202 Montana St S · Elgin, ND 58533

$162,500

3 bd · 1.0 ba · 1,560 sqft · Other · 89 Days on market

Built 1960 9,200 sqft lot

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Why this score? — see what drove the D 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 +11.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• DSCR +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Key facts

• Storage room
• Cellar
• Deck added

Tags

• REFINISHED CABINETS
• COUNTERTOPS
• DECK ADDED
• LARGE LAUNDRY ROOM
• STORAGE ROOM
• CELLAR

Property features AI

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Propane; Electricity connected; Cable connected
• Home design: Single family residence; One level
• Construction: Metal/steel siding; Asphalt roof; Block foundation; Built on lot with dimensions approximately 100 x 92 (0.21 acres)
• Exterior features: Rain gutters; Deck; Partial fencing; Landscaped, level lot; Paved, public maintained city street access

Interior

• Kitchen: Range; Refrigerator
• Flooring: Vinyl; Hardwood; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (propane); Central air conditioning; Ceiling fan cooling
• Interior features: Ceiling fans; Finished full basement with storage space

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $162k.

Deal economics

• At list price, monthly cash flow is $-40 ($-484/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (27.4% below list).
• Recommended offer: $118k (27.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#136 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D+, amenities F.
• Elgin-New Leipzig 49 (rural): math 45% / reading 60% proficiency, ranked #43 of 169 in ND (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elgin-New Leipzig Elementary School (math 24% / reading 24%, grade F, #204 of 236 statewide, top 91%, 105 students, 59% FRL); Elgin-New Leipzig High School (math 30% / reading 70%, grade D+, #16 of 144 statewide, top 12%, 66 students, 58% FRL) — zoned schools average 58% FRL vs 31% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 37% at this address vs 52% district-wide (-15 pts) — the specific schools serving this property underperform the Elgin-New Leipzig 49 average; the district grade overstates school quality for this exact location.
• Market conditions: 8 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Grant County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~7 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $162k implies a 306% gain — meaningful room to come down on a strong offer.

Recommended offer $118,025 (27.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.73% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• GRM: 11.5

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: 6.5%
• Equity multiple: 1.37×
• Total profit: $16,930
• Equity at exit: $73,067

10-year hold

• IRR: 9.3%
• Equity multiple: 2.40×
• Total profit: $63,795
• Equity at exit: $112,605

Cash invested: $45,500 (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 58533

• Active inventory: 8
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,180 medium
• Mortgage (P&I): −$852
• Tax from tax record: −$53 /mo · $635/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $-40

Break-even live

Break-even rent $1,231

Max offer price $155,368

Occupancy floor 98%

Sensitivity live

Price	-10% $52	-5% $6	+0% $-40	+5% $-86	+10% $-132
Rent	-10% $-134	-5% $-87	+0% $-40	+5% $6	+10% $53
Rate	-1.0pp $41	-0.5pp $1	base $-40	+0.5pp $-82	+1.0pp $-125

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: $40,625
• Closing costs: $4,875
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-04
   days on market $162,500 Active 89 DOM
2. 2026-06-02
   days on market $162,500 Active 88 DOM
3. 2026-06-01
   days on market $162,500 Active 87 DOM
4. 2026-05-31
   days on market $162,500 Active 86 DOM
5. 2026-03-04
   listed $162,500 Active
6. 2025-04-28
   soldstatus $40,000
7. 2020-10-08
   soldstatus $30,000

ⓘ 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: $635 · $53/mo
• Projected year-2 tax: $1,592 · $133/mo
• Expected delta: +$958/yr (+$80/mo · 150.9%)

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

Taxation est. · year 1

• Rental income: $14,163
• − Mortgage interest: −$9,103
• − Property taxes: −$635
• − Insurance: −$812
• − Repairs & maintenance: −$1,133
• − Management: −$1,133
• − Depreciation: −$4,727
• Taxable loss: −$3,380
• Est. tax savings @ 24.0%: +$811
• After-tax cash flow: $327/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: Elgin-New Leipzig 49
• NCES district ID: 3800045
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 60% ▲ 15.00%
• Median HH income: $41,867
• Composite: 45.97/100
• National rank: #5527
• State rank: #43 of 169 in ND

Livability — Elgin

• Score: 67/100
• State rank: #136
• US rank: #10696

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elgin, ND
• Population (ZIP): 911

Population outlook (Grant County) Hauer SSP2

• Today (2025): 2,327 people
• By 2030: 2,324 · -0.1%
• By 2040: 2,342 · +0.6%
• By 2050: 2,436 · +4.7%
• By 2075: 3,075 · +32.1%
• By 2100: 3,660 · +57.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Asian 5% Two or more races 2%
• Common ancestry: Portuguese 22% Scotch-Irish 12%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · German/W. Germanic 6% Tagalog/Filipino 5% Spanish 1%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+66.8) · D 15.7% · R 82.5% · Other 1.8%
• 2008→2024 swing: -43.7pp toward R · 2008: -23.1pp · 2024: -66.8pp
• All cycles: 2024: R+66.8 2020: R+67.9 2016: R+66.9 2012: R+49.2 2008: R+23.1

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

+441.7% since first listed

3 events — show timeline

• 2026-03-04 Listed $162,500 GNMLS
• 2025-04-28 Sold (Public Records) $40,000 Public Records
• 2020-10-08 Sold (Public Records) $30,000 Public Records

Property tax history

-0.0%/yr

Latest (2024): $635 · +1.5% YoY. Source: county tax records.