307 4th St N

Richardton, ND 58652

$49,950B+

5 bd · 1.0 ba · 1,421 sqft · Built 1910 · Other · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,344/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $717/mo
• Annual: $8,599/yr
• Cap rate: 23.51%
• Cash-on-cash: 61.48%
• DSCR: 3.74
• 1% rule: 2.69%
• Cash to close: $13,986

Investor read

• This is a 5-bed/1.0-bath other listed at $50k.
• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 52 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($346 loan paydown + $2k appreciation (4.2% local appreciation)).
• Location reads 69/100 on livability (#100 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: health & safety D+, amenities F, commute F.
• Richardton-Taylor 34 (rural): math 35% / reading 40% proficiency, ranked #111 of 169 in ND (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Taylor-Richardton Elementary School (math 54% / reading 54%, grade C, #39 of 236 statewide, top 21%, 137 students, 28% FRL); Richardton-Taylor Elementary School (math 24% / reading 54%, grade F, #19 of 35 statewide, top 53%, 45 students, 29% FRL); Richardton-Taylor High School (math 32% / reading 52%, grade F, #49 of 144 statewide, top 34%, 132 students, 30% FRL) — zoned schools at 29% FRL track the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 20 units permitted in Stark County in 2024 (0 in 5+ unit buildings).
• Stark County population projected at +120% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.