306 11th St

Walhalla, ND 58282

$62,000B+

2 bd · 1.0 ba · 1,000 sqft · Built 1930 · Other · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $887/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $295/mo
• Annual: $3,542/yr
• Cap rate: 12.01%
• Cash-on-cash: 20.40%
• DSCR: 1.91
• 1% rule: 1.43%
• Cash to close: $17,360

Investor read

• This is a 2-bed/1.0-bath other listed at $62k.
• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($887 rent vs $62k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($429 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#206 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D+, health & safety D+.
• North Border 100 (rural): math 60% / reading 60% proficiency, ranked #11 of 169 in ND (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 2 units permitted in Pembina County in 2024 (0 in 5+ unit buildings).
• Pembina County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1930 — 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 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?
• 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.