315 Rose St

Lisbon, ND 58054

$69,000C+

1 bd · 1.0 ba · 816 sqft · Built 1955 · Other · Pending · 250 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $837/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $176/mo
• Annual: $2,113/yr
• Cap rate: 9.36%
• Cash-on-cash: 10.94%
• DSCR: 1.49
• 1% rule: 1.21%
• Cash to close: $19,320

Investor read

• This is a 1-bed/1.0-bath other listed at $69k.
• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($837 rent vs $69k).
• It's been on market 250 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#73 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, amenities F.
• Lisbon 19 (rural): math 46% / reading 49% proficiency, ranked #15 of 53 in ND (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Lisbon Elementary School (math 52% / reading 47%, grade D, #65 of 236 statewide, top 37%, 235 students, 26% FRL); Lisbon Middle School (math 42% / reading 47%, grade D, #16 of 35 statewide, top 44%, 186 students, 22% FRL); Lisbon High School (math 34% / reading 54%, grade F, #33 of 144 statewide, top 32%, 207 students, 21% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 3 units permitted in Ransom County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.
• 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.