118 2nd St SW · Hillsboro, ND 58045

$60,000

3 bd · 1.0 ba · 1,158 sqft · SingleFamily · 13 Days on market

Built 1905 0.26 ac lot ↓ 22% since listing

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Quarter acre lot
• 0.26 acre lot
• 2 garage spots

Tags

• QUARTER ACRE LOT
• GARAGE AS BIG AS THE HOUSE
• ROOF SIDING ONLY 7 YEARS OLD

Property features AI

Exterior

• Parking: Concrete parking; 2 garage spaces (garage dimensions approx. 26 x 30)
• Utilities: City water (connected); City sewer (connected); Natural gas and propane available
• Home design: Residential property; One-and-one-half story; Above-grade finished area approximately 1,158 sq ft
• Construction: Other construction materials; Roof age 8 years or less; Foundation area approximately 1,040 (crawl space foundation)
• Exterior features: Vinyl exterior; Patio; No fencing

Interior

• Kitchen: Range
• Bedrooms: 3 bedrooms (primary on main floor; other bedrooms on main level)
• Bathrooms: One full bathroom on the main floor
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Ceiling fan(s); Main floor primary bedroom; Living/Dining room layout; Crawl space basement
• Laundry & utility: Main level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).

Location & tenants

• Location reads 78/100 on livability (#7 in ND, #2,511 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Hillsboro 9 (rural): math 51% / reading 44% proficiency, ranked #16 of 53 in ND (top 30%) — 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: Hillsboro High School (math 47% / reading 47%, grade D-, #30 of 144 statewide, top 22%, 241 students, 21% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 14 active listings in the ZIP; 8 units permitted in Traill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($415 loan paydown + $2k appreciation (3.7% local appreciation)).
• Traill County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 3.11% ✓
• Cap rate: 27.59%
• Cash-on-cash: 76.08%
• DSCR: 4.39
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 81.2%
• Equity multiple: 5.61×
• Total profit: $77,391
• Equity at exit: $29,428

10-year hold

• IRR: 80.2%
• Equity multiple: 11.58×
• Total profit: $177,713
• Equity at exit: $47,357

Cash invested: $16,800 (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 58045

• Home prices YoY: 2.7%
• Active inventory: 14
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,866 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$69 /mo · $829/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $1,065

Break-even live

Break-even rent $517

Max offer price $60,000

Occupancy floor 38%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $60,000 Active 13 DOM
2. 2026-06-17
   days on market $60,000 Active 12 DOM
3. 2026-06-16
   days on market $60,000 Active 11 DOM
4. 2026-06-15
   days on market $60,000 Active 10 DOM
5. 2026-06-13
   days on market $60,000 Active 8 DOM
6. 2026-06-12
   days on market $60,000 Active 7 DOM
7. 2026-06-09
   days on market $60,000 Active 4 DOM
8. 2026-06-08
   days on market $60,000 Active 3 DOM
9. 2026-06-07
   pricedays on marketlisting id $60,000 Active 2 DOM
10. 2026-01-08
    listed $64,900 Active
11. 2026-01-01
    historical
12. 2025-11-18
    price $64,900
13. 2025-09-14
    price $69,900
14. 2025-08-14
    price $78,000
15. 2025-06-26
    listed $83,000 Active

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

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $829 · $69/mo
• Projected year-2 tax: $829 · $69/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,387
• − Mortgage interest: −$3,361
• − Property taxes: −$829
• − Insurance: −$300
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$1,745
• Taxable income: $12,570
• Est. tax owed @ 24.0%: −$3,017
• After-tax cash flow: $9,764/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: Hillsboro 9
• NCES district ID: 3809570
• Math proficiency: 51% ▲ 1.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $51,294
• Composite: 40.88/100
• National rank: #3622
• State rank: #16 of 53 in ND

Livability — Hillsboro

• Score: 78/100
• State rank: #7
• US rank: #2511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, ND
• Population (ZIP): 2,181

Population outlook (Traill County) Hauer SSP2

• Today (2025): 8,107 people
• By 2030: 8,099 · -0.1%
• By 2040: 8,151 · +0.5%
• By 2050: 8,384 · +3.4%
• By 2075: 9,868 · +21.7%
• By 2100: 12,181 · +50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Portuguese 31% Scottish 6% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Traill

• 2024 margin: Solid R (+31.6) · D 33.3% · R 65.0% · Other 1.7%
• 2008→2024 swing: -38.8pp toward R · 2008: 7.2pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+24.9 2016: R+26.5 2012: R+4.7 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.72%
• Current HPI: 139.3759
• 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

-21.8% since first listed

6 events — show timeline

• 2026-01-08 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-18 Price Changed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-14 Price Changed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-14 Price Changed $78,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-26 Listed $83,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-1.8%/yr

Latest (2025): $829 · +15.6% YoY. Source: county tax records.