2500 Centennial Rd

Bismarck, ND 58503

$46,000B+

3 bd · 2.0 ba · 1,152 sqft · Built 2017 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,901/mo
• Mortgage (P&I): −$241
• Tax + insurance: −$77
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $1,184/mo
• Annual: $14,203/yr
• Cap rate: 37.17%
• Cash-on-cash: 110.27%
• DSCR: 5.91
• 1% rule: 4.13%
• Cash to close: $12,880

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $46k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $46k).
• It's been on market 40 days — a 3% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $318 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Robert Place Miller Elementary School (math 42% / reading 37%, grade F, #137 of 236 statewide, top 63%, 479 students, 36% FRL); Simle Middle School (math 34% / reading 39%, grade F, #22 of 35 statewide, top 62%, 1,040 students, 20% FRL); South Central Alternative High School (94 students, 100% FRL) — zoned schools average 52% FRL vs 19% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+11.8%/yr); 486 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 259 units permitted in Burleigh County in 2024 (0 in 5+ unit buildings).
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 50 sale attempts since 33y ago; this cycle's ask is 31% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 37.2% vs local median 3.1% in Bismarck — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.