408 South Ave E

Glen Ullin, ND 58631

$59,900B+

2 bd · 1.0 ba · 1,155 sqft · Built 1920 · Other · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $897/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$188
• Net cashflow: $327/mo
• Annual: $3,925/yr
• Cap rate: 12.84%
• Cash-on-cash: 23.40%
• DSCR: 2.04
• 1% rule: 1.50%
• Cash to close: $16,772

Investor read

• This is a 2-bed/1.0-bath other listed at $60k.
• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($897 rent vs $60k).
• It's been on market 87 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($414 loan paydown + $3k appreciation (4.9% local appreciation)).
• Location reads 64/100 on livability (#210 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, health & safety D+, amenities F.
• Glen Ullin 48 (rural): math 50% / reading 45% proficiency, ranked #74 of 169 in ND (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Glen Ullin Elementary School (math 42% / reading 22%, grade F, #173 of 236 statewide, top 76%, 117 students, 38% FRL); Glen Ullin High School (math 24% / reading 24%, grade F, #108 of 144 statewide, top 88%, 52 students, 38% FRL) — zoned schools average 38% FRL vs 20% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 48% district-wide (-19 pts) — the specific schools serving this property underperform the Glen Ullin 48 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $60k implies a 252% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• 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?
• 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.