300 4th Ave N

Hettinger, ND 58639

$116,250C-

2 bd · 1.0 ba · 1,728 sqft · Built 1960 · Other · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,042/mo
• Mortgage (P&I): −$610
• Tax + insurance: −$122
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $92/mo
• Annual: $1,098/yr
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• 1% rule: 0.90%
• Cash to close: $32,550

Investor read

• This is a 2-bed/1.0-bath other listed at $116k.
• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (10.3% below list).
• It's been on market 147 days — a 12% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($804 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 69/100 on livability (#94 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: employment D+, health & safety D+, amenities F.
• Hettinger 13 (rural): math 30% / reading 45% proficiency, ranked #118 of 169 in ND (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 21 active listings in the ZIP.
• Adams County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $25k; list at $116k implies a 365% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.