740 4th Ave E

New England, ND 58647

$459,900C-

15 bd · 8.0 ba · 3,532 sqft · Built 1985 · MultiFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,683/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$766
• HOA: −$0
• Vac / Maint / Mgmt: −$983
• Net cashflow: $521/mo
• Annual: $6,256/yr
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• 1% rule: 1.02%
• Cash to close: $128,772

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $460k. Condition is rated fair.
• 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).
• It's been on market 63 days — a 6% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $432k (6.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• 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.
• Hettinger County population projected at +68% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

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