405 Thayer Ave · Aneta, ND 58212

$109,000

2 bd · 1.0 ba · 1,349 sqft · Other · 50 Days on market

Built 1955 10,500 sqft lot

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.2/10.0
• Appreciation +5.0/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 0.24 acre lot
• Garage
• Built 1955

Property features AI

Exterior

• Parking: Attached garage with garage door opener (1 garage space)
• Utilities: Public water
• Home design: Single family residence; One story
• Construction: Fiber cement construction; Block foundation; Built area above grade: 1,349
• Exterior features: Deck; Wood fencing (fenced yard)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Hot water heating
• Interior features: Full basement; Window treatments

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $109k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#231 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime D, employment D.
• Dakota Prairie 1 (rural): math 50% / reading 45% proficiency, ranked #72 of 169 in ND (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dakota Prairie Elementary School (math 72% / reading 52%, grade B, #11 of 236 statewide, top 7%, 168 students, 31% FRL); Dakota Prairie High School (math 32% / reading 32%, grade F, #85 of 144 statewide, top 62%, 127 students, 31% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 1 units permitted in Nelson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($754 loan paydown + $3k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, 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 50 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $109k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1955 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.02% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 8.2

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: 12.8%
• Equity multiple: 1.73×
• Total profit: $22,339
• Equity at exit: $49,011

10-year hold

• IRR: 14.8%
• Equity multiple: 3.18×
• Total profit: $66,643
• Equity at exit: $75,532

Cash invested: $30,520 (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 58212

• Active inventory: 3
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,107 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$113 /mo · $1,359/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $145

Break-even live

Break-even rent $924

Max offer price $109,000

Occupancy floor 82%

Sensitivity live

Price	-10% $206	-5% $175	+0% $145	+5% $114	+10% $83
Rent	-10% $57	-5% $101	+0% $145	+5% $188	+10% $232
Rate	-1.0pp $199	-0.5pp $172	base $145	+0.5pp $116	+1.0pp $88

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $109,000 Active 50 DOM
2. 2026-06-18
   days on market $109,000 Active 48 DOM
3. 2026-06-17
   days on market $109,000 Active 47 DOM
4. 2026-06-16
   days on market $109,000 Active 46 DOM
5. 2026-06-15
   days on market $109,000 Active 45 DOM
6. 2026-06-13
   days on market $109,000 Active 43 DOM
7. 2026-06-12
   days on market $109,000 Active 42 DOM
8. 2026-06-09
   days on market $109,000 Active 39 DOM
9. 2026-06-08
   days on market $109,000 Active 38 DOM
10. 2026-06-07
    days on market $109,000 Active 37 DOM
11. 2026-06-05
    days on market $109,000 Active 35 DOM
12. 2026-06-04
    days on market $109,000 Active 33 DOM
13. 2026-06-02
    days on market $109,000 Active 32 DOM
14. 2026-06-01
    days on market $109,000 Active 31 DOM
15. 2026-05-31
    days on market $109,000 Active 30 DOM
16. 2026-05-01
    listed $109,000 Active
17. 2012-10-26
    soldstatus $50,000
18. 2007-07-20
    soldstatus $32,000
19. 2007-07-20
    soldstatus $32,000

ⓘ 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: $1,359 · $113/mo
• Projected year-2 tax: $1,359 · $113/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $13,288
• − Mortgage interest: −$6,106
• − Property taxes: −$1,359
• − Insurance: −$545
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$3,171
• Taxable loss: −$18
• Est. tax savings @ 24.0%: +$4
• After-tax cash flow: $1,739/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: Dakota Prairie 1
• NCES district ID: 3800040
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $46,749
• Composite: 42.53/100
• National rank: #6857
• State rank: #72 of 169 in ND

Livability — Aneta

• Score: 63/100
• State rank: #231
• US rank: #15943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aneta, ND
• Population (ZIP): 336

Population outlook (Nelson County) Hauer SSP2

• Today (2025): 2,847 people
• By 2030: 2,797 · -1.8%
• By 2040: 2,737 · -3.9%
• By 2050: 2,854 · +0.2%
• By 2075: 3,790 · +33.1%
• By 2100: 5,304 · +86.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Portuguese 60% Slovak 5% Scotch-Irish 1%
• Foreign-born: 5%
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Nelson

• 2024 margin: Solid R (+32.0) · D 33.0% · R 65.0% · Other 1.9%
• 2008→2024 swing: -38.1pp toward R · 2008: 6.1pp · 2024: -32.0pp
• All cycles: 2024: R+32.0 2020: R+31.2 2016: R+28.9 2012: R+5.8 2008: D+6.1

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

+240.6% since first listed

4 events — show timeline

• 2026-05-01 Listed $109,000 GFAAR
• 2012-10-26 Sold (Public Records) $50,000 Public Records
• 2007-07-20 Sold (Public Records) $32,000 Public Records
• 2007-07-20 Sold (Public Records) $32,000 Public Records

Property tax history

+9.6%/yr

Latest (2025): $1,359 · +3.7% YoY. Source: county tax records.