602 2nd St · Reeder, ND 58649

$170,000

3 bd · 1.5 ba · 1,838 sqft · SingleFamily · 46 Days on market

Built 1909 0.48 ac lot

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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).

• Cash flow +10.9/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Appreciation +5.0/10.0
• DSCR +3.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Key facts

• Three-lot yard
• Bright living room
• Spacious deck

Tags

• CORNER LOT
• BRIGHT LIVING ROOM
• ADDITIONAL SITTING ROOM
• SPACIOUS DECK
• MATURE TREES
• THREE-LOT YARD

Property features AI

Exterior

• Parking: 2-car garage; Garage door opener
• Utilities: Public sewer
• Home design: Single-family residence; Residential property
• Construction: Basement (unfinished)
• Exterior features: Lot zoned Residential Low Density; Lot dimensions approximately 150 x 140

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Cooling system
• Interior features: Window coverings; Unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-75 ($-903/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (28.5% below list).
• Recommended offer: $121k (28.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#284 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety D+, crime D, schools F.
• Scranton 33 (rural): math 60% / reading 70% proficiency, ranked #6 of 169 in ND (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 5 active listings in the ZIP.

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Adams County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,473 (28.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.71% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• GRM: 11.7

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: 5.7%
• Equity multiple: 1.33×
• Total profit: $15,617
• Equity at exit: $76,439

10-year hold

• IRR: 8.7%
• Equity multiple: 2.31×
• Total profit: $62,248
• Equity at exit: $117,802

Cash invested: $47,600 (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 58649

• Active inventory: 5
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,215 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$73 /mo · $871/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $-75

Break-even live

Break-even rent $1,310

Max offer price $156,703

Occupancy floor —

Sensitivity live

Price	-10% $21	-5% $-27	+0% $-75	+5% $-123	+10% $-172
Rent	-10% $-171	-5% $-123	+0% $-75	+5% $-27	+10% $21
Rate	-1.0pp $10	-0.5pp $-32	base $-75	+0.5pp $-119	+1.0pp $-164

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $170,000 Active 46 DOM
2. 2026-06-18
   days on market $170,000 Active 44 DOM
3. 2026-06-17
   days on market $170,000 Active 43 DOM
4. 2026-06-16
   days on market $170,000 Active 42 DOM
5. 2026-06-15
   days on market $170,000 Active 41 DOM
6. 2026-06-13
   days on market $170,000 Active 39 DOM
7. 2026-06-12
   days on market $170,000 Active 38 DOM
8. 2026-06-09
   days on market $170,000 Active 35 DOM
9. 2026-06-08
   days on market $170,000 Active 34 DOM
10. 2026-06-07
    days on market $170,000 Active 33 DOM
11. 2026-06-05
    days on market $170,000 Active 31 DOM
12. 2026-06-04
    days on market $170,000 Active 29 DOM
13. 2026-06-02
    days on market $170,000 Active 28 DOM
14. 2026-06-01
    days on market $170,000 Active 27 DOM
15. 2026-05-31
    days on market $170,000 Active 26 DOM
16. 2026-05-05
    listed $170,000 Active

ⓘ 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: $871 · $73/mo
• Projected year-2 tax: $1,666 · $139/mo
• Expected delta: +$795/yr (+$66/mo · 91.3%)

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

Taxation est. · year 1

• Rental income: $14,577
• − Mortgage interest: −$9,523
• − Property taxes: −$871
• − Insurance: −$850
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$4,945
• Taxable loss: −$3,945
• Est. tax savings @ 24.0%: +$947
• After-tax cash flow: $43/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: Scranton 33
• NCES district ID: 3800023
• Math proficiency: 60% ▬ 0.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $54,736
• Composite: 57.06/100
• National rank: #2348
• State rank: #6 of 169 in ND

Livability — Reeder

• Score: 59/100
• State rank: #284
• US rank: #20174

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reeder, ND
• Population (ZIP): 353

Population outlook (Adams County) Hauer SSP2

• Today (2025): 2,371 people
• By 2030: 2,359 · -0.5%
• By 2040: 2,320 · -2.2%
• By 2050: 2,278 · -3.9%
• By 2075: 2,328 · -1.8%
• By 2100: 2,230 · -5.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 8%
• Common ancestry: Portuguese 23% Lithuanian 7% Romanian 3%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+62.7) · D 18.1% · R 80.8% · Other 1.2%
• 2008→2024 swing: -35.0pp toward R · 2008: -27.8pp · 2024: -62.7pp
• All cycles: 2024: R+62.7 2020: R+57.0 2016: R+57.0 2012: R+45.9 2008: R+27.8

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

1 event — show timeline

• 2026-05-05 Listed $170,000 Badlands BOR MLS

Property tax history

-0.9%/yr

Latest (2022): $871 · +0.8% YoY. Source: county tax records.