204 East St S

Cogswell, ND 58069

$60,000B

3 bd · 1.0 ba · 1,584 sqft · Built 1920 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,180/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $518/mo
• Annual: $6,211/yr
• Cap rate: 16.64%
• Cash-on-cash: 36.97%
• DSCR: 2.65
• 1% rule: 1.97%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 18 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 65/100 on livability (#184 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, crime D+, amenities F.
• North Sargent 3 (rural): math 25% / reading 50% proficiency, ranked #108 of 169 in ND (top 64%) — 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: North Sargent Elementary School (math 12% / reading 37%, grade F, #204 of 236 statewide, top 91%, 130 students, 43% FRL); North Sargent High School (math 24% / reading 75%, grade D+, #16 of 144 statewide, top 12%, 55 students, 46% FRL) — zoned schools average 44% FRL vs 17% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 1 units permitted in Sargent County in 2024 (0 in 5+ unit buildings).
• Sargent County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant wear and tear, with visible signs of damage.
• Major: exterior siding — Severe peeling and discoloration.
• Major: flooring — Old and in need of replacement.
• Major: HVAC system — Old and may need replacement or repair.
• Major: landscaping — Overgrown and in need of trimming and maintenance.