505 3rd Ave · Leal, ND 58479

$23,000

3 bd · 1.0 ba · 1,748 sqft · SingleFamily public records · 51 Days on market

Built 1900 9,843 sqft 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Schools +4.8/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 9,843 sq ft lot
• Built 1900
• Listed 50 days

Property features AI

Exterior

• Parking: Outside parking; no garage
• Utilities: Private well water; Private sewer / septic tank; Propane available for utilities/heating
• Home design: Single family residence; Residential property
• Construction: Concrete and vinyl siding construction
• Exterior features: Irregular-shaped lot; Lot dimensions approximately 97.4 x 37.16 x 152 x 140; Lot size about 0.23 acres

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Ceiling fans and wall/window air conditioning
• Interior features: Dryer, Washer, Range, Refrigerator; Basement with concrete floor
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $23k.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $23k).
• Recommended offer: $22k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#317 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.
• Barnes County North 7 (rural): math 55% / reading 50% proficiency, ranked #29 of 169 in ND (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 9 units permitted in Barnes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $849 of equity ($159 loan paydown + $690 appreciation (3.0% local appreciation)).
• Barnes County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $22,310 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 4.97% ✓
• Cap rate: 45.11%
• Cash-on-cash: 138.63%
• DSCR: 7.17
• GRM: 1.7

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: —
• Equity multiple: 8.79×
• Total profit: $50,172
• Equity at exit: $10,342

10-year hold

• IRR: —
• Equity multiple: 18.43×
• Total profit: $112,228
• Equity at exit: $15,938

Cash invested: $6,440 (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 58479

• Active inventory: 3
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$121
• Tax est. 1.5%: −$29 /mo · $345/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $744

Break-even live

Break-even rent $201

Max offer price $23,000

Occupancy floor 30%

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: $5,750
• Closing costs: $690
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $23,000 Active 51 DOM
2. 2026-06-18
   days on market $23,000 Active 50 DOM
3. 2026-06-17
   days on market $23,000 Active 49 DOM
4. 2026-06-16
   days on market $23,000 Active 48 DOM
5. 2026-06-15
   days on market $23,000 Active 47 DOM
6. 2026-06-14
   days on market $23,000 Active 45 DOM
7. 2026-06-12
   days on market $23,000 Active 44 DOM
8. 2026-06-09
   days on market $23,000 Active 41 DOM
9. 2026-06-08
   days on market $23,000 Active 40 DOM
10. 2026-06-07
    days on market $23,000 Active 39 DOM
11. 2026-06-05
    days on market $23,000 Active 37 DOM
12. 2026-06-04
    days on market $23,000 Active 35 DOM
13. 2026-06-02
    days on market $23,000 Active 34 DOM
14. 2026-06-01
    days on market $23,000 Active 33 DOM
15. 2026-05-31
    days on market $23,000 Active 32 DOM
16. 2026-05-31
    days on market $23,000 Active 31 DOM
17. 2026-04-28
    listed $23,000 Active

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

Taxation est. · year 1

• Rental income: $13,715
• − Mortgage interest: −$1,288
• − Property taxes: −$345
• − Insurance: −$115
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$669
• Taxable income: $9,103
• Est. tax owed @ 24.0%: −$2,185
• After-tax cash flow: $6,743/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: Barnes County North 7
• NCES district ID: 3800060
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $57,667
• Composite: 47.52/100
• National rank: #4976
• State rank: #29 of 169 in ND

Livability — Leal

• Score: 56/100
• State rank: #317
• US rank: #22503

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leal, ND
• Population (ZIP): 160

Population outlook (Barnes County) Hauer SSP2

• Today (2025): 11,119 people
• By 2030: 11,184 · +0.6%
• By 2040: 11,336 · +2.0%
• By 2050: 11,647 · +4.7%
• By 2075: 14,006 · +26.0%
• By 2100: 17,179 · +54.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Portuguese 28% Lithuanian 4% Scotch-Irish 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Barnes

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.9%
• 2008→2024 swing: -33.8pp toward R · 2008: -1.5pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+31.4 2016: R+29.7 2012: R+10.3 2008: R+1.5

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

• 2026-04-28 Listed $23,000 GNMLS