1402 1st St Unit A

Langdon, ND 58249

$78,000C+

3 bd · 2.0 ba · 1,523 sqft · Built 1981 · Townhouse · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,130/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$233
• HOA: −$67
• Vac / Maint / Mgmt: −$237
• Net cashflow: $183/mo
• Annual: $2,199/yr
• Cap rate: 9.11%
• Cash-on-cash: 10.07%
• DSCR: 1.45
• 1% rule: 1.45%
• Cash to close: $21,840

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $78k.
• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 27 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#42 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Langdon Area 23 (rural): math 38% / reading 51% proficiency, ranked #83 of 169 in ND (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.1% of price.
• Market conditions: 16 active listings in the ZIP; 2 units permitted in Cavalier County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts 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.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.