210 1st St

Great Bend, ND 58075

$54,000B-

1 bd · 1.0 ba · 368 sqft · Built 1940 · SingleFamily · Active · 274 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $717/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$151
• Net cashflow: $112/mo
• Annual: $1,344/yr
• Cap rate: 11.56%
• Cash-on-cash: 18.83%
• DSCR: 1.84
• 1% rule: 1.33%
• Cash to close: $15,120

Investor read

• This is a 1-bed/1.0-bath single-family listed at $54k.
• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($717 rent vs $54k).
• It's been on market 274 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#134 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D+, amenities F.
• Wahpeton 37 (town): math 46% / reading 44% proficiency, ranked #23 of 53 in ND (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wahpeton Elementary School (math 44% / reading 34%, grade F, #150 of 236 statewide, top 63%, 436 students, 39% FRL); Wahpeton Middle School (math 55% / reading 51%, grade C+, #2 of 35 statewide, top 3%, 267 students, 29% FRL); Wahpeton High School (math 27% / reading 52%, grade F, #57 of 144 statewide, top 48%, 388 students, 21% FRL) — zoned schools at 30% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 104 active listings in the ZIP; 38 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• This rent is only 13% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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.