206 Adams St · Noonan, ND 58765

$55,000

2 bd · 2.0 ba · 784 sqft · Other public records · 16 Days on market

Built 2014 7,000 sqft lot

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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 +5.0/10.0
• Schools +3.4/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 7,000 sq ft lot
• Built 2014
• Listed 16 days

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected; Cable available; Phone available; Natural gas not available
• Home design: Manufactured on land (single wide); One story
• Construction: Wood siding; No foundation listed; Built as manufactured home
• Exterior features: Landscaped, level, rectangular lot; Gravel road frontage on a public maintained city street; Shingle roof; No fencing

Interior

• Kitchen: Microwave; Oven; Refrigerator
• Flooring: Vinyl; Wood; Laminate
• Bathrooms: Two three-quarter bathrooms
• Heating & cooling: Electric heating; Radiant heating; Wall/window air conditioning units
• Interior features: Vaulted ceilings; Awning(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $55k.

Deal economics

• At list price, monthly cash flow is $510 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#308 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: employment D, health & safety D, schools F.
• Divide County 1 (rural): math 30% / reading 43% proficiency, ranked #121 of 169 in ND (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP.

Forward outlook

• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.0% local appreciation)).
• Divide County population projected at +85% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $55k implies a 244% gain — meaningful room to come down on a strong offer.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.02% ✓
• Cap rate: 17.42%
• Cash-on-cash: 39.75%
• DSCR: 2.77
• GRM: 4.1

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: 45.2%
• Equity multiple: 3.54×
• Total profit: $39,125
• Equity at exit: $24,730

10-year hold

• IRR: 45.0%
• Equity multiple: 7.09×
• Total profit: $93,766
• Equity at exit: $38,112

Cash invested: $15,400 (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 58765

• Active inventory: 8
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,110 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $510

Break-even live

Break-even rent $464

Max offer price $55,000

Occupancy floor 49%

Sensitivity live

Price	-10% $541	-5% $526	+0% $510	+5% $495	+10% $479
Rent	-10% $422	-5% $466	+0% $510	+5% $554	+10% $598
Rate	-1.0pp $538	-0.5pp $524	base $510	+0.5pp $496	+1.0pp $481

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $55,000 Active 16 DOM
2. 2026-06-18
   days on market $55,000 Active 14 DOM
3. 2026-06-17
   days on market $55,000 Active 13 DOM
4. 2026-06-16
   days on market $55,000 Active 12 DOM
5. 2026-06-15
   days on market $55,000 Active 11 DOM
6. 2026-06-13
   days on market $55,000 Active 9 DOM
7. 2026-06-12
   days on market $55,000 Active 8 DOM
8. 2026-06-09
   days on market $55,000 Active 5 DOM
9. 2026-06-08
   days on market $55,000 Active 4 DOM
10. 2026-06-07
    days on market $55,000 Active 3 DOM
11. 2026-06-05
    listed $55,000 Active 1 DOM

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $665 · $55/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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,320
• − Mortgage interest: −$3,081
• − Property taxes: −$665
• − Insurance: −$275
• − Repairs & maintenance: −$1,066
• − Management: −$1,066
• − Depreciation: −$1,600
• Taxable income: $5,568
• Est. tax owed @ 24.0%: −$1,336
• After-tax cash flow: $4,785/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: Divide County 1
• NCES district ID: 3805160
• Math proficiency: 30% ▼ -4.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $52,720
• Composite: 34.4/100
• National rank: #10182
• State rank: #121 of 169 in ND

Livability — Noonan

• Score: 57/100
• State rank: #308
• US rank: #22022

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Noonan, ND
• Population (ZIP): 305

Population outlook (Divide County) Hauer SSP2

• Today (2025): 3,235 people
• By 2030: 3,697 · +14.3%
• By 2040: 4,763 · +47.2%
• By 2050: 5,975 · +84.7%
• By 2075: 9,534 · +194.7%
• By 2100: 12,784 · +295.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 10%
• Common ancestry: Portuguese 42% English 4% Italian 3%
• Foreign-born: 6% · Canada
• Languages at home: 99% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Divide

• 2024 margin: Solid R (+55.4) · D 21.2% · R 76.5% · Other 2.3%
• 2008→2024 swing: -40.7pp toward R · 2008: -14.7pp · 2024: -55.4pp
• All cycles: 2024: R+55.4 2020: R+53.2 2016: R+52.0 2012: R+30.3 2008: R+14.7

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

+243.8% since first listed

2 events — show timeline

• 2026-06-04 Listed $55,000 GNMLS
• 2018-08-28 Sold (Public Records) $16,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $665 · +21.6% YoY. Source: county tax records.