217 Washington St · Bismarck, ND 58504

$207,500

3 bd · 1.0 ba · 1,753 sqft · SingleFamily · 69 Days on market

Built 1905 Fair condition 2,204 sqft lot Est $272k · 24% 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 +13.5/30.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Schools +3.7/10.0
• 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 68 days

Property features AI

Exterior

• Parking: Off-street parking; No garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; Three or more levels
• Construction: Metal siding; Steel siding
• Exterior features: Shingle roof; No exterior features listed; No fencing

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bedrooms: Total of 9 rooms (bedrooms included)
• Flooring: Carpet; Hardwood; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Ceiling fan(s) for cooling
• Interior features: Finished full basement; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Hot water heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $208k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $7 ($81/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 $182k (12.1% below list).
• Recommended offer: $182k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Market conditions: Rents rising (+2.8%/yr); 258 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 69 days — a 6% lower offer ($195k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $182,372 (12.1% below list)

Questions for the listing agent

1. It's been on market 69 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: 0.88% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.14%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $271,715
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 Garden Dr	0.35mi	4/2.0 (+1)	1,664 (-5%)	0mo	$275,000	$165	66
515 W Avenue A	0.60mi	3/2.0	1,756 (+0%)	8mo	$205,000	$117	61
521 Thayer Ave	0.48mi	3/2.0	1,872 (+7%)	17mo	$289,900	$155	48
319 Willow Ln	0.59mi	4/2.0 (+1)	1,824 (+4%)	13mo	$309,900	$170	46
527 Meadow Ln	0.41mi	3/2.0	1,966 (+12%)	13mo	$230,000	$117	46
502 Meadow Ln	0.46mi	3/1.5	1,998 (+14%)	14mo	$309,500	$155	42
908 Lincoln Ave	0.55mi	4/2.0 (+1)	2,002 (+14%)	1mo	$364,900	$182	41
1215 Westwood St	0.69mi	4/2.0 (+1)	1,824 (+4%)	14mo	$290,000	$159	41
313 9th St S	0.73mi	3/2.0	1,904 (+9%)	9mo	$259,900	$137	40
912 Summit Blvd	0.56mi	3/2.0	1,993 (+14%)	11mo	$239,900	$120	38
1318 Pocatello Dr	0.75mi	4/2.0 (+1)	1,920 (+10%)	3mo	$359,900	$187	38
318 C Ave W	0.74mi	2/2.0 (-1)	1,940 (+11%)	9mo	$257,000	$132	32

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: -16.3%
• Equity multiple: 0.42×
• Total profit: $-33,514
• Equity at exit: $30,939

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-29,941
• Equity at exit: $17,941

Cash invested: $58,100 (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 58504

• Rents YoY: 2.8%
• Active inventory: 258
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,824 high
• Mortgage (P&I): −$1,088
• Tax est. 1.5%: −$259 /mo · $3,112/yr
• Insurance: −$86
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $7

Break-even live

Break-even rent $1,815

Max offer price $207,500

Occupancy floor 95%

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: $51,875
• Closing costs: $6,225
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 1/2 S 10th St Bismarck, ND	3.0	1.0	1500	$1,600	$1.07	21d	1	0.81mi
1543 S Washington St Bismarck, ND	3.0	2.0	1500	$2,050	$1.37	21d	1	0.96mi
926 N Mandan St Bismarck, ND	4.0	2.0	2032	$2,436	$1.20	21d	1	0.98mi
127 Stuttgart Dr Unit 1 Bismarck, ND	2.0	2.0	1600	$1,400	$0.88	21d	1	1.26mi
1304 N 4th St Bismarck, ND	4.0	2.0	1975	$1,800	$0.91	21d	1	1.49mi
1121 N 12th St Unit Main Bismarck, ND	3.0	1.0	1600	$1,500	$0.94	21d	1	1.50mi

Listing history 18 events

1. 2026-06-19
   days on market $207,500 Active 69 DOM
2. 2026-06-18
   days on market $207,500 Active 68 DOM
3. 2026-06-17
   days on market $207,500 Active 67 DOM
4. 2026-06-16
   days on market $207,500 Active 66 DOM
5. 2026-06-15
   days on market $207,500 Active 65 DOM
6. 2026-06-14
   days on market $207,500 Active 63 DOM
7. 2026-06-13
   days on market $207,500 Active 62 DOM
8. 2026-06-10
   days on market $207,500 Active 60 DOM
9. 2026-06-09
   days on market $207,500 Active 59 DOM
10. 2026-06-08
    days on market $207,500 Active 58 DOM
11. 2026-06-07
    days on market $207,500 Active 57 DOM
12. 2026-06-05
    days on market $207,500 Active 54 DOM
13. 2026-06-03
    days on market $207,500 Active 53 DOM
14. 2026-06-02
    days on market $207,500 Active 52 DOM
15. 2026-06-01
    days on market $207,500 Active 51 DOM
16. 2026-05-31
    days on market $207,500 Active 50 DOM
17. 2026-05-30
    days on market $207,500 Active 49 DOM
18. 2026-04-11
    listed $207,500 Active

ⓘ 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: $21,885
• − Mortgage interest: −$11,623
• − Property taxes: −$3,112
• − Insurance: −$1,038
• − Repairs & maintenance: −$1,751
• − Management: −$1,751
• − Depreciation: −$6,036
• Taxable loss: −$3,426
• Est. tax savings @ 24.0%: +$822
• After-tax cash flow: $903/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• 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 ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 97,300 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: 400.0

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%

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%

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

Industry mix (Fortune 500 HQ in ND)

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

Price history

1 event — show timeline

• 2026-04-11 Listed $207,500 GNMLS