202 NW 3rd Ave · Kenmare, ND 58746

$139,900

3 bd · 2.0 ba · 2,396 sqft · SingleFamily public records · 40 Days on market

Built 1925 0.53 ac lot Est $165k · 15% under ↓ 7% since listing

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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 +17.8/30.0
• ARV discount +14.4/15.0
• Appreciation +6.6/10.0
• DSCR +5.6/10.0
• 1% rule +4.0/10.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to Kenmare, ND, where the city square, Danish mill, restaurants, public pool, library, and this charming property await you. As a personal or investment property, this property offers peaceful living with beautiful views of the Des Lacs Refuge. Nestled on a generous corner lot (4 lots in total) this property spans just over a half acre. The large, double detached garage occupies one lot, the house another, and the other two lots are zoned commercial for your customization. The entry boasts not one, but two storage closets. On the main level you will find the kitchen, dining, living and master bedroom with full bath. Up the stairs are two cozy bedrooms and a convenient half bathroom. The dining and living rooms boast stunning cedar board, lending warmth and character to the space. The kitchen features a gas stove and a large window above the sink for natural light. The unfinished basement awaits your personal touch. It's currently used for laundry and storage, but is plumbed for a bathroom. With a separate entrance from the outside, this basement was once used as a rental unit. Alley access enhances the parking options, allowing for extra parking or accommodating your RV(s) or guests. The firepit in the yard stays, as well as the shed. Not planted this season, but there is a garden space for your enjoyment as well as a plum tree, two apple trees, a lilac bush and a kid-friendly tree climbing tree! Call your Realtor to set up a showing today!

Key facts

• Storage potential
• New flooring
• New windows

Tags

• STORAGE POTENTIAL
• DESIGNATED GARDEN SPACE
• OVERSIZED DETACHED GARAGE
• NEW FLOORING
• NEW WINDOWS

Property features AI

Exterior

• Parking: Attached or detached garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Below-grade finished area present
• Exterior features: Patio; Shed(s); Approximately 0.53-acre lot; R1 zoning

Interior

• Kitchen: Microwave; Range/Oven; Refrigerator; Dishwasher not listed
• Heating & cooling: Central air conditioning; Propane heating
• Interior features: Dryer, Washer, Microwave, Range/Oven, Refrigerator; Unfinished basement; Central air; Propane heating
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/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 $126k (9.7% below list).
• Recommended offer: $126k (9.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#120 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety D, amenities F.
• Kenmare 28 (rural): math 40% / reading 45% proficiency, ranked #89 of 169 in ND (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 10 active listings in the ZIP; 123 units permitted in Ward County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($967 loan paydown + $4k appreciation (3.1% local appreciation)).
• Ward County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,261 (9.7% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $165,324
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 2nd Ave NW	0.46mi	3/2.0	2,304 (-4%)	4mo	$134,900	$59	69
220 NE 4th Ave	0.48mi	4/2.0 (+1)	2,360 (-2%)	3mo	$295,000	$125	67
408 NW 2nd Ave	0.17mi	3/1.0	2,460 (+3%)	21mo	$46,000	$19	66
405 2nd St NE	0.49mi	3/1.0	2,464 (+3%)	3mo	$130,000	$53	66
401 2nd Ave NW	0.15mi	4/1.5 (+1)	2,216 (-8%)	15mo	$152,000	$69	61
504 NE 2nd Ave	0.41mi	4/2.0 (+1)	2,672 (+12%)	2mo	$190,000	$71	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.1% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.64×
• Total profit: $24,927
• Equity at exit: $63,701

10-year hold

• IRR: 13.2%
• Equity multiple: 2.98×
• Total profit: $77,477
• Equity at exit: $98,794

Cash invested: $39,172 (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 58746

• Home prices YoY: 2.8%
• Active inventory: 10
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,263 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $116

Break-even live

Break-even rent $1,116

Max offer price $139,900

Occupancy floor 86%

Sensitivity live

Price	-10% $195	-5% $155	+0% $116	+5% $76	+10% $36
Rent	-10% $16	-5% $66	+0% $116	+5% $165	+10% $215
Rate	-1.0pp $186	-0.5pp $151	base $116	+0.5pp $79	+1.0pp $42

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $139,900 Active 40 DOM
2. 2026-06-18
   days on market $139,900 Active 38 DOM
3. 2026-06-17
   days on market $139,900 Active 37 DOM
4. 2026-06-16
   days on market $139,900 Active 36 DOM
5. 2026-06-15
   days on market $139,900 Active 35 DOM
6. 2026-06-13
   days on market $139,900 Active 33 DOM
7. 2026-06-12
   days on market $139,900 Active 32 DOM
8. 2026-06-09
   days on market $139,900 Active 29 DOM
9. 2026-06-08
   days on market $139,900 Active 28 DOM
10. 2026-06-07
    days on market $139,900 Active 27 DOM
11. 2026-06-05
    days on market $139,900 Active 25 DOM
12. 2026-06-04
    days on market $139,900 Active 23 DOM
13. 2026-06-02
    days on market $139,900 Active 22 DOM
14. 2026-06-01
    days on market $139,900 Active 21 DOM
15. 2026-05-31
    days on market $139,900 Active 20 DOM
16. 2026-05-11
    listed $139,900 Active
17. 2026-04-10
    price $125,900
18. 2026-03-23
    price $134,900
19. 2025-12-01
    price $139,900
20. 2025-11-15
    listed $149,900 Active
21. 2023-07-14
    soldstatus $133,000
22. 2023-07-13
    soldstatus 1472-char remark

