372 W Renville St

Pembina, ND 58271

$165,000D+

5 bd · 2.0 ba · 1,575 sqft · Built 1973 · Other · Pending · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,335/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$280
• Net cashflow: $66/mo
• Annual: $795/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• 1% rule: 0.81%
• Cash to close: $46,200

Investor read

• This is a 5-bed/2.0-bath other listed at $165k.
• At list price, monthly cash flow is $66 ($795/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 $133k (19.1% below list).
• It's been on market 154 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (19.1% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 76/100 on livability (#18 in ND, #3,588 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: health & safety D+, amenities F, commute F.
• North Border 100 (rural): math 60% / reading 60% proficiency, ranked #11 of 169 in ND (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Border-Pembina Elementary School (math 54% / reading 54%, grade C, #39 of 236 statewide, top 21%, 94 students, 10% FRL); North Border-Pembina High School (math 24% / reading 24%, grade F, #108 of 144 statewide, top 88%, 37 students, 11% FRL).
• Zoned-school proficiency averages 40% at this address vs 60% district-wide (-20 pts) — the specific schools serving this property underperform the North Border 100 average; the district grade overstates school quality for this exact location.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Pembina County in 2024 (0 in 5+ unit buildings).
• Pembina County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $108k; list at $165k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, 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 154 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.