101 3rd St NE · Kulm, ND 58456

$135,000

3 bd · 1.5 ba · 1,349 sqft · Other · 70 Days on market

Built 1981 10,499 sqft lot

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Why this score? — see what drove the D+ 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 +15.6/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Backyard patio
• New flooring
• Updated kitchen

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• NEW FLOORING
• RECENTLY PAINTED SIDING
• HEATED SINGLE-STALL GARAGE
• BACKYARD PATIO

Property features AI

Exterior

• Parking: Heated garage with inside entrance and garage facing front; 1 garage space
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected
• Home design: Single-family residence; One story
• Construction: Masonite siding; Shingle/asphalt roof; Concrete perimeter foundation; Built area above grade: 1,349
• Exterior features: Corner, level, rectangular lot; Gravel road frontage on a public maintained city street; Second garage (other structure)

Interior

• Kitchen: Dishwasher; Microwave; Range; Range hood; Refrigerator
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Flooring: Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating (electric); Wall/window cooling unit(s)
• Interior features: Window treatments; Storage; No basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $135k.

Deal economics

• At list price, monthly cash flow is $57 ($683/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 $125k (7.2% below list).
• Recommended offer: $125k (7.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#57 in ND) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities F.
• Kulm 7 (rural): math 35% / reading 30% proficiency, ranked #138 of 169 in ND (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kulm Elementary School (math 64% / reading 44%, grade C, #39 of 236 statewide, top 21%, 81 students, 22% FRL); Kulm High School (math 24% / reading 24%, grade F, #108 of 144 statewide, top 88%, 40 students, 22% FRL).
• Market conditions: 3 active listings in the ZIP; 1 units permitted in LaMoure County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($933 loan paydown + $4k appreciation (3.0% local appreciation)).
• LaMoure County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $135k implies a 170% gain — meaningful room to come down on a strong offer.

Recommended offer $125,298 (7.2% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. 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?
7. 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.
8. 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.
9. 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: 0.93% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.81%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.2%
• Equity multiple: 1.53×
• Total profit: $19,906
• Equity at exit: $60,702

10-year hold

• IRR: 11.7%
• Equity multiple: 2.74×
• Total profit: $65,830
• Equity at exit: $93,549

Cash invested: $37,800 (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 58456

• Active inventory: 3
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,253 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $57

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 90%

Sensitivity live

Price	-10% $150	-5% $104	+0% $57	+5% $10	+10% $-36
Rent	-10% $-42	-5% $7	+0% $57	+5% $106	+10% $156
Rate	-1.0pp $125	-0.5pp $91	base $57	+0.5pp $22	+1.0pp $-14

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $135,000 Active 70 DOM
2. 2026-06-21
   days on market $135,000 Active 69 DOM
3. 2026-06-21
   days on market $135,000 Active 68 DOM
4. 2026-06-18
   days on market $135,000 Active 66 DOM
5. 2026-06-17
   days on market $135,000 Active 65 DOM
6. 2026-06-16
   days on market $135,000 Active 64 DOM
7. 2026-06-15
   days on market $135,000 Active 63 DOM
8. 2026-06-13
   days on market $135,000 Active 61 DOM
9. 2026-06-12
   days on market $135,000 Active 60 DOM
10. 2026-06-09
    days on market $135,000 Active 57 DOM
11. 2026-06-08
    days on market $135,000 Active 56 DOM
12. 2026-06-07
    days on market $135,000 Active 55 DOM
13. 2026-06-05
    days on market $135,000 Active 53 DOM
14. 2026-06-04
    days on market $135,000 Active 51 DOM
15. 2026-06-02
    days on market $135,000 Active 50 DOM
16. 2026-06-01
    days on market $135,000 Active 49 DOM
17. 2026-05-31
    days on market $135,000 Active 48 DOM
18. 2026-05-11
    price $135,000
19. 2026-04-13
    listed $155,000 Active
20. 2019-06-05
    soldstatus $50,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,036
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,203
• − Management: −$1,203
• − Depreciation: −$3,927
• Taxable loss: −$1,559
• Est. tax savings @ 24.0%: +$374
• After-tax cash flow: $1,057/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: Kulm 7
• NCES district ID: 3810500
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $46,970
• Composite: 30.73/100
• National rank: #11415
• State rank: #138 of 169 in ND

Livability — Kulm

• Score: 71/100
• State rank: #57
• US rank: #6831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kulm, ND
• Population (ZIP): 622

Population outlook (LaMoure County) Hauer SSP2

• Today (2025): 4,142 people
• By 2030: 4,155 · +0.3%
• By 2040: 4,215 · +1.8%
• By 2050: 4,316 · +4.2%
• By 2075: 5,238 · +26.5%
• By 2100: 5,750 · +38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 9% Norwegian 3% Scottish 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · LaMoure

• 2024 margin: Solid R (+55.0) · D 21.5% · R 76.5% · Other 2.0%
• 2008→2024 swing: -35.3pp toward R · 2008: -19.7pp · 2024: -55.0pp
• All cycles: 2024: R+55.0 2020: R+50.4 2016: R+46.1 2012: R+29.2 2008: R+19.7

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

+170.0% since first listed

3 events — show timeline

• 2026-05-11 Price Changed $135,000 GNMLS
• 2026-04-13 Listed $155,000 GNMLS
• 2019-06-05 Sold (Public Records) $50,000 Public Records

Property tax history

-16.1%/yr

Latest (2025): $154 · -71.3% YoY. Source: county tax records.