    Show marketing remark (1472 chars)

    Welcome to Kenmare, ND, where the city square, Danish mill, restaurants, public pool, library, and this charming property await you. As a personal or investment property, this property offers peaceful living with beautiful views of the Des Lacs Refuge. Nestled on a generous corner lot (4 lots in total) this property spans just over a half acre. The large, double detached garage occupies one lot, the house another, and the other two lots are zoned commercial for your customization. The entry boasts not one, but two storage closets. On the main level you will find the kitchen, dining, living and master bedroom with full bath. Up the stairs are two cozy bedrooms and a convenient half bathroom. The dining and living rooms boast stunning cedar board, lending warmth and character to the space. The kitchen features a gas stove and a large window above the sink for natural light. The unfinished basement awaits your personal touch. It's currently used for laundry and storage, but is plumbed for a bathroom. With a separate entrance from the outside, this basement was once used as a rental unit. Alley access enhances the parking options, allowing for extra parking or accommodating your RV(s) or guests. The firepit in the yard stays, as well as the shed. Not planted this season, but there is a garden space for your enjoyment as well as a plum tree, two apple trees, a lilac bush and a kid-friendly tree climbing tree! Call your Realtor to set up a showing today!

23. 2023-05-25
    listed $149,900 1472-char remark

    Show marketing remark (1472 chars)

    Welcome to Kenmare, ND, where the city square, Danish mill, restaurants, public pool, library, and this charming property await you. As a personal or investment property, this property offers peaceful living with beautiful views of the Des Lacs Refuge. Nestled on a generous corner lot (4 lots in total) this property spans just over a half acre. The large, double detached garage occupies one lot, the house another, and the other two lots are zoned commercial for your customization. The entry boasts not one, but two storage closets. On the main level you will find the kitchen, dining, living and master bedroom with full bath. Up the stairs are two cozy bedrooms and a convenient half bathroom. The dining and living rooms boast stunning cedar board, lending warmth and character to the space. The kitchen features a gas stove and a large window above the sink for natural light. The unfinished basement awaits your personal touch. It's currently used for laundry and storage, but is plumbed for a bathroom. With a separate entrance from the outside, this basement was once used as a rental unit. Alley access enhances the parking options, allowing for extra parking or accommodating your RV(s) or guests. The firepit in the yard stays, as well as the shed. Not planted this season, but there is a garden space for your enjoyment as well as a plum tree, two apple trees, a lilac bush and a kid-friendly tree climbing tree! Call your Realtor to set up a showing today!

24. 2004-10-01
    soldstatus

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

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $1,080 · $90/mo
• Projected year-2 tax: $1,371 · $114/mo
• Expected delta: +$291/yr (+$24/mo · 27.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,151
• − Mortgage interest: −$7,837
• − Property taxes: −$1,080
• − Insurance: −$700
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$4,070
• Taxable loss: −$958
• Est. tax savings @ 24.0%: +$230
• After-tax cash flow: $1,617/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.

Schools (NCES district)

• District: Kenmare 28
• NCES district ID: 3810180
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $54,420
• Composite: 39.3/100
• National rank: #8176
• State rank: #89 of 169 in ND

Livability — Kenmare

• Score: 67/100
• State rank: #120
• US rank: #10142

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenmare, ND
• Population (ZIP): 1,583

Population outlook (Ward County) Hauer SSP2

• Today (2025): 92,683 people
• By 2030: 104,825 · +13.1%
• By 2040: 131,945 · +42.4%
• By 2050: 163,134 · +76.0%
• By 2075: 256,561 · +176.8%
• By 2100: 354,426 · +282.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Portuguese 37% Scottish 3% Iranian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Ward

• 2024 margin: Solid R (+47.4) · D 25.5% · R 72.8% · Other 1.7%
• 2008→2024 swing: -28.2pp toward R · 2008: -19.2pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+44.9 2016: R+47.7 2012: R+30.8 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.10%
• Current HPI: 113.7062
• 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

-6.7% since first listed

9 events — show timeline

• 2026-05-11 Listed $139,900 MMLS
• 2026-04-10 Price Changed $125,900 MMLS
• 2026-03-23 Price Changed $134,900 MMLS
• 2025-12-01 Price Changed $139,900 MMLS
• 2025-11-15 Listed $149,900 MMLS
• 2023-07-14 Sold (Public Records) $133,000 Public Records
• 2023-07-13 Sold (MLS) — MMLS
• 2023-05-25 Listed $149,900 MMLS
• 2004-10-01 Sold (Public Records) — Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,080 · +7.4% YoY. Source: county tax records.