220 Church St · Flasher, ND 58535

$120,000

6 bd · 7.0 ba · 4,719 sqft · MultiFamily · 21 Days on market

Built 1981 Poor condition 0.40 ac lot Est $118k · at est. ↓ 35% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.7/15.0
• Appreciation +5.0/10.0
• Schools +4.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +1.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is a great opportunity to step into investing or expand your current portfolio! Established tenants, and well-kept property make this property hard to pass by. Getting 7 UNITS (6-1 bedrooms and an efficiency) for this price it's a great expansion to your investment portfolio and opportunity for added income streams. The property is a great shape with shared coin operated laundry and exterior maintenance room. Only 40 minutes from Bismarck/Mandan!

Key facts

• Off street parking
• Sprinkler system
• 0.4 acre lot

Tags

• COIN OPERATED LAUNDRY
• OFF STREET PARKING
• SPRINKLER SYSTEM

Property features AI

Finance

• Other: Property listed as Residential Income / Multi Family; Lot dimensions approximately 125 x 140 (0.4 acres)

Exterior

• Parking: Off-street parking; No garage
• Utilities: Public water; Public sewer; Water connected; Sewer connected; Electricity connected; Propane available; Phone service available; Natural gas not available
• Home design: Residential income property (multi-family); One story
• Construction: Vinyl siding; Shingle roof; Concrete perimeter foundation; Built area approximately 4,719 above grade
• Exterior features: Corner, level lot; Paved city street frontage; Publicly maintained road; No fencing

Interior

• Kitchen: Electric range; Microwave; Range hood; Refrigerator; Dishwasher not listed
• Flooring: Vinyl flooring; Carpet
• Bathrooms: Six full bathrooms; One three-quarter bathroom
• Heating & cooling: Wall/window air conditioning units; Heating via baseboard, hot water, and propane; Exhaust fan
• Interior features: Washer and dryer included; Electric range, microwave, range hood, refrigerator; Exhaust fan
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $120k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $743 ($9k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#297 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D+, employment D+, amenities F.
• Flasher 39 (rural): math 55% / reading 55% proficiency, ranked #18 of 169 in ND (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Flasher Elementary School (math 47% / reading 32%, grade F, #137 of 236 statewide, top 63%, 151 students, 24% FRL); Flasher High School (math 24% / reading 34%, grade F, #99 of 144 statewide, top 71%, 120 students, 24% FRL) — zoned schools at 24% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 55% district-wide (-20 pts) — the specific schools serving this property underperform the Flasher 39 average; the district grade overstates school quality for this exact location.
• Market conditions: 2 active listings in the ZIP; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($830 loan paydown + $4k appreciation (3.0% local appreciation)).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago 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.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 13.72%
• Cash-on-cash: 26.53%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $117,975
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Church St	0.00mi	6/7.0	4,719 (0%)	0mo	$120,000	$25	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.5%
• Equity multiple: 2.84×
• Total profit: $61,796
• Equity at exit: $53,957

10-year hold

• IRR: 32.8%
• Equity multiple: 5.58×
• Total profit: $153,743
• Equity at exit: $83,154

Cash invested: $33,600 (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 58535

• Active inventory: 2
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,990 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $743

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 58%

Sensitivity live

Price	-10% $826	-5% $784	+0% $743	+5% $701	+10% $660
Rent	-10% $586	-5% $664	+0% $743	+5% $821	+10% $900
Rate	-1.0pp $803	-0.5pp $773	base $743	+0.5pp $712	+1.0pp $680

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,990
Total (2 units)			$1,990

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-01
   status Pending
2. 2025-04-10
   listed $120,000 Active
3. 2024-08-05
   soldstatus Closed 457-char remark

   Show marketing remark (457 chars)

   This is a great opportunity to step into investing or expand your current portfolio! Established tenants, and well-kept property make this property hard to pass by. Getting 7 UNITS (6-1 bedrooms and an efficiency) for this price it's a great expansion to your investment portfolio and opportunity for added income streams. The property is a great shape with shared coin operated laundry and exterior maintenance room. Only 40 minutes from Bismarck/Mandan!

4. 2024-07-24
   status Pending 457-char remark

   Show marketing remark (457 chars)

   This is a great opportunity to step into investing or expand your current portfolio! Established tenants, and well-kept property make this property hard to pass by. Getting 7 UNITS (6-1 bedrooms and an efficiency) for this price it's a great expansion to your investment portfolio and opportunity for added income streams. The property is a great shape with shared coin operated laundry and exterior maintenance room. Only 40 minutes from Bismarck/Mandan!

