511 Seaton St

Glenburn, ND 58740

$22,500D+

2 bd · 2.0 ba · 2,640 sqft · Built 1956 · Other · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,047/mo
• Mortgage (P&I): −$118
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $654/mo
• Annual: $7,848/yr
• Cap rate: 41.17%
• Cash-on-cash: 124.57%
• DSCR: 6.54
• 1% rule: 4.65%
• Cash to close: $6,300

Investor read

• This is a 2-bed/2.0-bath other listed at $22k.
• At list price, monthly cash flow is $654 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• It's been on market 28 days — a 2% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (1.5% below list) — sets the bar for market timing.
• In year one you build about $831 of equity ($156 loan paydown + $675 appreciation (3.0% local appreciation)).
• Location reads 68/100 on livability (#106 in ND) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Glenburn 26 (rural): math 40% / reading 35% proficiency, ranked #110 of 169 in ND (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 4 units permitted in Renville County in 2024 (0 in 5+ unit buildings).
• Renville County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1956 — 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.
• 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?
• 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.