103 Main St S · Leonard, ND 58052

$67,900

3 bd · 1.0 ba · 1,424 sqft · SingleFamily public records · 41 Days on market

Built 1910 0.32 ac lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Starter or investor potential in Leonard. Great corner lot with mature trees and even an apple tree. Newer Roof. House needs some work. No Disclosures - purchase as is. Home Warranty may be available., Total SqFt: 1064

Key facts

• Three outbuildings
• 0.32 acre lot
• Garage

Tags

• APPLE AND CRABAPPLE TREES
• THREE OUTBUILDINGS
• PARTIALLY ROUGHED IN BATHROOM

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: Well water; City sewer (connected); Electric fuel
• Home design: Residential property; One and one half levels; Main-level primary living spaces
• Construction: Block foundation
• Exterior features: Vinyl exterior; Deck; Garage(s); Storage shed; Other outbuildings; Corner lot (approximately 0.321 acres, lot dimensions about 100x140)

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 4 bedrooms (main level; bedroom names include Bedroom, Bedroom 2, Bedroom 3, Bedroom 4)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Hardwood floors; Block foundation in basement
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $395 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Recommended offer: $66k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#132 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D+, schools F, amenities F.
• Kindred 2 (rural): math 59% / reading 59% proficiency, ranked #3 of 53 in ND (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($469 loan paydown + $4k appreciation (5.6% local appreciation)).
• Cass County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $9k; list at $68k implies a 638% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,863 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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?
5. 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.
6. 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.
7. 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: 1.53% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.92%
• DSCR: 2.11
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.7%
• Equity multiple: 3.27×
• Total profit: $43,186
• Equity at exit: $41,029

10-year hold

• IRR: 33.5%
• Equity multiple: 6.67×
• Total profit: $107,764
• Equity at exit: $73,014

Cash invested: $19,012 (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 58052

• Home prices YoY: 5.6%
• Active inventory: 1
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,039 medium
• Mortgage (P&I): −$356
• Tax from tax record: −$42 /mo · $499/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $395

Break-even live

Break-even rent $539

Max offer price $67,900

Occupancy floor 57%

Sensitivity live

Price	-10% $433	-5% $414	+0% $395	+5% $376	+10% $356
Rent	-10% $313	-5% $354	+0% $395	+5% $436	+10% $477
Rate	-1.0pp $429	-0.5pp $412	base $395	+0.5pp $377	+1.0pp $359

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: $16,975
• Closing costs: $2,037
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $67,900 Active 41 DOM
2. 2026-06-17
   days on market $67,900 Active 40 DOM
3. 2026-06-16
   days on market $67,900 Active 39 DOM
4. 2026-06-15
   days on market $67,900 Active 38 DOM
5. 2026-06-14
   days on market $67,900 Active 36 DOM
6. 2026-06-13
   days on market $67,900 Active 35 DOM
7. 2026-06-10
   days on market $67,900 Active 33 DOM
8. 2026-06-09
   days on market $67,900 Active 32 DOM
9. 2026-06-08
   days on market $67,900 Active 31 DOM
10. 2026-06-07
    days on market $67,900 Active 30 DOM
11. 2026-06-05
    days on market $67,900 Active 27 DOM
12. 2026-06-02
    days on market $67,900 Active 25 DOM
13. 2026-06-01
    days on market $67,900 Active 24 DOM
14. 2026-05-31
    days on market $67,900 Active 23 DOM
15. 2026-05-30
    days on market $67,900 Active 22 DOM
16. 2026-05-08
    listed $67,900 Active
17. 2026-03-16
    historical
18. 2025-11-20
    price $66,800
19. 2025-08-21
    price $69,900
20. 2025-06-26
    listed $75,900 Active
21. 2014-02-14
    soldstatus $9,200 222-char remark

    Show marketing remark (222 chars)

    Starter or investor potential in Leonard. Great corner lot with mature trees and even an apple tree. Newer Roof. House needs some work. No Disclosures - purchase as is. Home Warranty may be available., Total SqFt: 1064

22. 2013-08-29
    listed $29,900 222-char remark

    Show marketing remark (222 chars)

    Starter or investor potential in Leonard. Great corner lot with mature trees and even an apple tree. Newer Roof. House needs some work. No Disclosures - purchase as is. Home Warranty may be available., Total SqFt: 1064

ⓘ 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: $499 · $42/mo
• Projected year-2 tax: $665 · $55/mo
• Expected delta: +$166/yr (+$14/mo · 33.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,468
• − Mortgage interest: −$3,803
• − Property taxes: −$499
• − Insurance: −$340
• − Repairs & maintenance: −$997
• − Management: −$997
• − Depreciation: −$1,975
• Taxable income: $3,856
• Est. tax owed @ 24.0%: −$925
• After-tax cash flow: $3,813/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: Kindred 2
• NCES district ID: 3800025
• Math proficiency: 59% ▼ -4.00%
• Reading proficiency: 59% ▼ -1.00%
• Median HH income: $73,206
• Composite: 52.47/100
• National rank: #1569
• State rank: #3 of 53 in ND

Livability — Leonard

• Score: 67/100
• State rank: #132
• US rank: #10631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leonard, ND
• Population (ZIP): 496

Population outlook (Cass County) Hauer SSP2

• Today (2025): 223,771 people
• By 2030: 251,835 · +12.5%
• By 2040: 311,816 · +39.3%
• By 2050: 378,694 · +69.2%
• By 2075: 571,386 · +155.3%
• By 2100: 769,727 · +244.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Portuguese 41% Iranian 3% Slovak 3%
• Languages at home: 96% English-only · Russian/Polish/Slavic 4%

Political lean MEDSL · Cass

• 2024 margin: Lean R (+8.4) · D 44.9% · R 53.3% · Other 1.9%
• 2008→2024 swing: -15.5pp toward R · 2008: 7.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+2.7 2016: R+10.7 2012: R+3.0 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.61%
• Current HPI: 105.2632
• 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

+127.1% since first listed

7 events — show timeline

• 2026-05-08 Listed $67,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-20 Price Changed $66,800 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-21 Price Changed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-26 Listed $75,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-14 Sold (MLS) $9,200 NORTHSTARMLS as Distributed by MLS Grid
• 2013-08-29 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2025): $499 · +0.8% YoY. Source: county tax records.