113 N 3rd St

Niagara, ND 58266

$20,000B

1 bd · 1.0 ba · 636 sqft · Built 1900 · SingleFamily · Pending · 275 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $774/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$26
• HOA: −$0
• Vac / Maint / Mgmt: −$163
• Net cashflow: $480/mo
• Annual: $5,766/yr
• Cap rate: 35.12%
• Cash-on-cash: 102.96%
• DSCR: 5.58
• 1% rule: 3.87%
• Cash to close: $5,600

Investor read

• This is a 1-bed/1.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($774 rent vs $20k).
• It's been on market 275 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• In year one you build about $738 of equity ($138 loan paydown + $600 appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#197 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, health & safety D+, schools F.
• Dakota Prairie 1 (rural): math 50% / reading 45% proficiency, ranked #72 of 169 in ND (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.
• 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.