217 Washington St · Bismarck, ND 58504

$189,900

3 bd · 1.0 ba · 1,753 sqft · SingleFamily · 132 Days on market

Built 1905 Fair condition 2,204 sqft lot $108/sqft · 32% below area Est $279k · 32% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Schools +3.4/10.0
• Rent growth +3.2/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Key facts

• 2,204 sq ft lot
• Built 1905
• Listed 132 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $19 ($233/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 $169k (11.2% below list).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% vs local median 3.1% in Bismarck — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Dorothy Moses Elementary School (math 37% / reading 32%, grade F, #162 of 236 statewide, top 73%, 371 students, 66% FRL); Wachter Middle School (math 34% / reading 34%, grade F, #26 of 35 statewide, top 79%, 1,000 students, 30% FRL); Bismarck High School (math 22% / reading 38%, grade F, #90 of 144 statewide, top 66%, 1,333 students, 27% FRL) — zoned schools average 41% FRL vs 19% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 376 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 117d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 259 units permitted in Burleigh County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.89% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.44%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (median comp): $278,789
• List price: $189,900
• Delta: -31.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
419 Broadway Ave W	0.38mi	3/2.0	1,730 (-1%)	1mo	$270,000	$156	75
512 W Broadway Ave	0.44mi	4/1.0 (+1)	1,774 (+1%)	1mo	$245,000	$138	71
621 Garden Dr	0.35mi	4/2.0 (+1)	1,664 (-5%)	4mo	$275,000	$165	63
515 W Avenue A	0.60mi	3/2.0	1,756 (+0%)	11mo	$205,000	$117	58
611 Anderson St	0.72mi	3/2.0	1,832 (+4%)	1mo	$298,000	$163	54
319 Willow Ln	0.59mi	4/2.0 (+1)	1,824 (+4%)	16mo	$309,900	$170	44
527 Meadow Ln	0.41mi	3/2.0	1,966 (+12%)	16mo	$230,000	$117	43
908 Lincoln Ave	0.55mi	4/2.0 (+1)	2,002 (+14%)	4mo	$364,900	$182	38
313 9th St S	0.73mi	3/2.0	1,904 (+9%)	12mo	$259,900	$137	38
912 Summit Blvd	0.56mi	3/2.0	1,993 (+14%)	14mo	$239,900	$120	35
1318 Pocatello Dr	0.75mi	4/2.0 (+1)	1,920 (+10%)	6mo	$359,900	$187	35
318 C Ave W	0.74mi	2/2.0 (-1)	1,940 (+11%)	12mo	$257,000	$132	29

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 · 2.81% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-29,834
• Equity at exit: $28,315

10-year hold

• IRR: -7.7%
• Equity multiple: 0.52×
• Total profit: $-25,601
• Equity at exit: $16,419

Cash invested: $53,172 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 7 active · 14 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $279,900 ($162/sqft)
• Median days on market: 38 d
• This list price: 14% of active listings are priced below it
• ARV vs active asking: -2.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 58504

• Rents YoY: 2.8%
• Active inventory: 376
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,686 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $19

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 94%

Sensitivity live

Price	-10% $151	-5% $85	+0% $19	+5% $-46	+10% $-112
Rent	-10% $-114	-5% $-47	+0% $19	+5% $86	+10% $153
Rate	-1.0pp $115	-0.5pp $68	base $19	+0.5pp $-30	+1.0pp $-80

