906 9th ST St

Langdon, ND 58249

$87,900D

2 bd · 1.0 ba · 702 sqft · Built 1920 · SingleFamily · Active Under Contract · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $812/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$149
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $31/mo
• Annual: $371/yr
• Cap rate: 6.72%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• 1% rule: 0.92%
• Cash to close: $24,612

Investor read

• This is a 2-bed/1.0-bath single-family listed at $88k.
• At list price, monthly cash flow is $31 ($371/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (7.6% below list).
• It's been on market 73 days — a 6% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (7.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#42 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Langdon Area 23 (rural): math 38% / reading 51% proficiency, ranked #83 of 169 in ND (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Langdon Area Elementary School (math 52% / reading 57%, grade C, #39 of 236 statewide, top 21%, 239 students, 23% FRL); Langdon Area High School (math 27% / reading 47%, grade F, #71 of 144 statewide, top 52%, 176 students, 19% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 2 units permitted in Cavalier County in 2024 (0 in 5+ unit buildings).
• Current owner paid $76k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.