405 Main St · Grenora, ND 58845

$60,000

2 bd · 1.0 ba · 720 sqft · SingleFamily · 156 Days on market

Built 1948 6,490 sqft lot

---

Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Plumbing redone
• Steel siding
• Newer shingled roof

Tags

• NEWER SHINGLED ROOF
• PLUMBING REDONE
• NEW FORCED AIR PROPANE FURNACE
• DECK ON FRONT
• STEEL SIDING
• BASEMENT IN GOOD CONDITION

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer; Propane available; Electricity connected; Cable available; Phone service available; Natural gas not available
• Home design: Single-family residence; Residential property
• Construction: Metal/steel siding; Block foundation; Shingle roof; Built with 720 above-grade finished area
• Exterior features: Storage shed on property; Rain gutters; Deck; Landscaped, level and rectangular lot; Paved city street frontage, public maintained road

Interior

• Kitchen: Oven; Refrigerator
• Flooring: Hardwood; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (propane); Ceiling fan(s); Wall/window AC units
• Interior features: Washer and dryer included; Oven and refrigerator included; Hardwood and linoleum flooring; Full unfinished basement with interior entry, concrete floor and storage space; Ceiling fans and wall/window air conditioning units; Forced-air heating with propane
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($933 rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#89 in ND) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime C-, health & safety D, amenities F.
• Grenora 99 (rural): math 40% / reading 55% proficiency, ranked #62 of 169 in ND (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grenora Elementary School (math 42% / reading 57%, grade D, #65 of 236 statewide, top 37%, 81 students, 47% FRL); Grenora High School (math 34% / reading 44%, grade F, #57 of 144 statewide, top 48%, 83 students, 47% FRL) — zoned schools average 47% FRL vs 31% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 7 active listings in the ZIP; 90 units permitted in Williams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Williams County population projected at +158% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.55% ✓
• Cap rate: 12.74%
• Cash-on-cash: 23.03%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 29.2%
• Equity multiple: 2.65×
• Total profit: $27,774
• Equity at exit: $26,979

10-year hold

• IRR: 29.7%
• Equity multiple: 5.17×
• Total profit: $70,126
• Equity at exit: $41,577

Cash invested: $16,800 (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 58845

• Active inventory: 7
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $933 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$196
• Net cashflow: $322

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 60%

Sensitivity live

Price	-10% $364	-5% $343	+0% $322	+5% $302	+10% $281
Rent	-10% $249	-5% $286	+0% $322	+5% $359	+10% $396
Rate	-1.0pp $353	-0.5pp $338	base $322	+0.5pp $307	+1.0pp $291

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $60,000 Active 156 DOM
2. 2026-06-21
   days on market $60,000 Active 155 DOM
3. 2026-06-19
   days on market $60,000 Active 153 DOM
4. 2026-06-18
   days on market $60,000 Active 152 DOM
5. 2026-06-17
   days on market $60,000 Active 151 DOM
6. 2026-06-16
   days on market $60,000 Active 150 DOM
7. 2026-06-15
   days on market $60,000 Active 149 DOM
8. 2026-06-14
   days on market $60,000 Active 147 DOM
9. 2026-06-12
   days on market $60,000 Active 146 DOM
10. 2026-06-09
    days on market $60,000 Active 143 DOM
11. 2026-06-08
    days on market $60,000 Active 142 DOM
12. 2026-06-07
    days on market $60,000 Active 141 DOM
13. 2026-06-05
    days on market $60,000 Active 138 DOM
14. 2026-06-03
    days on market $60,000 Active 137 DOM
15. 2026-06-02
    days on market $60,000 Active 136 DOM
16. 2026-06-01
    days on market $60,000 Active 135 DOM
17. 2026-05-31
    days on market $60,000 Active 134 DOM
18. 2026-05-30
    days on market $60,000 Active 133 DOM
19. 2026-01-18
    listed $60,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,195
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$896
• − Management: −$896
• − Depreciation: −$1,745
• Taxable income: $3,098
• Est. tax owed @ 24.0%: −$743
• After-tax cash flow: $3,125/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: Grenora 99
• NCES district ID: 3808460
• Math proficiency: 40% ▲ 5.00%
• Reading proficiency: 55% ▲ 20.00%
• Median HH income: $54,632
• Composite: 43.24/100
• National rank: #6560
• State rank: #62 of 169 in ND

Livability — Grenora

• Score: 70/100
• State rank: #89
• US rank: #7959

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grenora, ND
• Population (ZIP): 555

Population outlook (Williams County) Hauer SSP2

• Today (2025): 66,696 people
• By 2030: 84,935 · +27.3%
• By 2040: 125,867 · +88.7%
• By 2050: 171,987 · +157.9%
• By 2075: 303,258 · +354.7%
• By 2100: 433,528 · +550.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Native American 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 36% Scottish 2% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Williams

• 2024 margin: Solid R (+68.1) · D 15.2% · R 83.3% · Other 1.6%
• 2008→2024 swing: -32.2pp toward R · 2008: -36.0pp · 2024: -68.1pp
• All cycles: 2024: R+68.1 2020: R+66.8 2016: R+66.3 2012: R+50.0 2008: R+36.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-01-18 Listed $60,000 GNMLS