740 4th Ave E · New England, ND 58647

$459,900

15 bd · 8.0 ba · 3,532 sqft · MultiFamily · 63 Days on market

Built 1985 Fair condition 0.32 ac lot

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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 +19.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Appreciation +5.0/10.0
• Livability +3.3/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 0.32 acre lot
• Built 1985
• Listed 62 days

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Home design: Multi-family residential income property
• Exterior features: Lot approximately 0.32 acres (100 x 140); Zoned Residential High Density; Subdivision: Gabbert's First

Interior

• Bathrooms: 8 full bathrooms
• Interior features: Heating present

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $460k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $521 ($6k/yr) — positive. Per door: $104/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• Recommended offer: $432k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#175 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, schools F, amenities F.
• New England 9 (rural): math 35% / reading 20% proficiency, ranked #145 of 169 in ND (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP.

Forward outlook

• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• Hettinger County population projected at +68% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $432,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• GRM: 8.2

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: 12.0%
• Equity multiple: 1.69×
• Total profit: $88,675
• Equity at exit: $206,791

10-year hold

• IRR: 14.1%
• Equity multiple: 3.09×
• Total profit: $269,310
• Equity at exit: $318,690

Cash invested: $128,772 (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 58647

• Active inventory: 8
• Price-to-rent: 40.9×

Monthly cashflow live

• Estimated rent: $4,683 medium
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,898/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $521

Break-even live

Break-even rent $4,023

Max offer price $459,900

Occupancy floor 84%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$4,685
Total (5 units)			$4,683

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: $114,975
• Closing costs: $13,797
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $459,900 Active 63 DOM
2. 2026-06-18
   days on market $459,900 Active 62 DOM
3. 2026-06-17
   days on market $459,900 Active 61 DOM
4. 2026-06-16
   days on market $459,900 Active 60 DOM
5. 2026-06-15
   days on market $459,900 Active 59 DOM
6. 2026-06-14
   days on market $459,900 Active 57 DOM
7. 2026-06-12
   days on market $459,900 Active 56 DOM
8. 2026-06-09
   days on market $459,900 Active 53 DOM
9. 2026-06-08
   days on market $459,900 Active 52 DOM
10. 2026-06-07
    days on market $459,900 Active 51 DOM
11. 2026-06-05
    days on market $459,900 Active 48 DOM
12. 2026-06-03
    days on market $459,900 Active 47 DOM
13. 2026-06-02
    days on market $459,900 Active 46 DOM
14. 2026-06-01
    days on market $459,900 Active 45 DOM
15. 2026-05-31
    days on market $459,900 Active 44 DOM
16. 2026-05-30
    days on market $459,900 Active 43 DOM
17. 2026-04-13
    listed $480,000 Active
18. 2025-06-09
    listed $480,000 Active

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

Taxation est. · year 1

• Rental income: $56,196
• − Mortgage interest: −$25,762
• − Property taxes: −$6,898
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,496
• − Management: −$4,496
• − Depreciation: −$13,379
• Taxable loss: −$1,134
• Est. tax savings @ 24.0%: +$272
• After-tax cash flow: $6,528/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations, focusing on exterior siding, interior walls, and flooring. Upgrades will significantly enhance its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls — Peeling paint
• Major flooring — Worn carpet

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace carpet — Improves comfort and reduces maintenance costs
• Both Replace exterior siding — Significantly improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpet — Improves comfort and reduces maintenance costs ↑
• Both Replace exterior siding — Significantly improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: New England 9
• NCES district ID: 3800027
• Math proficiency: 35% ▲ 5.00%
• Reading proficiency: 20% ▬ 0.00%
• Median HH income: $50,044
• Composite: 27.1/100
• National rank: #12477
• State rank: #145 of 169 in ND

Livability — New England

• Score: 66/100
• State rank: #175
• US rank: #12326

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New England, ND
• Population (ZIP): 1,120

Population outlook (Hettinger County) Hauer SSP2

• Today (2025): 3,198 people
• By 2030: 3,515 · +9.9%
• By 2040: 4,334 · +35.5%
• By 2050: 5,386 · +68.4%
• By 2075: 8,765 · +174.1%
• By 2100: 11,627 · +263.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Native American 4% Two or more races 3%
• Common ancestry: Portuguese 7% Romanian 3% Scotch-Irish 2%
• Foreign-born: 1% · South Korea
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Hettinger

• 2024 margin: Solid R (+69.3) · D 14.8% · R 84.2% · Other 1.0%
• 2008→2024 swing: -33.2pp toward R · 2008: -36.1pp · 2024: -69.3pp
• All cycles: 2024: R+69.3 2020: R+68.2 2016: R+68.5 2012: R+50.7 2008: R+36.1

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

+0.0% since first listed

2 events — show timeline

• 2026-04-13 Listed $480,000 Badlands BOR MLS
• 2025-06-09 Listed $480,000 Badlands BOR MLS