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Harmon, ND 58554

$70,000B

3 bd · 2.0 ba · 1,216 sqft · Built 2020 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,576/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $761/mo
• Annual: $9,133/yr
• Cap rate: 19.34%
• Cash-on-cash: 46.60%
• DSCR: 3.07
• 1% rule: 2.25%
• Cash to close: $19,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $761 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#185 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Mandan 1 (suburban): math 35% / reading 38% proficiency, ranked #32 of 53 in ND (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mandan Middle School (math 36% / reading 40%, grade F, #21 of 35 statewide, top 59%, 928 students, 30% FRL); Mandan High School (math 18% / reading 42%, grade F, #90 of 144 statewide, top 66%, 1,138 students, 25% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising fast (+14.0%/yr); 304 active listings in the ZIP; solid renter incomes; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant wear and possible damage
• Major: roof — No visible damage, but the home is a manufactured structure
• Major: flooring — No visible flooring, but the home is a manufactured structure
• Major: interior walls/paint — No visible interior, but the home is a manufactured structure
• Major: systems — No visible systems, but the home is a manufactured structure