5. 2024-07-09
   listed $120,000 Active 457-char remark

   Show marketing remark (457 chars)

   This is a great opportunity to step into investing or expand your current portfolio! Established tenants, and well-kept property make this property hard to pass by. Getting 7 UNITS (6-1 bedrooms and an efficiency) for this price it's a great expansion to your investment portfolio and opportunity for added income streams. The property is a great shape with shared coin operated laundry and exterior maintenance room. Only 40 minutes from Bismarck/Mandan!

6. 2023-12-04
   price $135,000
7. 2023-11-16
   price $160,000
8. 2023-09-11
   price $189,900
9. 2023-02-24
   soldstatus
10. 2023-01-17
    listed $185,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌡 Heat 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,880
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,910
• − Management: −$1,910
• − Depreciation: −$3,491
• Taxable income: $7,446
• Est. tax owed @ 24.0%: −$1,787
• After-tax cash flow: $7,127/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.

Condition & rehab AI · 12 photos

Poor 30/100 Extensive rehab

This property requires extensive renovations to improve its condition and increase its value. Significant repairs and updates are needed in the kitchen, bathrooms, exterior, flooring, and windows.

Repairs flagged

• Major roof — visible snow and potential ice dam
• Major exterior siding — exposed siding, potential water damage
• Major HVAC units — old, possibly inefficient units
• Major kitchen appliances — dated and worn
• Major bathroom fixtures — dated and worn
• Major flooring — worn carpet, exposed subfloor
• Major interior walls/paint — peeling paint, worn trim
• Major windows — old, possibly single-pane windows

Value-add opportunities

• Both new roof — improves both resale and rental value
• Both new exterior siding — enhances curb appeal and durability
• Both new HVAC units — increases energy efficiency and comfort
• Both new kitchen appliances — modernizes the space and increases appeal
• Both new bathroom fixtures — enhances functionality and aesthetics
• Both new flooring — improves comfort and durability
• Both new interior paint — refreshes the space and enhances curb appeal
• Both new windows — increases natural light and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · visible snow and potential ice dam	Major	$15,000–50,000
exterior siding · exposed siding, potential water damage	Major	$15,000–50,000
HVAC units · old, possibly inefficient units	Major	$15,000–50,000
kitchen appliances · dated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
flooring · worn carpet, exposed subfloor	Major	$15,000–50,000
interior walls/paint · peeling paint, worn trim	Major	$15,000–50,000
windows · old, possibly single-pane windows	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Both new roof — improves both resale and rental value ↑
• Both new exterior siding — enhances curb appeal and durability ↑
• Both new HVAC units — increases energy efficiency and comfort ↑
• Both new kitchen appliances — modernizes the space and increases appeal ↑
• Both new bathroom fixtures — enhances functionality and aesthetics ↑
• Both new flooring — improves comfort and durability ↑
• Both new interior paint — refreshes the space and enhances curb appeal ↑
• Both new windows — increases natural light and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Flasher 39
• NCES district ID: 3806930
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 55% ▲ 10.00%
• Median HH income: $57,023
• Composite: 49.42/100
• National rank: #4321
• State rank: #18 of 169 in ND

Livability — Flasher

• Score: 58/100
• State rank: #297
• US rank: #21082

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flasher, ND
• Population (ZIP): 435

Population outlook (Morton County) Hauer SSP2

• Today (2025): 36,682 people
• By 2030: 39,967 · +9.0%
• By 2040: 46,921 · +27.9%
• By 2050: 54,157 · +47.6%
• By 2075: 73,661 · +100.8%
• By 2100: 89,885 · +145.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Native American 4% Two or more races 3%
• Common ancestry: Portuguese 10% Scotch-Irish 7% Russian 5%
• Languages at home: 96% English-only · German/W. Germanic 4%

Political lean MEDSL · Morton

• 2024 margin: Solid R (+53.8) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -32.7pp toward R · 2008: -21.0pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+50.4 2016: R+53.0 2012: R+31.1 2008: R+21.0

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

-35.1% since first listed

10 events — show timeline

• 2026-05-01 Pending — GNMLS
• 2025-04-10 Listed $120,000 GNMLS
• 2024-08-05 Sold (MLS) — GNMLS
• 2024-07-24 Pending — GNMLS
• 2024-07-09 Listed $120,000 GNMLS
• 2023-12-04 Price Changed $135,000 GNMLS
• 2023-11-16 Price Changed $160,000 GNMLS
• 2023-09-11 Price Changed $189,900 GNMLS
• 2023-02-24 Sold (MLS) — GNMLS
• 2023-01-17 Listed $185,000 GNMLS