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: $47,475
• Closing costs: $5,697
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 E Arbor Ave Bismarck, ND	3.0	2.0	1302	$1,295	$0.99	6d	1	0.38mi
215 E Arbor Ave Unit 205-201G Bismarck, ND	3.0	2.0	1302	$1,295	$0.99	6d	1	0.40mi
505 1/2 S 10th St Bismarck, ND	3.0	1.0	1500	$1,600	$1.07	117d	1	0.81mi
1543 S Washington St Bismarck, ND	3.0	2.0	1500	$2,050	$1.37	117d	1	0.96mi
926 N Mandan St Bismarck, ND	4.0	2.0	2032	$2,436	$1.20	117d	1	0.98mi
308 N 13th St Unit 1 Bismarck, ND	3.0	2.5	1680	$1,999	$1.19	4d	1	1.10mi
127 Stuttgart Dr Unit 1 Bismarck, ND	2.0	2.0	1600	$1,400	$0.88	117d	1	1.26mi
1304 N 4th St Bismarck, ND	4.0	2.0	1975	$1,800	$0.91	117d	1	1.49mi
1121 N 12th St Unit Main Bismarck, ND	3.0	1.0	1600	$1,500	$0.94	117d	1	1.50mi

Property features AI

Exterior

• Parking: Off-street parkingNo garage
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewer
• Home design: Single family residenceResidential propertyThree or more levels
• Construction: Metal sidingSteel siding
• Exterior features: Shingle roofNo exterior features listedNo fencing

Interior

• Kitchen: RangeRefrigeratorDishwasher not listed
• Bedrooms: Total of 9 rooms (bedrooms included)
• Flooring: CarpetHardwoodLinoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heatingCeiling fan(s) for cooling
• Interior features: Finished full basementSmoke detector(s)
• Laundry & utility: WasherDryerHot water heating

Listing history 50 events

1. 2026-08-21
   days on market $189,900 Active 132 DOM
2. 2026-08-20
   days on market $189,900 Active 131 DOM
3. 2026-08-19
   days on market $189,900 Active 130 DOM
4. 2026-08-18
   days on market $189,900 Active 129 DOM
5. 2026-08-17
   days on market $189,900 Active 128 DOM
6. 2026-08-16
   days on market $189,900 Active 127 DOM
7. 2026-08-14
   days on market $189,900 Active 125 DOM
8. 2026-08-13
   days on market $189,900 Active 124 DOM
9. 2026-08-12
   days on market $189,900 Active 123 DOM
10. 2026-08-11
    days on market $189,900 Active 122 DOM
11. 2026-08-10
    days on market $189,900 Active 121 DOM
12. 2026-08-09
    days on market $189,900 Active 120 DOM
13. 2026-08-08
    days on market $189,900 Active 119 DOM
14. 2026-08-07
    days on market $189,900 Active 118 DOM
15. 2026-08-06
    days on market $189,900 Active 117 DOM
16. 2026-08-05
    days on market $189,900 Active 116 DOM
17. 2026-08-04
    days on market $189,900 Active 115 DOM
18. 2026-08-03
    pricedays on market $189,900 Active 114 DOM
19. 2026-07-31
    days on market $207,500 Active 111 DOM
20. 2026-07-30
    days on market $207,500 Active 110 DOM
21. 2026-07-29
    days on market $207,500 Active 109 DOM
22. 2026-07-27
    days on market $207,500 Active 107 DOM
23. 2026-07-25
    days on market $207,500 Active 105 DOM
24. 2026-07-24
    days on market $207,500 Active 104 DOM
25. 2026-07-23
    days on market $207,500 Active 103 DOM
26. 2026-07-22
    days on market $207,500 Active 102 DOM
27. 2026-07-21
    days on market $207,500 Active 101 DOM
28. 2026-07-18
    days on market $207,500 Active 98 DOM
29. 2026-07-16
    days on market $207,500 Active 96 DOM
30. 2026-07-16
    days on market $207,500 Active 95 DOM
31. 2026-07-14
    days on market $207,500 Active 94 DOM
32. 2026-07-13
    days on market $207,500 Active 93 DOM
33. 2026-07-12
    days on market $207,500 Active 92 DOM
34. 2026-07-11
    days on market $207,500 Active 91 DOM
35. 2026-07-10
    days on market $207,500 Active 90 DOM
36. 2026-07-09
    days on market $207,500 Active 89 DOM
37. 2026-07-08
    days on market $207,500 Active 88 DOM
38. 2026-07-07
    days on market $207,500 Active 87 DOM
39. 2026-07-06
    days on market $207,500 Active 86 DOM
40. 2026-07-05
    days on market $207,500 Active 85 DOM
41. 2026-07-04
    days on market $207,500 Active 84 DOM
42. 2026-07-03
    days on market $207,500 Active 83 DOM
43. 2026-07-02
    days on market $207,500 Active 82 DOM
44. 2026-07-01
    days on market $207,500 Active 81 DOM
45. 2026-06-30
    days on market $207,500 Active 80 DOM
46. 2026-06-29
    days on market $207,500 Active 79 DOM
47. 2026-06-28
    days on market $207,500 Active 78 DOM
48. 2026-06-28
    days on market $207,500 Active 77 DOM
49. 2026-06-27
    days on market $207,500 Active 76 DOM
50. 2026-06-25
    days on market $207,500 Active 74 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: $20,229
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$1,618
• − Management: −$1,618
• − Depreciation: −$5,524
• Taxable loss: −$2,967
• Est. tax savings @ 24.0%: +$712
• After-tax cash flow: $945/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 · 12 photos

