103 Main St S

Leonard, ND 58052

$67,900B+

3 bd · 1.0 ba · 1,424 sqft · Built 1910 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,039/mo
• Mortgage (P&I): −$356
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $395/mo
• Annual: $4,738/yr
• Cap rate: 13.27%
• Cash-on-cash: 24.92%
• DSCR: 2.11
• 1% rule: 1.53%
• Cash to close: $19,012

Investor read

• This is a 3-bed/1.0-bath single-family listed at $68k.
• 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).
• It's been on market 41 days — a 3% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($469 loan paydown + $4k appreciation (5.6% local appreciation)).
• 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.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• Cass County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.