208 2nd St · Spiritwood, ND 58481

$40,000

2 bd · 2.0 ba · 1,444 sqft · SingleFamily · 7 Days on market

Built 1900 Fair condition 3,484 sqft lot ↓ 5% since listing

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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
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Livability +1.7/5.0

Key facts

• Steel siding
• Main floor laundry
• Fenced in side yard

Tags

• STEEL SIDING
• NEW SHINGLES
• MAIN FLOOR LAUNDRY
• UPDATED FURNACE
• FENCED IN SIDE YARD

Property features AI

Exterior

• Parking: Off-street parking; no garage
• Utilities: Septic tank
• Home design: Single-family residence; Two levels
• Construction: Metal/steel siding; Composition roof; Block foundation; Built area about 1,444 above grade
• Exterior features: Rain gutters; Wood fencing; Gravel road frontage on a city street; Rectangular lot (approximately 69 x 50)

Interior

• Kitchen: Range; Refrigerator
• Flooring: Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: Range, Refrigerator; Wood flooring; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).

Location & tenants

• Location reads 33/100 on livability (#388 in ND) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: health & safety D+, schools F, amenities F.
• Valley City 2 (town): math 52% / reading 40% proficiency, ranked #21 of 53 in ND (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 9 units permitted in Barnes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $338 of equity ($277 loan paydown + $61 appreciation (0.1% local appreciation)).
• Barnes County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — 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: 2.55% ✓
• Cap rate: 22.16%
• Cash-on-cash: 56.67%
• DSCR: 3.52
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 58.5%
• Equity multiple: 3.93×
• Total profit: $32,822
• Equity at exit: $11,923

10-year hold

• IRR: 60.6%
• Equity multiple: 7.93×
• Total profit: $77,597
• Equity at exit: $14,580

Cash invested: $11,200 (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 58481

• Home prices YoY: 0.1%
• Active inventory: 1
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,019 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $529

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 43%

Sensitivity live

Price	-10% $557	-5% $543	+0% $529	+5% $515	+10% $501
Rent	-10% $448	-5% $489	+0% $529	+5% $569	+10% $609
Rate	-1.0pp $549	-0.5pp $539	base $529	+0.5pp $519	+1.0pp $508

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-02
   statusdays on market $40,000 Pending 7 DOM
2. 2026-06-01
   days on market $40,000 Active 6 DOM
3. 2026-05-31
   days on market $40,000 Active 5 DOM
4. 2026-05-31
   days on market $40,000 Active 4 DOM
5. 2026-05-26
   listed $40,000 Active
6. 2026-02-24
   price $42,000

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

Taxation est. · year 1

• Rental income: $12,233
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$979
• − Management: −$979
• − Depreciation: −$1,164
• Taxable income: $6,072
• Est. tax owed @ 24.0%: −$1,457
• After-tax cash flow: $4,890/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs and maintenance to improve its condition and value. Painting the exterior and interior, replacing worn carpet and countertops will significantly enhance its appeal and marketability.

Repairs flagged

• Moderate exterior siding — Weathered and discolored
• Moderate interior paint — Worn and faded
• Minor kitchen countertops — Worn and could be replaced

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Both Replace worn carpet — Improves comfort and value
• Resale Paint interior walls — Freshens the look
• Resale Replace worn kitchen countertops — Modernizes the kitchen

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered and discolored	Moderate	$3,000–15,000
interior paint · Worn and faded	Moderate	$3,000–15,000
kitchen countertops · Worn and could be replaced	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Both Replace worn carpet — Improves comfort and value ↑
• Resale Paint interior walls — Freshens the look ↑
• Resale Replace worn kitchen countertops — Modernizes the kitchen ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Valley City 2
• NCES district ID: 3818850
• Math proficiency: 52% ▼ -5.00%
• Reading proficiency: 40% ▼ -13.00%
• Median HH income: $47,717
• Composite: 39.31/100
• National rank: #3992
• State rank: #21 of 53 in ND

Livability — Spiritwood

• Score: 33/100
• State rank: #388
• US rank: #27803

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 153

Population outlook (Barnes County) Hauer SSP2

• Today (2025): 11,119 people
• By 2030: 11,184 · +0.6%
• By 2040: 11,336 · +2.0%
• By 2050: 11,647 · +4.7%
• By 2075: 14,006 · +26.0%
• By 2100: 17,179 · +54.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Portuguese 36% Iranian 8%

Political lean MEDSL · Barnes

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.9%
• 2008→2024 swing: -33.8pp toward R · 2008: -1.5pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+31.4 2016: R+29.7 2012: R+10.3 2008: R+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.15%
• Current HPI: 105.1665
• 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

-4.8% since first listed

2 events — show timeline

• 2026-05-26 Listed $40,000 GNMLS
• 2026-02-24 Price Changed $42,000 GNMLS