810 Adams Dr

Killdeer, ND 58640

$209,900D

4 bd · 3.0 ba · 1,852 sqft · Built 2012 · Other · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-125/mo
• Annual: $-1,502/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.56%
• DSCR: 0.89
• 1% rule: 0.71%
• Cash to close: $58,772

Investor read

• This is a 4-bed/3.0-bath other listed at $210k.
• At list price, monthly cash flow is $-125 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (28.5% below list).
• It's been on market 124 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (28.5% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (2.9% local appreciation)).
• Location reads 76/100 on livability (#13 in ND, #3,337 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Killdeer 16 (rural): math 32% / reading 42% proficiency, ranked #31 of 53 in ND (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Killdeer Elementary School (math 32% / reading 42%, grade F, #152 of 236 statewide, top 68%, 396 students, 22% FRL); Killdeer High School (math 32% / reading 42%, grade F, #71 of 144 statewide, top 52%, 250 students, 22% FRL).
• Market conditions: 39 active listings in the ZIP; 19 units permitted in Dunn County in 2024 (0 in 5+ unit buildings).
• Dunn County population projected at +106% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, 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 124 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.