18 2nd St SW · Bowman, ND 58623

$159,500

4 bd · 3.0 ba · 0 sqft · SingleFamily public records · 260 Days on market

Built 1950 ↓ 9% since listing

---

Why this score? — see what drove the D- 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).

• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Appreciation +6.2/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• 1% rule +0.8/10.0

Key facts

• 3 garage spots
• Built 1950
• Listed 260 days

Property features AI

Exterior

• Parking: 3-car garage; Garage door opener
• Utilities: Public sewer
• Home design: Single-family residence; Residential property; Low-density residential zoning
• Construction: Has basement (finished, concrete)
• Exterior features: Irregular-shaped lot; Public sewer

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced-air heating; Central cooling
• Interior features: Window coverings; Finished concrete basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (22.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (41.9% below list).
• Recommended offer: $93k (41.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#53 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, schools D, amenities F.
• Bowman County 1 (rural): math 34% / reading 39% proficiency, ranked #33 of 53 in ND (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 16 active listings in the ZIP; 3 units permitted in Bowman County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.5% local appreciation)).
• Bowman County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, 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 260 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $92,689 (41.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 260 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.58% ✗
• Cap rate: 4.76%
• Cash-on-cash: -5.49%
• DSCR: 0.76
• GRM: 14.3

CMA / ARV

No comps found within radius.

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 1st Ave SW	0.03mi	4/2.0	1,728	10mo	$139,000	$80	74
19 2nd Ave NW	0.21mi	4/2.0	1,706	10mo	$229,000	$134	65
201 6th Ave NW	0.47mi	4/3.0	2,391	4mo	$229,900	$96	62
112 2nd Ave SW	0.10mi	3/1.0 (-1)	1,786	10mo	$109,000	$61	61
308 4th Ave SW	0.27mi	4/2.0	3,164	12mo	$369,000	$117	61
507 1st St SW	0.35mi	4/3.5	3,194	13mo	$240,000	$75	58
208 3rd Ave SW	0.18mi	3/1.5 (-1)	1,626	13mo	$229,000	$141	57
206 2nd Ave SW	0.11mi	3/1.0 (-1)	832	24mo	$75,000	$90	49
501 4th St SW	0.35mi	5/3.0 (+1)	4,480	22mo	$329,900	$74	48
902 1st St NW	0.62mi	3/1.0 (-1)	2,294	22mo	$259,000	$113	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.48% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.04×
• Total profit: $1,783
• Equity at exit: $67,117

10-year hold

• IRR: 4.6%
• Equity multiple: 1.67×
• Total profit: $29,989
• Equity at exit: $99,991

Cash invested: $44,660 (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 58623

• Home prices YoY: 2.5%
• Active inventory: 16
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $927 medium
• Mortgage (P&I): −$836
• Tax from tax record: −$34 /mo · $405/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $-204

Break-even live

Break-even rent $1,186

Max offer price $123,392

Occupancy floor —

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: $39,875
• Closing costs: $4,785
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $159,500 Active 260 DOM
2. 2026-06-17
   days on market $159,500 Active 259 DOM
3. 2026-06-16
   days on market $159,500 Active 258 DOM
4. 2026-06-15
   days on market $159,500 Active 257 DOM
5. 2026-06-13
   days on market $159,500 Active 255 DOM
6. 2026-06-12
   days on market $159,500 Active 254 DOM
7. 2026-06-09
   days on market $159,500 Active 251 DOM
8. 2026-06-08
   days on market $159,500 Active 250 DOM
9. 2026-06-07
   days on market $159,500 Active 249 DOM
10. 2026-06-05
    days on market $159,500 Active 247 DOM
11. 2026-06-04
    days on market $159,500 Active 245 DOM
12. 2026-06-02
    days on market $159,500 Active 244 DOM
13. 2026-06-01
    days on market $159,500 Active 243 DOM
14. 2026-05-31
    days on market $159,500 Active 242 DOM
15. 2026-04-23
    price $159,500
16. 2026-04-14
    status Active
17. 2025-09-24
    listed $175,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $405 · $34/mo
• Projected year-2 tax: $1,563 · $130/mo
• Expected delta: +$1,158/yr (+$97/mo · 286.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $11,123
• − Mortgage interest: −$8,934
• − Property taxes: −$405
• − Insurance: −$798
• − Repairs & maintenance: −$890
• − Management: −$890
• − Depreciation: −$4,640
• Taxable loss: −$5,434
• Est. tax savings @ 24.0%: +$1,304
• After-tax cash flow: $-1,149/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: Bowman County 1
• NCES district ID: 3803200
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 39% ▲ 1.00%
• Median HH income: $55,839
• Composite: 32.14/100
• National rank: #5794
• State rank: #33 of 53 in ND

Livability — Bowman

• Score: 71/100
• State rank: #53
• US rank: #6541

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bowman, ND
• Population (ZIP): 1,918

Population outlook (Bowman County) Hauer SSP2

• Today (2025): 3,563 people
• By 2030: 3,792 · +6.4%
• By 2040: 4,299 · +20.7%
• By 2050: 4,955 · +39.1%
• By 2075: 7,322 · +105.5%
• By 2100: 9,588 · +169.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 26% Romanian 6% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Bowman

• 2024 margin: Solid R (+73.1) · D 12.8% · R 85.9% · Other 1.2%
• 2008→2024 swing: -34.7pp toward R · 2008: -38.4pp · 2024: -73.1pp
• All cycles: 2024: R+73.1 2020: R+70.4 2016: R+68.8 2012: R+50.1 2008: R+38.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.48%
• Current HPI: 102.2128
• 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

-8.9% since first listed

3 events — show timeline

• 2026-04-23 Price Changed $159,500 Badlands BOR MLS
• 2026-04-14 Relisted — Badlands BOR MLS
• 2025-09-24 Listed $175,000 Badlands BOR MLS

Property tax history

+10.0%/yr

Latest (2017): $405 · +8.9% YoY. Source: county tax records.