310 1st St

Ypsilanti, ND 58497

$84,900B

3 bd · 1.0 ba · 1,404 sqft · Built 1940 · Other · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,105/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $355/mo
• Annual: $4,260/yr
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• 1% rule: 1.30%
• Cash to close: $23,772

Investor read

• This is a 3-bed/1.0-bath other listed at $85k.
• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($587 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 44/100 on livability (#364 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Jamestown 1 (town): math 45% / reading 52% proficiency, ranked #14 of 53 in ND (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jamestown High School (math 27% / reading 62%, grade F, #33 of 144 statewide, top 32%, 777 students, 21% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 19 units permitted in Stutsman County in 2024 (0 in 5+ unit buildings).
• Stutsman County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $4k; list at $85k implies a 1787% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1940 — 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.