203 4th Ave E · Powers Lake, ND 58773

$99,900

2 bd · 2.0 ba · 2,292 sqft · SingleFamily · 230 Days on market

Built 1910 ↓ 29% since listing

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Why this score? — see what drove the C+ 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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

"TWO FOR ONE" TWO ADORABLE HOMES FOR THE PRICE OF ONE! THEY ARE COMPLETELY REDONE. .. .KITCHENS, BATHS, FLOORS, CABINETS, LITES, PAINT, NEW APPLIANCES, HEATING SYSTEMS, ELECTRICAL, PLUMBING. HOUSE # ONE HAS APPROX. 900 SF. .. .. .WITH OPEN KITCHEN & LIVING AREA, AND AN UPPER LOFT SITTING AREA WITH BEDROOM AND IS HEATED WITH PROPANE. HOUSE # TWO HAS APPROX. 600 SF. .. .. WITH OPEN KITCHEN & LIVING AREA, HUGE BATH & LAUNDRY, AND MAIN BEDROOM, AND HAS ELECTRIC HEAT AND AC. THE SINGLE STALL GARAGE IS LOCATED BETWEEN THEM.

Key facts

• Garage
• Built 1910
• Listed 230 days

Property features AI

Exterior

• Parking: Detached or attached garage with 1 garage space; Concrete parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Below-grade finished area present
• Exterior features: Concrete parking surface; Zoned R1

Interior

• Kitchen: Dishwasher; Range/Oven; Refrigerator
• Heating & cooling: Electric heating; Forced air
• Interior features: Basement is full and unfinished; Dishwasher; Dryer; Range; Oven; Refrigerator; Washer
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#160 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety D, amenities F.
• Powers Lake 27 (rural): math 45% / reading 55% proficiency, ranked #45 of 169 in ND (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 3 units permitted in Burke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($691 loan paydown + $3k appreciation (3.0% local appreciation)).
• Burke County population projected at +80% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 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 1910 — 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: 1.15% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.21%
• DSCR: 1.41
• GRM: 7.3

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: 16.1%
• Equity multiple: 1.92×
• Total profit: $25,720
• Equity at exit: $44,919

10-year hold

• IRR: 17.7%
• Equity multiple: 3.59×
• Total profit: $72,444
• Equity at exit: $69,226

Cash invested: $27,972 (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 58773

• Active inventory: 8
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,146 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $215

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 76%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $99,900 Active 230 DOM
2. 2026-06-17
   days on market $99,900 Active 229 DOM
3. 2026-06-16
   days on market $99,900 Active 228 DOM
4. 2026-06-15
   days on market $99,900 Active 227 DOM
5. 2026-06-13
   days on market $99,900 Active 225 DOM
6. 2026-06-12
   days on market $99,900 Active 224 DOM
7. 2026-06-09
   days on market $99,900 Active 221 DOM
8. 2026-06-08
   days on market $99,900 Active 220 DOM
9. 2026-06-07
   days on market $99,900 Active 219 DOM
10. 2026-06-05
    days on market $99,900 Active 217 DOM
11. 2026-06-04
    days on market $99,900 Active 215 DOM
12. 2026-06-02
    days on market $99,900 Active 214 DOM
13. 2026-06-01
    days on market $99,900 Active 213 DOM
14. 2026-05-31
    days on market $99,900 Active 212 DOM
15. 2026-04-20
    price $99,900
16. 2025-12-19
    price $105,000
17. 2025-10-31
    listed $115,000 Active
18. 2015-07-30
    soldstatus 554-char remark

    Show marketing remark (554 chars)

    "TWO FOR ONE" TWO ADORABLE HOMES FOR THE PRICE OF ONE! THEY ARE COMPLETELY REDONE. .. .KITCHENS, BATHS, FLOORS, CABINETS, LITES, PAINT, NEW APPLIANCES, HEATING SYSTEMS, ELECTRICAL, PLUMBING. HOUSE # ONE HAS APPROX. 900 SF. .. .. .WITH OPEN KITCHEN & LIVING AREA, AND AN UPPER LOFT SITTING AREA WITH BEDROOM AND IS HEATED WITH PROPANE. HOUSE # TWO HAS APPROX. 600 SF. .. .. WITH OPEN KITCHEN & LIVING AREA, HUGE BATH & LAUNDRY, AND MAIN BEDROOM, AND HAS ELECTRIC HEAT AND AC. THE SINGLE STALL GARAGE IS LOCATED BETWEEN THEM.

19. 2014-12-19
    listed $139,995 554-char remark

    Show marketing remark (554 chars)

    "TWO FOR ONE" TWO ADORABLE HOMES FOR THE PRICE OF ONE! THEY ARE COMPLETELY REDONE. .. .KITCHENS, BATHS, FLOORS, CABINETS, LITES, PAINT, NEW APPLIANCES, HEATING SYSTEMS, ELECTRICAL, PLUMBING. HOUSE # ONE HAS APPROX. 900 SF. .. .. .WITH OPEN KITCHEN & LIVING AREA, AND AN UPPER LOFT SITTING AREA WITH BEDROOM AND IS HEATED WITH PROPANE. HOUSE # TWO HAS APPROX. 600 SF. .. .. WITH OPEN KITCHEN & LIVING AREA, HUGE BATH & LAUNDRY, AND MAIN BEDROOM, AND HAS ELECTRIC HEAT AND AC. THE SINGLE STALL GARAGE IS LOCATED BETWEEN THEM.

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,747
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,100
• − Management: −$1,100
• − Depreciation: −$2,906
• Taxable income: $1,047
• Est. tax owed @ 24.0%: −$251
• After-tax cash flow: $2,324/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: Powers Lake 27
• NCES district ID: 3800024
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 55% ▬ 0.00%
• Median HH income: $59,422
• Composite: 45.68/100
• National rank: #5630
• State rank: #45 of 169 in ND

Livability — Powers Lake

• Score: 66/100
• State rank: #160
• US rank: #11629

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Powers Lake, ND
• Population (ZIP): 1,035

Population outlook (Burke County) Hauer SSP2

• Today (2025): 3,017 people
• By 2030: 3,439 · +14.0%
• By 2040: 4,388 · +45.4%
• By 2050: 5,429 · +79.9%
• By 2075: 8,215 · +172.3%
• By 2100: 10,184 · +237.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5%
• Common ancestry: Portuguese 40% Lithuanian 4% Scottish 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Burke

• 2024 margin: Solid R (+74.1) · D 12.4% · R 86.5% · Other 1.1%
• 2008→2024 swing: -36.6pp toward R · 2008: -37.5pp · 2024: -74.1pp
• All cycles: 2024: R+74.1 2020: R+74.2 2016: R+73.8 2012: R+52.8 2008: R+37.5

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

-28.6% since first listed

5 events — show timeline

• 2026-04-20 Price Changed $99,900 MMLS
• 2025-12-19 Price Changed $105,000 MMLS
• 2025-10-31 Listed $115,000 MMLS
• 2015-07-30 Sold (MLS) — MMLS
• 2014-12-19 Listed $139,995 MMLS