1,005

Population outlook (McLean County) Hauer SSP2

• Today (2025): 11,405 people
• By 2030: 12,337 · +8.2%
• By 2040: 14,426 · +26.5%
• By 2050: 16,850 · +47.7%
• By 2075: 24,191 · +112.1%
• By 2100: 30,714 · +169.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7%
• Common ancestry: Portuguese 15% Scotch-Irish 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · McLean

• 2024 margin: Solid R (+58.1) · D 20.2% · R 78.4% · Other 1.4%
• 2008→2024 swing: -39.1pp toward R · 2008: -19.0pp · 2024: -58.1pp
• All cycles: 2024: R+58.1 2020: R+53.6 2016: R+53.0 2012: R+30.0 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.87%
• Current HPI: 172.7268
• 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

+405.3% since first listed

9 events — show timeline

• 2026-03-11 Price Changed $85,900 GNMLS
• 2025-12-05 Listed $90,000 GNMLS
• 2024-12-05 Sold (Public Records) $81,600 Public Records
• 2024-12-04 Sold (MLS) — GNMLS
• 2024-10-27 Contingent — GNMLS
• 2024-09-09 Price Changed $89,900 GNMLS
• 2024-07-08 Listed $95,900 GNMLS
• 2011-09-01 Sold (Public Records) $24,000 Public Records
• 2003-08-12 Sold (Public Records) $17,000 Public Records

Property tax history

+11.2%/yr

Latest (2025): $1,311 · +404.3% YoY. Source: county tax records.