6,8,10-10b Front St

White Earth, ND 58794

$129,900B

9 bd · 5.1 ba · 4,184 sqft · Built 1960 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,812/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$801
• Net cashflow: $2,114/mo
• Annual: $25,365/yr
• Cap rate: 25.82%
• Cash-on-cash: 69.74%
• DSCR: 4.10
• 1% rule: 2.93%
• Cash to close: $36,372

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $705/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $130k).
• It's been on market 32 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($898 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 57/100 on livability (#305 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety D, amenities F, commute F.
• Tioga 15 (rural): math 28% / reading 25% proficiency, ranked #44 of 53 in ND (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Central Elementary School (math 27% / reading 22%, grade F, #204 of 236 statewide, top 91%, 308 students, 11% FRL); Tioga High School (math 27% / reading 27%, grade F, #105 of 144 statewide, top 73%, 215 students, 13% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 29 units permitted in Mountrail County in 2024 (0 in 5+ unit buildings).
• Mountrail County population projected at +118% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — outdated and in need of replacement
• Major: bathroom fixtures — dated and in need of replacement
• Moderate: exterior siding — weathered and in need of repainting
• Moderate: HVAC system — likely outdated and in need of maintenance