203 Park Ave

Finley, ND 58230

$129,900C-

3 bd · 2.0 ba · 2,607 sqft · Built 1967 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $82/mo
• Annual: $989/yr
• Cap rate: 7.05%
• Cash-on-cash: 2.72%
• DSCR: 1.12
• 1% rule: 0.96%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $82 ($989/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (4.5% below list).
• It's been on market 34 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (4.5% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($898 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 70/100 on livability (#91 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, health & safety D+, amenities F.
• Finley-Sharon 19 (rural): math 50% / reading 60% proficiency, ranked #23 of 169 in ND (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Finley-Sharon Elementary School (math 70% / reading 50%, grade B-, #19 of 236 statewide, top 13%, 45 students, 53% FRL); Finley-Sharon High School (math 70% / reading 50%, grade C+, #7 of 144 statewide, top 5%, 45 students, 53% FRL) — zoned schools average 53% FRL vs 20% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 5 active listings in the ZIP; 4 units permitted in Steele County in 2024 (0 in 5+ unit buildings).
• Steele County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1967 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The independent image shows visible damage to the roof.
• Major: exterior siding — The independent image shows weathered siding and peeling paint.
• Major: concrete flooring — The independent image shows a concrete floor with visible stains and wear.
• Major: interior walls — The independent image shows walls with peeling paint and visible damage.
• Major: landscaping — The listing photos show a lack of landscaping features, which could be improved to enhance curb appeal.