1003 Western Park Vlg

Jamestown, ND 58401

$34,900B

3 bd · 1.0 ba · 1,456 sqft · Built 1976 · Manufactured · Pending · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,136/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$24
• HOA: −$421
• Vac / Maint / Mgmt: −$239
• Net cashflow: $270/mo
• Annual: $3,236/yr
• Cap rate: 15.56%
• Cash-on-cash: 33.11%
• DSCR: 2.47
• 1% rule: 3.26%
• Cash to close: $9,772

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 106 days — a 9% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $241 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#35 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D+, health & safety D+, amenities 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: Louis L'Amour Elementary School (math 64% / reading 54%, grade B-, #19 of 236 statewide, top 13%, 107 students, 39% FRL); Jamestown Middle School (math 44% / reading 54%, grade C-, #8 of 35 statewide, top 21%, 475 students, 31% FRL); Jamestown High School (math 27% / reading 62%, grade F, #33 of 144 statewide, top 32%, 777 students, 21% FRL) — zoned schools at 30% FRL track the district average.
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents rising (+3.7%/yr); 98 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.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $10k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $10k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.6% vs local median 3.2% in Jamestown — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.