211 12th St W

Bottineau, ND 58318

$134,999D

2 bd · 1.0 ba · 2,136 sqft · Built 1948 · Other · Active · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,001/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $-94/mo
• Annual: $-1,123/yr
• Cap rate: 5.46%
• Cash-on-cash: -2.97%
• DSCR: 0.87
• 1% rule: 0.74%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath other listed at $135k.
• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (25.8% below list).
• It's been on market 139 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (25.8% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($933 loan paydown + $9k appreciation (6.3% local appreciation)).
• Location reads 78/100 on livability (#6 in ND, #2,494 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Bottineau 1 (rural): math 40% / reading 39% proficiency, ranked #30 of 53 in ND (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bottineau Elementary School (math 46% / reading 34%, grade F, #132 of 236 statewide, top 57%, 349 students, 24% FRL); Bottineau Junior-Senior High School (math 32% / reading 47%, grade F, #57 of 144 statewide, top 48%, 311 students, 40% FRL).
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 10 units permitted in Bottineau County in 2024 (0 in 5+ unit buildings).
• Bottineau County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, 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

• 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?
• It's been on market 139 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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.
• 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.