15 2nd St SE · Hillsboro, ND 58045

$189,000

2 bd · 1.0 ba · 1,628 sqft · SingleFamily · 29 Days on market

Built 1950 7,000 sqft lot

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Why this score? — see what drove the C- 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 +16.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this charming 2-bedroom home with an updated kitchen and potential for a third bedroom in the basement. Featuring an oversized double garage, partially insulated for convenience. The metal siding and updated vinyl windows ensure durability and energy efficiency. Enjoy the spacious yard for outdoor activities. Don't miss out on this cozy retreat! Schedule a SHOWING TODAY!

Key facts

• Metal siding
• Large fenced yard
• Updated kitchen

Tags

• UPDATED KITCHEN
• BUILT-IN BASEMENT BAR
• LARGE FENCED YARD
• OVERSIZED DOUBLE GARAGE
• METAL SIDING
• UPDATED VINYL WINDOWS

Property features AI

Exterior

• Parking: 2-car garage (approx. 20x38); Gravel parking
• Utilities: City water (in street); City sewer (in street); Electric heat source
• Home design: Residential property; One story; Poured concrete foundation
• Construction: Poured concrete foundation
• Exterior features: Metal exterior

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished full basement; Wet bar
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/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 $180k (4.8% below list).
• Recommended offer: $180k (4.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#7 in ND, #2,511 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Hillsboro 9 (rural): math 51% / reading 44% proficiency, ranked #16 of 53 in ND (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Hillsboro High School (math 47% / reading 47%, grade D-, #30 of 144 statewide, top 22%, 241 students, 21% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 14 active listings in the ZIP; 8 units permitted in Traill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (3.7% local appreciation)).
• Traill County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.
• Current owner paid $160k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,971 (4.8% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.71×
• Total profit: $37,413
• Equity at exit: $92,699

10-year hold

• IRR: 13.6%
• Equity multiple: 3.16×
• Total profit: $114,225
• Equity at exit: $149,175

Cash invested: $52,920 (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 58045

• Home prices YoY: 2.7%
• Active inventory: 14
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $116

Break-even live

Break-even rent $1,653

Max offer price $189,000

Occupancy floor 89%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $189,000 Active 29 DOM
2. 2026-06-17
   days on market $189,000 Active 28 DOM
3. 2026-06-16
   days on market $189,000 Active 27 DOM
4. 2026-06-15
   days on market $189,000 Active 26 DOM
5. 2026-06-13
   days on market $189,000 Active 24 DOM
6. 2026-06-12
   days on market $189,000 Active 23 DOM
7. 2026-06-09
   days on market $189,000 Active 20 DOM
8. 2026-06-08
   days on market $189,000 Active 19 DOM
9. 2026-06-07
   days on market $189,000 Active 18 DOM
10. 2026-06-05
    statusdays on market $189,000 Active 16 DOM
11. 2026-06-04
    days on market $189,000 Contingent - Inspection 14 DOM
12. 2026-06-02
    days on market $189,000 Contingent - Inspection 13 DOM
13. 2026-06-01
    days on market $189,000 Contingent - Inspection 12 DOM
14. 2026-05-31
    days on market $189,000 Contingent - Inspection 11 DOM
15. 2026-05-19
    listed $189,000 Active
16. 2024-04-26
    soldstatus $160,000 Sold 384-char remark

    Show marketing remark (384 chars)

    Welcome to this charming 2-bedroom home with an updated kitchen and potential for a third bedroom in the basement. Featuring an oversized double garage, partially insulated for convenience. The metal siding and updated vinyl windows ensure durability and energy efficiency. Enjoy the spacious yard for outdoor activities. Don't miss out on this cozy retreat! Schedule a SHOWING TODAY!

17. 2024-04-26
    soldstatus $160,000

    Show marketing remark (384 chars)

    Welcome to this charming 2-bedroom home with an updated kitchen and potential for a third bedroom in the basement. Featuring an oversized double garage, partially insulated for convenience. The metal siding and updated vinyl windows ensure durability and energy efficiency. Enjoy the spacious yard for outdoor activities. Don't miss out on this cozy retreat! Schedule a SHOWING TODAY!

18. 2024-04-01
    status Pending 384-char remark

    Show marketing remark (384 chars)

    Welcome to this charming 2-bedroom home with an updated kitchen and potential for a third bedroom in the basement. Featuring an oversized double garage, partially insulated for convenience. The metal siding and updated vinyl windows ensure durability and energy efficiency. Enjoy the spacious yard for outdoor activities. Don't miss out on this cozy retreat! Schedule a SHOWING TODAY!

19. 2023-09-27
    listed $143,500 Active 384-char remark

    Show marketing remark (384 chars)

    Welcome to this charming 2-bedroom home with an updated kitchen and potential for a third bedroom in the basement. Featuring an oversized double garage, partially insulated for convenience. The metal siding and updated vinyl windows ensure durability and energy efficiency. Enjoy the spacious yard for outdoor activities. Don't miss out on this cozy retreat! Schedule a SHOWING TODAY!

20. 2014-02-03
    soldstatus $72,500
21. 2007-06-08
    soldstatus $54,000 183-char remark

    Show marketing remark (183 chars)

    2 Bedroom, Bath, Kitchen, Living Room. Many hardwood floors, newer furnace, new shingles in 2006. Steel siding fascia & soffit. 20x40 double detached garage. Close to schools.

22. 2007-06-08
    soldstatus $54,000

    Show marketing remark (183 chars)

    2 Bedroom, Bath, Kitchen, Living Room. Many hardwood floors, newer furnace, new shingles in 2006. Steel siding fascia & soffit. 20x40 double detached garage. Close to schools.

23. 2007-04-19
    listed $55,000 183-char remark

    Show marketing remark (183 chars)

    2 Bedroom, Bath, Kitchen, Living Room. Many hardwood floors, newer furnace, new shingles in 2006. Steel siding fascia & soffit. 20x40 double detached garage. Close to schools.

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,597
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$5,498
• Taxable loss: −$1,724
• Est. tax savings @ 24.0%: +$414
• After-tax cash flow: $1,801/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.

Schools (NCES district)

• District: Hillsboro 9
• NCES district ID: 3809570
• Math proficiency: 51% ▲ 1.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $51,294
• Composite: 40.88/100
• National rank: #3622
• State rank: #16 of 53 in ND

Livability — Hillsboro

• Score: 78/100
• State rank: #7
• US rank: #2511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, ND
• Population (ZIP): 2,181

Population outlook (Traill County) Hauer SSP2

• Today (2025): 8,107 people
• By 2030: 8,099 · -0.1%
• By 2040: 8,151 · +0.5%
• By 2050: 8,384 · +3.4%
• By 2075: 9,868 · +21.7%
• By 2100: 12,181 · +50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Portuguese 31% Scottish 6% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Traill

• 2024 margin: Solid R (+31.6) · D 33.3% · R 65.0% · Other 1.7%
• 2008→2024 swing: -38.8pp toward R · 2008: 7.2pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+24.9 2016: R+26.5 2012: R+4.7 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.72%
• Current HPI: 139.3759
• 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

+243.6% since first listed

9 events — show timeline

• 2026-05-19 Listed $189,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-26 Sold (Public Records) $160,000 Public Records
• 2024-04-26 Sold (MLS) $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-27 Listed $143,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-03 Sold (Public Records) $72,500 Public Records
• 2007-06-08 Sold (Public Records) $54,000 Public Records
• 2007-06-08 Sold (MLS) $54,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-19 Listed $55,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-11.0%/yr

Latest (2025): $301 · -75.4% YoY. Source: county tax records.