Fair 45/100 Moderate rehab Est. rehab $43,825–$78,885 screening

The home requires moderate renovations to update the kitchen and bathroom, and some exterior maintenance. Fresh paint and new countertops would significantly enhance its resale value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Minor exterior siding — some discoloration

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Resale replace kitchen countertops — new countertops improve functionality and aesthetics ↑
• Resale update kitchen cabinets — new cabinets modernize the space ↑
• Resale replace bathroom fixtures — new fixtures improve functionality and aesthetics ↑
• Resale landscape front yard — improved landscaping enhances curb appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 34/100

Zoned Schools

Elementary Dorothy Moses Elementary School F ND #162/236 Nat'l #23,081/41,679 Middle Wachter Middle School F ND #26/35 Nat'l #7,813/14,009 High South Central Alternative High School

Schools (NCES district)

• District: Bismarck 1
• NCES district ID: 3800014
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,649
• Composite: 36.76/100
• National rank: #4577
• State rank: #25 of 53 in ND

B Composite livability gradescore 79/100

Livability — Bismarck

• Score: 79/100
• State rank: #5
• US rank: #2213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bismarck, ND
• County: Burleigh County · 119,359 people
• City population: 97,300
• Metro: Bismarck, ND
• Population (ZIP): 30,212
• Household income: $85,637
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 13% of renters

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Population outlook (Burleigh County) Hauer SSP2

• Today (2025): 119,359 people
• By 2030: 133,047 · +11.5%
• By 2040: 161,545 · +35.3%
• By 2050: 191,960 · +60.8%
• By 2075: 274,569 · +130.0%
• By 2100: 350,910 · +194.0%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Native American 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 13% Scotch-Irish 5% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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Political lean MEDSL · Burleigh

• 2024 margin: Solid R (+43.2) · D 27.5% · R 70.7% · Other 1.8%
• 2008→2024 swing: -19.7pp toward R · 2008: -23.6pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+40.2 2016: R+46.1 2012: R+32.1 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.70%
• Current HPI: 210.0651
• Rent YoY: ▲ 2.81%
• Metro: Bismarck, ND
• State GDP YoY: ▲ 2.09%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in ND)

Industry	F500 HQs	Revenue
▸Utilities / Construction	1	$6B

Property features AI

Exterior

• Parking: Off-street parkingNo garage
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewer
• Home design: Single family residenceResidential propertyThree or more levels
• Construction: Metal sidingSteel siding
• Exterior features: Shingle roofNo exterior features listedNo fencing

Interior

• Kitchen: RangeRefrigeratorDishwasher not listed
• Bedrooms: Total of 9 rooms (bedrooms included)
• Flooring: CarpetHardwoodLinoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heatingCeiling fan(s) for cooling
• Interior features: Finished full basementSmoke detector(s)
• Laundry & utility: WasherDryerHot water heating

Price history

1 event — show timeline

• 2026-04-11 Listed $207,500 GNMLS