312 Elk St · Alexander, ND 58831

$89,900

3 bd · 1.0 ba · 1,252 sqft · Other · 48 Days on market

Built 1910 0.32 ac lot

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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 +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Large lot
• 0.32 acre lot
• Garage

Tags

• LARGE LOT

Property features AI

Exterior

• Parking: Off-street parking; One garage space
• Utilities: Public water; Private sewer; Electricity connected; Water connected; Sewer connected
• Home design: Single-family residence; Residential property
• Construction: Other construction materials
• Exterior features: Corner lot; City street frontage; Publicly maintained road

Interior

• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating; No cooling system
• Interior features: No built-in appliances listed; Storage space in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $656 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#181 in ND) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, cost of living A-; Watch: health & safety D, amenities F, commute F.
• Alexander 2 (rural): math 25% / reading 35% proficiency, ranked #140 of 169 in ND (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alexander Elementary School (math 27% / reading 42%, grade F, #162 of 236 statewide, top 73%, 196 students, 34% FRL); Alexander High School (math 5% / reading 44%, grade F, #107 of 144 statewide, top 74%, 125 students, 34% FRL).
• Market conditions: 52 active listings in the ZIP; 38 units permitted in McKenzie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($622 loan paydown + $3k appreciation (3.0% local appreciation)).
• McKenzie County population projected at +180% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.80% ✓
• Cap rate: 15.05%
• Cash-on-cash: 31.29%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 37.1%
• Equity multiple: 3.09×
• Total profit: $52,658
• Equity at exit: $40,423

10-year hold

• IRR: 37.2%
• Equity multiple: 6.12×
• Total profit: $128,919
• Equity at exit: $62,297

Cash invested: $25,172 (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 58831

• Active inventory: 52
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,617 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $656

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 54%

Sensitivity live

Price	-10% $718	-5% $687	+0% $656	+5% $625	+10% $594
Rent	-10% $529	-5% $592	+0% $656	+5% $720	+10% $784
Rate	-1.0pp $702	-0.5pp $679	base $656	+0.5pp $633	+1.0pp $609

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $89,900 Active 48 DOM
2. 2026-06-18
   days on market $89,900 Active 47 DOM
3. 2026-06-17
   days on market $89,900 Active 46 DOM
4. 2026-06-16
   days on market $89,900 Active 45 DOM
5. 2026-06-15
   days on market $89,900 Active 44 DOM
6. 2026-06-14
   days on market $89,900 Active 42 DOM
7. 2026-06-12
   days on market $89,900 Active 41 DOM
8. 2026-06-09
   days on market $89,900 Active 38 DOM
9. 2026-06-08
   days on market $89,900 Active 37 DOM
10. 2026-06-07
    days on market $89,900 Active 36 DOM
11. 2026-06-05
    days on market $89,900 Active 33 DOM
12. 2026-06-03
    days on market $89,900 Active 32 DOM
13. 2026-06-02
    days on market $89,900 Active 31 DOM
14. 2026-06-01
    days on market $89,900 Active 30 DOM
15. 2026-05-31
    days on market $89,900 Active 29 DOM
16. 2026-05-30
    days on market $89,900 Active 28 DOM
17. 2026-05-02
    listed $89,900 Active

ⓘ 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 ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,407
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,553
• − Management: −$1,553
• − Depreciation: −$2,615
• Taxable income: $6,853
• Est. tax owed @ 24.0%: −$1,645
• After-tax cash flow: $6,232/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: Alexander 2
• NCES district ID: 3801760
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 35% ▼ -10.00%
• Median HH income: $60,164
• Composite: 29.99/100
• National rank: #11643
• State rank: #140 of 169 in ND

Livability — Alexander

• Score: 65/100
• State rank: #181
• US rank: #12724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alexander, ND
• Population (ZIP): 1,100

Population outlook (McKenzie County) Hauer SSP2

• Today (2025): 28,775 people
• By 2030: 37,834 · +31.5%
• By 2040: 58,116 · +102.0%
• By 2050: 80,685 · +180.4%
• By 2075: 142,630 · +395.7%
• By 2100: 200,986 · +598.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 11% Two or more races 3% Native American 3% Hispanic / Latino 3%
• Common ancestry: Portuguese 21% Italian 3% Danish 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · McKenzie

• 2024 margin: Solid R (+69.6) · D 14.8% · R 84.4%
• 2008→2024 swing: -39.9pp toward R · 2008: -29.7pp · 2024: -69.6pp
• All cycles: 2024: R+69.6 2020: R+67.7 2016: R+64.5 2012: R+44.5 2008: R+29.7

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

1 event — show timeline

• 2026-05-02 Listed $89,900 GNMLS