679 19th St W

Dickinson, ND 58601

$65,000B-

1 bd · 1.0 ba · 588 sqft · Built 1979 · Condo · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,030/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $364/mo
• Annual: $4,372/yr
• Cap rate: 13.02%
• Cash-on-cash: 24.02%
• DSCR: 2.07
• 1% rule: 1.58%
• Cash to close: $18,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $65k. Condition is rated poor.
• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 52 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#12 in ND, #3,334 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Dickinson 1 (town): math 35% / reading 43% proficiency, ranked #29 of 53 in ND (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.9%/yr); 236 active listings in the ZIP; solid renter incomes; 20 units permitted in Stark County in 2024 (0 in 5+ unit buildings).
• Stark County population projected at +120% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 5y 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.0% vs local median 2.9% in Dickinson — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 14% of the median local income ($86k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering
• Major: roof shingles — Significant wear
• Major: flooring — Worn carpet
• Major: interior walls — Painted walls with visible wear