110 Elm Ave W

Glen Ullin, ND 58631

$110,000C+

5 bd · 1.5 ba · 2,880 sqft · Built 1906 · Other · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,121/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $155/mo
• Annual: $1,858/yr
• Cap rate: 8.59%
• Cash-on-cash: 8.20%
• DSCR: 1.36
• 1% rule: 1.02%
• Cash to close: $30,800

Investor read

• This is a 5-bed/1.5-bath other listed at $110k.
• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($761 loan paydown + $5k appreciation (4.9% local appreciation)).
• Location reads 64/100 on livability (#210 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: schools C-, crime D+, health & safety D+.
• Glen Ullin 48 (rural): math 50% / reading 45% proficiency, ranked #74 of 169 in ND (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.