34 6th Ave NE

Lidgerwood, ND 58053

$51,375B

3 bd · 2.0 ba · 962 sqft · Built 1929 · SingleFamily · Active · 292 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $949/mo
• Mortgage (P&I): −$269
• Tax + insurance: −$49
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $431/mo
• Annual: $5,176/yr
• Cap rate: 16.37%
• Cash-on-cash: 35.98%
• DSCR: 2.60
• 1% rule: 1.85%
• Cash to close: $14,385

Investor read

• This is a 3-bed/2.0-bath single-family listed at $51k.
• At list price, monthly cash flow is $431 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($949 rent vs $51k).
• It's been on market 292 days — a 12% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($355 loan paydown + $827 appreciation (1.6% local appreciation)).
• Location reads 61/100 on livability (#250 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime D, employment D.
• Lidgerwood 28 (rural): math 35% / reading 40% proficiency, ranked #123 of 169 in ND (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lidgerwood Elementary School (math 44% / reading 34%, grade F, #137 of 236 statewide, top 63%, 99 students, 36% FRL); Lidgerwood High School (math 30% / reading 50%, grade F, #51 of 144 statewide, top 38%, 85 students, 36% FRL).
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 38 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 292 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.