307 Montana St · Elgin, ND 58533

$62,000

4 bd · 2.0 ba · 1,420 sqft · Other · 183 Days on market

Built 1968 8,400 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 +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Short walk to park
• Ranch style home
• Short walk to school

Tags

• RANCH STYLE HOME
• SHORT WALK TO SCHOOL
• SHORT WALK TO PARK
• OVERSIZED LIVING ROOM
• FULL BATHROOM ON MAIN LEVEL
• TWO HUGE BONUS ROOMS

Property features AI

Finance

• Other: City street frontage on a public maintained road; Lot approximately 0.19 acres (56 x 150)

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Public sewer; Propane service
• Home design: Single-family residence; One level
• Construction: Built with other construction materials; Block foundation
• Exterior features: Patio; Shed(s)

Interior

• Kitchen: Dishwasher
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Propane heating; Wall/window cooling units; Heating and cooling noted in remarks
• Interior features: Dishwasher; Storage space in unfinished basement; 11 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $62k.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#136 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D+, amenities F.
• Elgin-New Leipzig 49 (rural): math 45% / reading 60% proficiency, ranked #43 of 169 in ND (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 8 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($429 loan paydown + $2k appreciation (3.0% local appreciation)).
• Grant County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.

Recommended offer $54,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 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 1968 — 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: 2.04% ✓
• Cap rate: 16.55%
• Cash-on-cash: 36.62%
• DSCR: 2.63
• GRM: 4.1

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: 42.2%
• Equity multiple: 3.38×
• Total profit: $41,256
• Equity at exit: $27,878

10-year hold

• IRR: 42.1%
• Equity multiple: 6.74×
• Total profit: $99,645
• Equity at exit: $42,963

Cash invested: $17,360 (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 58533

• Active inventory: 8
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$117 /mo · $1,398/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $530

Break-even live

Break-even rent $592

Max offer price $62,000

Occupancy floor 53%

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $62,000 Active 183 DOM
2. 2026-06-17
   days on market $62,000 Active 182 DOM
3. 2026-06-16
   days on market $62,000 Active 181 DOM
4. 2026-06-15
   days on market $62,000 Active 180 DOM
5. 2026-06-13
   days on market $62,000 Active 178 DOM
6. 2026-06-12
   days on market $62,000 Active 177 DOM
7. 2026-06-09
   days on market $62,000 Active 174 DOM
8. 2026-06-08
   days on market $62,000 Active 173 DOM
9. 2026-06-07
   days on market $62,000 Active 172 DOM
10. 2026-06-05
    days on market $62,000 Active 170 DOM
11. 2026-06-04
    days on market $62,000 Active 168 DOM
12. 2026-06-02
    days on market $62,000 Active 167 DOM
13. 2026-06-01
    days on market $62,000 Active 166 DOM
14. 2026-05-31
    days on market $62,000 Active 165 DOM
15. 2026-05-06
    price $62,000
16. 2026-02-26
    price $74,900
17. 2025-12-17
    listed $84,900 Active
18. 2021-10-11
    soldstatus $74,900
19. 2011-07-22
    soldstatus $48,000

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

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $1,398 · $117/mo
• Projected year-2 tax: $1,398 · $117/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,149
• − Mortgage interest: −$3,473
• − Property taxes: −$1,398
• − Insurance: −$310
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$1,804
• Taxable income: $5,740
• Est. tax owed @ 24.0%: −$1,378
• After-tax cash flow: $4,980/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: Elgin-New Leipzig 49
• NCES district ID: 3800045
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 60% ▲ 15.00%
• Median HH income: $41,867
• Composite: 45.97/100
• National rank: #5527
• State rank: #43 of 169 in ND

Livability — Elgin

• Score: 67/100
• State rank: #136
• US rank: #10696

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elgin, ND
• Population (ZIP): 911

Population outlook (Grant County) Hauer SSP2

• Today (2025): 2,327 people
• By 2030: 2,324 · -0.1%
• By 2040: 2,342 · +0.6%
• By 2050: 2,436 · +4.7%
• By 2075: 3,075 · +32.1%
• By 2100: 3,660 · +57.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Asian 5% Two or more races 2%
• Common ancestry: Portuguese 22% Scotch-Irish 12%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · German/W. Germanic 6% Tagalog/Filipino 5% Spanish 1%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+66.8) · D 15.7% · R 82.5% · Other 1.8%
• 2008→2024 swing: -43.7pp toward R · 2008: -23.1pp · 2024: -66.8pp
• All cycles: 2024: R+66.8 2020: R+67.9 2016: R+66.9 2012: R+49.2 2008: R+23.1

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

+29.2% since first listed

5 events — show timeline

• 2026-05-06 Price Changed $62,000 GNMLS
• 2026-02-26 Price Changed $74,900 GNMLS
• 2025-12-17 Listed $84,900 GNMLS
• 2021-10-11 Sold (Public Records) $74,900 Public Records
• 2011-07-22 Sold (Public Records) $48,000 Public Records

Property tax history

+2.2%/yr

Latest (2024): $1,398 · -14.3% YoY. Source: county tax records.