184 Charles St · Kramer, ND 58748

$109,990

2 bd · 1.0 ba · 2,016 sqft · Other · 72 Days on market

Built 1940 0.69 ac lot

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Why this score? — see what drove the C- 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 +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Appreciation +5.0/10.0
• Schools +4.5/10.0
• 1% rule +4.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 0.69 acre lot
• 2 garage spots
• Built 1940

Property features AI

Exterior

• Parking: 2-car garage; Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Below-grade finished area present
• Exterior features: Deck; Shed(s)

Interior

• Kitchen: Microwave; Range; Oven; Refrigerator
• Heating & cooling: Electric heating
• Interior features: Microwave; Range; Oven; Refrigerator; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $110k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/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 $99k (9.8% below list).
• Recommended offer: $99k (9.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#281 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D, amenities F.
• Newburg-United 54 (rural): math 40% / reading 60% proficiency, ranked #49 of 169 in ND (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Newburg-United Elementary School (math 30% / reading 50%, grade F, #135 of 236 statewide, top 57%, 60 students, 42% FRL); Newburg-United High School (math 24% / reading 75%, 26 students, 38% FRL) — zoned schools average 40% FRL vs 24% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 3 active listings in the ZIP; 10 units permitted in Bottineau County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($760 loan paydown + $3k appreciation (3.0% local appreciation)).
• Bottineau County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $21k; list at $110k implies a 416% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,194 (9.8% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 0.90% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.47%
• DSCR: 1.20
• GRM: 9.2

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: 11.7%
• Equity multiple: 1.67×
• Total profit: $20,518
• Equity at exit: $49,456

10-year hold

• IRR: 13.8%
• Equity multiple: 3.04×
• Total profit: $62,759
• Equity at exit: $76,218

Cash invested: $30,797 (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 58748

• Active inventory: 3
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $992 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$46 /mo · $555/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $115

Break-even live

Break-even rent $847

Max offer price $109,990

Occupancy floor 83%

Sensitivity live

Price	-10% $177	-5% $146	+0% $115	+5% $84	+10% $52
Rent	-10% $36	-5% $76	+0% $115	+5% $154	+10% $193
Rate	-1.0pp $170	-0.5pp $143	base $115	+0.5pp $86	+1.0pp $57

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: $27,498
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $109,990 Active 72 DOM
2. 2026-06-21
   days on market $109,990 Active 71 DOM
3. 2026-06-18
   days on market $109,990 Active 69 DOM
4. 2026-06-17
   days on market $109,990 Active 68 DOM
5. 2026-06-16
   days on market $109,990 Active 67 DOM
6. 2026-06-15
   days on market $109,990 Active 66 DOM
7. 2026-06-13
   days on market $109,990 Active 64 DOM
8. 2026-06-12
   days on market $109,990 Active 63 DOM
9. 2026-06-09
   days on market $109,990 Active 60 DOM
10. 2026-06-08
    days on market $109,990 Active 59 DOM
11. 2026-06-07
    days on market $109,990 Active 58 DOM
12. 2026-06-05
    days on market $109,990 Active 56 DOM
13. 2026-06-04
    days on market $109,990 Active 54 DOM
14. 2026-06-02
    days on market $109,990 Active 53 DOM
15. 2026-06-01
    days on market $109,990 Active 52 DOM
16. 2026-05-31
    days on market $109,990 Active 51 DOM
17. 2026-04-10
    listed $109,990 Active
18. 2025-07-14
    price $114,900
19. 2025-05-06
    listed $119,900 Active
20. 2024-09-20
    price $114,900
21. 2021-07-28
    soldstatus $21,300
22. 2016-06-24
    soldstatus $30,000
23. 2015-08-03
    soldstatus
24. 2011-09-21
    soldstatus

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

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $555 · $46/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$523/yr (+$44/mo · 94.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,903
• − Mortgage interest: −$6,161
• − Property taxes: −$555
• − Insurance: −$550
• − Repairs & maintenance: −$952
• − Management: −$952
• − Depreciation: −$3,200
• Taxable loss: −$467
• Est. tax savings @ 24.0%: +$112
• After-tax cash flow: $1,489/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: Newburg-United 54
• NCES district ID: 3800825
• Math proficiency: 40% ▲ 10.00%
• Reading proficiency: 60% ▲ 10.00%
• Median HH income: $54,405
• Composite: 45.18/100
• National rank: #5787
• State rank: #49 of 169 in ND

Livability — Kramer

• Score: 59/100
• State rank: #281
• US rank: #20005

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kramer, ND
• Population (ZIP): 149

Population outlook (Bottineau County) Hauer SSP2

• Today (2025): 7,367 people
• By 2030: 7,789 · +5.7%
• By 2040: 8,818 · +19.7%
• By 2050: 10,174 · +38.1%
• By 2075: 15,137 · +105.5%
• By 2100: 19,942 · +170.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Native American 5%
• Common ancestry: Portuguese 9% Lithuanian 8% Scottish 7%
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Bottineau

• 2024 margin: Solid R (+55.3) · D 21.5% · R 76.8% · Other 1.7%
• 2008→2024 swing: -36.2pp toward R · 2008: -19.1pp · 2024: -55.3pp
• All cycles: 2024: R+55.3 2020: R+50.5 2016: R+50.9 2012: R+31.1 2008: R+19.1

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

+266.6% since first listed

8 events — show timeline

• 2026-04-10 Listed $109,990 MMLS
• 2025-07-14 Price Changed $114,900 MMLS
• 2025-05-06 Listed $119,900 MMLS
• 2024-09-20 Price Changed $114,900 MMLS
• 2021-07-28 Sold (Public Records) $21,300 Public Records
• 2016-06-24 Sold (Public Records) $30,000 Public Records
• 2015-08-03 Sold (Public Records) — Public Records
• 2011-09-21 Sold (Public Records) — Public Records

Property tax history

+11.5%/yr

Latest (2024): $555 · +23.8% YoY. Source: county tax records.