415 Court St

Flasher, ND 58535

$59,900B+

4 bd · 2.0 ba · 2,046 sqft · Built 1940 · Other · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,443/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $726/mo
• Annual: $8,716/yr
• Cap rate: 20.84%
• Cash-on-cash: 51.97%
• DSCR: 3.31
• 1% rule: 2.41%
• Cash to close: $16,772

Investor read

• This is a 4-bed/2.0-bath other listed at $60k.
• At list price, monthly cash flow is $726 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#297 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D+, employment D+, amenities F.
• Flasher 39 (rural): math 55% / reading 55% proficiency, ranked #18 of 169 in ND (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 20y 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 $37k; list at $60k implies a 62% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1940 — 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.
• 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?
• 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.