41 C e n t e r Ave S

Mayville, ND 58257

$33,000B

1 bd · 2.0 ba · 600 sqft · Built 1890 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $752/mo
• Mortgage (P&I): −$173
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$158
• Net cashflow: $332/mo
• Annual: $3,982/yr
• Cap rate: 18.36%
• Cash-on-cash: 43.10%
• DSCR: 2.92
• 1% rule: 2.28%
• Cash to close: $9,240

Investor read

• This is a 1-bed/2.0-bath single-family listed at $33k.
• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($752 rent vs $33k).
• It's been on market 102 days — a 9% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $228 of loan paydown is wiped out by about $990 of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#2 in ND, #959 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• May-Port Cg 14 (rural): math 42% / reading 50% proficiency, ranked #19 of 53 in ND (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Peter Boe Jr Elementary School (math 52% / reading 57%, grade C, #39 of 236 statewide, top 21%, 262 students, 21% FRL); May-Port Cg Middle School (math 32% / reading 37%, grade F, #24 of 35 statewide, top 71%, 114 students, 18% FRL); May-Port Cg High School (math 24% / reading 64%, grade F, #33 of 144 statewide, top 32%, 132 students, 18% FRL) — zoned schools at 19% FRL track the district average.
• Watch-outs: property tax is 2.7% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 8 units permitted in Traill County in 2024 (0 in 5+ unit buildings).
• Traill County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $23k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.