1208 Webster St

Lisbon, ND 58054

$110,000D

3 bd · 2.0 ba · 1,147 sqft · Built 1956 · Other · Active · 227 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,002/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $31/mo
• Annual: $377/yr
• Cap rate: 6.64%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath other listed at $110k.
• At list price, monthly cash flow is $31 ($377/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 $100k (8.9% below list).
• It's been on market 227 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#73 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, amenities F.
• Lisbon 19 (rural): math 46% / reading 49% proficiency, ranked #15 of 53 in ND (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Lisbon Elementary School (math 52% / reading 47%, grade D, #65 of 236 statewide, top 37%, 235 students, 26% FRL); Lisbon Middle School (math 42% / reading 47%, grade D, #16 of 35 statewide, top 44%, 186 students, 22% FRL); Lisbon High School (math 34% / reading 54%, grade F, #33 of 144 statewide, top 32%, 207 students, 21% FRL).
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 3 units permitted in Ransom County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 7y 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.

Questions for listing agent

• It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.