403 2nd St NE · Crosby, ND 58730

$118,000

2 bd · 1.0 ba · 900 sqft · Other public records · 109 Days on market

Built 1940 6,150 sqft lot

---

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 +16.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Appreciation +5.0/10.0
• 1% rule +4.5/10.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Open floor plan
• Fresh paint
• New flooring

Tags

• OPEN FLOOR PLAN
• NEW FLOORING
• FRESH PAINT
• HEATED ATTACHED GARAGE
• QUIET NEIGHBORHOOD
• PARK NEARBY

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Built with other/unspecified construction materials; Crawl space foundation
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Propane heating; No central cooling
• Interior features: Microwave; Range; Refrigerator
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $118k.

Deal economics

• At list price, monthly cash flow is $66 ($795/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 $112k (5.4% below list).
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#63 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.
• Divide County 1 (rural): math 30% / reading 43% proficiency, ranked #121 of 169 in ND (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Divide County Elementary School (math 42% / reading 37%, grade F, #137 of 236 statewide, top 63%, 222 students, 26% FRL); Divide County High School (math 22% / reading 47%, grade F, #77 of 144 statewide, top 57%, 161 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 19 active listings in the ZIP.

Forward outlook

• In year one you build about $4k of equity ($816 loan paydown + $4k appreciation (3.0% local appreciation)).
• Divide County population projected at +85% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,380 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.8%
• Equity multiple: 1.56×
• Total profit: $18,452
• Equity at exit: $53,058

10-year hold

• IRR: 12.1%
• Equity multiple: 2.81×
• Total profit: $59,814
• Equity at exit: $81,769

Cash invested: $33,040 (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 58730

• Active inventory: 19
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,116 medium
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $66

Break-even live

Break-even rent $1,032

Max offer price $118,000

Occupancy floor 89%

Sensitivity live

Price	-10% $148	-5% $107	+0% $66	+5% $25	+10% $-15
Rent	-10% $-22	-5% $22	+0% $66	+5% $110	+10% $154
Rate	-1.0pp $126	-0.5pp $96	base $66	+0.5pp $36	+1.0pp $5

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $118,000 Active 109 DOM
2. 2026-06-21
   days on market $118,000 Active 108 DOM
3. 2026-06-18
   days on market $118,000 Active 106 DOM
4. 2026-06-17
   days on market $118,000 Active 105 DOM
5. 2026-06-16
   days on market $118,000 Active 104 DOM
6. 2026-06-15
   days on market $118,000 Active 103 DOM
7. 2026-06-13
   days on market $118,000 Active 101 DOM
8. 2026-06-12
   days on market $118,000 Active 100 DOM
9. 2026-06-09
   days on market $118,000 Active 97 DOM
10. 2026-06-08
    days on market $118,000 Active 96 DOM
11. 2026-06-07
    days on market $118,000 Active 95 DOM
12. 2026-06-05
    days on market $118,000 Active 93 DOM
13. 2026-06-04
    days on market $118,000 Active 91 DOM
14. 2026-06-02
    days on market $118,000 Active 90 DOM
15. 2026-06-01
    days on market $118,000 Active 89 DOM
16. 2026-05-31
    days on market $118,000 Active 88 DOM
17. 2026-03-04
    listed $118,000 Active
18. 2025-06-26
    price $118,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,393
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − Depreciation: −$3,433
• Taxable loss: −$1,152
• Est. tax savings @ 24.0%: +$276
• After-tax cash flow: $1,072/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: Divide County 1
• NCES district ID: 3805160
• Math proficiency: 30% ▼ -4.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $52,720
• Composite: 34.4/100
• National rank: #10182
• State rank: #121 of 169 in ND

Livability — Crosby

• Score: 71/100
• State rank: #63
• US rank: #7199

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crosby, ND
• Population (ZIP): 1,369

Population outlook (Divide County) Hauer SSP2

• Today (2025): 3,235 people
• By 2030: 3,697 · +14.3%
• By 2040: 4,763 · +47.2%
• By 2050: 5,975 · +84.7%
• By 2075: 9,534 · +194.7%
• By 2100: 12,784 · +295.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 9% Two or more races 7% Black 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 36% Slovak 6% Scotch-Irish 2%
• Foreign-born: 0%

Political lean MEDSL · Divide

• 2024 margin: Solid R (+55.4) · D 21.2% · R 76.5% · Other 2.3%
• 2008→2024 swing: -40.7pp toward R · 2008: -14.7pp · 2024: -55.4pp
• All cycles: 2024: R+55.4 2020: R+53.2 2016: R+52.0 2012: R+30.3 2008: R+14.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+0.0% since first listed

2 events — show timeline

• 2026-03-04 Listed $118,000 GNMLS
• 2025-06-26 Price Changed $118,000 GNMLS

Property tax history

-7.7%/yr

Latest (2024): $184 · -72.2% YoY. Source: county tax records.